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Blog Category: Business

Good News! The IRS gives Penalty Relief for Certain Taxpayers Filing Returns for Taxable Years 2019 and 2020

The IRS released Notice 2022-36 which waives the late fees and penalties for all 1099 Series returns (NEC, MISC, DIV, INT, et al) for tax years 2019 and 2020 that

Jump Start your Retirement Nest Egg with a Solo 401(k)

Are you self-employed? If your business has no employees and produces substantial net self-employment income, implementing a solo 401(k) is a great tool to help you build a nest egg

Q4 tax deadlines for individuals, businesses, and employers

With the fourth quarter of 2022 just beginning, there are some important Q4 dates & deadlines affecting individuals, businesses, and employers to notate on your Outlook calendar. Here’s some of

ERC Fraud and Increased IRS Enforcement

Recent changes have extended the eligibility of employers to claim the Employee Retention Credit (ERC) for 2021. With these changes has also come a veritable cottage industry of scammers and

How your small- or medium-sized business can take advantage of three significant tax breaks

Your small- or medium-sized business may be eligible for certain tax breaks that aren’t available to other large businesses. Here are some examples. QBI deduction The “qualified business income” (QBI) deduction allows eligible individuals, trusts, and estates to

Employee Retention Credit Updates – IRS Processing Times & Strategies to Enhance Credit

Quick background – If you have not explored the Employee Retention Credit (ERC), you may qualify for a payroll tax credit that has resulted in significant refunds. ERC is available

Understanding the Statement of Cash Flows

What is the statement of cash flows? The statement of cash flows is a financial statement that illustrates an entity’s sources (inflows) and uses (outflows) of cash and cash equivalents.

Disability Proceeds – Taxable or Tax-free? It depends!

If you are someone who recently began receiving disability income you may have asked yourself the question, how will this be taxed? To determine the answer to this question you

Fraud Prevention for Small Business

Unfortunately for many small businesses, the “F” word has become increasingly common.  It’s a word that’s painful to hear, and a word that should definitely be avoided in a respectable

2022 Q3 tax calendar: Key deadlines for businesses and other employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may