Financial statements provide important information regarding a company’s financial health. It helps all stakeholders, including management, investors, and financial analysts, evaluate and make future financial decisions. For instance, an income statement, which is an essential element of a financial statement, shows how much revenue the company has generated and the amount it has spent on […]
The IRS or Internal Revenue Service has power and control over collecting taxes and enforcing taxation laws. But it must afford every taxpayer full due process in accordance with the tax laws. Every taxpayer has rights that guarantee lawful dealing with the IRS and its inquiries. These rights ensure that taxpayers can reach out to […]
As your business grows and your responsibilities increase, you need to focus more on your core activities to maintain the momentum. It’s when keeping the receipts, invoices, and filing taxes begin to feel like too much work. Since these tasks are essential for your business’s smooth functioning, you must consider outsourcing accounting to a trusted […]
Well-managed accounting helps every organization accurately assess its cash flow and operations. As you juggle with day-to-day management, you shouldn’t overlook the importance of monthly accounting. Monthly balance sheets educate you about the financial gaps in your books if any. They will be your savior if push comes to shove. We understand that accounting can […]
An incorrect tax return can cause penalties in unpaid balance or incur additional taxes. You must use caution when filing taxes or choosing a tax professional because, according to the IRS, the taxpayer is ultimately responsible for their paperwork. Being proactive with your tax obligations can reduce your taxable income and mitigate the chances of […]
Let’s face it. Taxes are complicated and involve a lot of paperwork, forms, and stress. It is crucial to get your books in order, so you know where you stand with your business performance, profitability, and cash flow. It is equally important for tax professionals that your books are reconciled and organized so that preparing […]
Did you recently fund your children to buy a house? In the U.S., the recipient (donee) of the gift is not required to file the tax return, but the giver (donor) is. Many people miss filing gift tax returns due to a lack of knowledge regarding the gift tax and how it impacts your income […]
This year has been full of events. Congress has released another long-awaited bill to provide relief to government agencies, small businesses, and American families. Here’s the summary of the bills relevant to small businesses (House and Senate passed as of 12/22/2020) Coronavirus Relief & Omnibus Agreement (Note: This DOES NOT include 100% of the items […]
This year has thrown all of us curveballs. First, it was this COVID-19 pandemic. Second, wildfire. And thirdly, the election year!! Along the way, we had Cares Act signed into law as of March 27th. Now, you may be planning for 2020 tax impacts considering all these events. I hope the below tips can help […]
Tax planning is complicated and confusing for many taxpayers. The U.S. tax code is always changing, and new regulations, revenue rulings, and court cases are always popping up. It’s important to ensure you’re prepared for the upcoming tax season. The small tax planning tips below help you understand your tax liabilities and come up with […]