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Latest News & Articles
1099 Filing Requirements
January is a busy month for accounting departments, filled with the year-end closing of the financial books and several tax filing deadlines. For businesses that utilize the services of independent contractors and vendors, 1099 filing requirements are an essential consideration….
The Corporate Transparency Act
The Corporate Transparency Act, commonly known as the CTA, was enacted by Congress to further corporate transparency by identifying the people behind companies. It aims to fight against a spectrum of financial crimes. Such crimes include money laundering, terrorist financing,…
How Is Cryptocurrency Taxed?
In 2009, when cryptocurrency (“crypto”) emerged, it raised many questions among investors and the accounting community alike about how to tax it, as it was a novel concept. Since then, the Internal Revenue Service has released guidance that clarifies the…
The 2024 Crypto Halving Event and What It Means for Investors
Cryptocurrency has garnered significant media attention in the last few years. This is especially true after cryptocurrencies experience large price increases, as has occurred several times over the last ten years. For Bitcoin, the most widely used and recognized cryptocurrency,…
Should You Hire a Virtual CPA?
The business landscape is ever evolving, and as such business owners must continuously evaluate ways to improve the efficiency of their operations. With the advent of remote work software, one relatively new resource gaining popularity is virtual Certified Public Accountants…
Unveiling the Limitations of Limited Liability Companies
A limited liability company, also called an LLC, is one of the most popular business entities, as discussed in our article Choosing the Right Business Structure. LLCs are relatively easy to set up and provide business owners with the flexibility…
Choosing Between Employees Versus Independent Contractors
Many businesses will reach a point at which they need to hire help. At this time, they must decide whether to hire employees versus independent contractors. The difference between these classifications has important legal and tax implications. Understanding the differences…
How to Choose the Right Business Structure for Your Business
Embarking on an entrepreneurial journey can be an exciting endeavor. However, it requires important decisions early on. One of the first crucial decisions a business owner must make is how to legally structure their business. The choice, also known as…
Can You Deduct Car-Related Expenses for Your Business?
If you are a business owner who uses your car, van, or pickup truck frequently for work-related travel, you may have heard that you can deduct certain car-related expenses on your tax return. In some cases, this can be one…
Does It Make Sense for Your Business to Hire Your Children?
You may have heard that you can hire your children as a legitimate way to reduce tax liability. This recommendation may seem like an appealing way to save on taxes and start teaching your kids about business. However, there are…
Tracking Expenses: Tips for Small Business Owners and Employees
Whether you own a business or work in one, accurately tracking expenses is a necessity. If you’re a small business owner, tracking is essential for understanding your financial position, budgeting, forecasting and fulfilling your tax obligations. If you’re an employee,…
Employee Retention Credit: 5 Red Flags to Watch Out For!
Are you receiving calls and emails claiming that you qualify for something called the “ERC” or the Employee Retention Credit? Well, you’re not alone. Millions of businesses across the country have been bombarded with overinflated or even false claims about…