The dreaded IRS audit. You’ve received your audit letter in the mail, but now what? If you’ve been selected for a tax audit, it simply means the IRS is taking a closer look to make sure you’ve accounted for all your income and that you’ve only taken the deductions and credits you were allowed by…
In 2018 the Internal Revenue Service (IRS) processed over 250 million tax returns and other forms. Smaller budgets and a leaner workforce meant the IRS only audited 0.59% of those returns. Your chances of avoiding an IRS business audit are pretty good, however, certain factors can raise a few red flags, increasing the probability of…
While retirement is typically the main reason for a business succession plan, other unexpected events can happen at any time. A proper succession plan ensures that your wishes are carried out and the business continues running in the manner that you envision. But, the key to successful exit planning isn’t actually about the exit –…
As your business enters different stages of growth, you may be wondering whether you should hire a CPA or a CFO, and what the difference is. While the two can play similar roles and complement each other well, they actually do different things for your business. What’s the difference between a CPA and a CFO? If…
The rules for automobile expenses in a business can be quite simple, or very complicated, depending on each taxpayer’s circumstances. The term “Business Use” means just that. If you are using the vehicle for business purposes then you have a tax deduction. It is important to note that the term “business use” does not include…
Tax season is upon us and as a business owner, it’s in your best interest to make yourself familiar with the many accounting changes that took place under the 2017 Tax Cuts and Jobs Act. While some changes will involve your overall method of accounting, several others affect only certain types of businesses. Either way,…
Changes surrounding the 2018 tax reform bill have left many Americans wondering how they’ll be affected in the near future. Because this has been one of the largest tax overhauls in decades, we’re highlighting some of the most significant changes for individual taxpayers. Standard deductions: Those who are married and filing jointly will have an increased…
