What Is the Consistency Principle

Your financial statements are key to showing the state and solvency of your business. In the event that you want to take out a loan, go public with your company, or look for investors so you can expand, your financial statements and accounting needs to be reviewed. This gives lenders and investors a clear, accurate […]

Ultimate Guide to Improve Small Business Cash Flow

As a business owner, you know sales and profits are key to long-term growth and success. However, business cash flow is what gets you through the daily operations and covers you through your lean times so you can pay employees, maintain inventory, and cover emergencies. Converting your sales into accessible cash and minimizing outgoing expenses […]

CARES Act: Key Tax Provisions for Businesses & Individuals

With COVID-19 forcing business closures and massive unemployment, the U.S. government sought to mitigate the negative financial effects as much as possible by passing a stimulus package for individuals, small businesses, and corporations. The Coronavirus Aid, Relief, and Economic Security (CARES) Act passed the House of Representatives and the Senate, and was signed into law […]

Beware of This New IRS Email Impersonation Scam!

Unfortunately, millions of people around the globe fall victim to a variety of different phishing scams and online scams.  And the most recent scam involves receiving an email from what seems to be the Internal Revenue Service. The IRS has begun to warn taxpayers throughout the United States to be on the lookout for emails […]

Charitable Contributions Tax Law Changes

When the Tax Cuts and Jobs Act was signed in late 2017, it did not remove the deduction for cash and appreciated assets for nonprofit agencies. National and local nonprofits let out a collective ‘sigh of relief’ knowing donations for 2018 will remain but may look different. Exactly how different?

Why Should I Be Checking My Federal Income Tax Withholdings?

Over the last few weeks, the IRS has been issuing news releases stating that employees should check their withholding…soon. There seems to be a lot of urgency in these notices, don’t you think? While it’s always good to check your withholdings from time to time, the IRS almost seems nervous about 2018 withholdings. Find out why.

Do I Need to Claim My Dependents on My 2018 Tax Return?

The Tax Cuts and Jobs Act passed on December 22, 2017 made many changes to individual taxes beginning in 2018. One of those changes was the elimination of a deduction for personal exemptions and replacing it with a higher standard deduction.

The question becomes, if I don’t get a deduction for my dependents, is there any reason to list them on the return? The answer is: absolutely yes.

Choosing a Successor for Your Family Business

If your retirement is approaching, it’s time to consider who you may choose as a successor. It can be a daunting decision because of the amount of trust that you are placing in the person you choose. If you run a family business, it is important to separate your opinions as a family member from […]