The IRS has entered the next stage of its work on the Employee Retention Credit (ERC), following a comprehensive review that indicated a significant majority of claims are at risk...... Read More
Countless individuals aspire to transform their hobbies into sustainable businesses. For instance, you might envision starting a charter fishing business if you're passionate about boating, or you could explore monetizing...... Read More
If your business doesn’t already have a retirement plan, it might be a good time to take the plunge. Current retirement plan rules allow for significant tax-deductible contributions.For example, if...... Read More
If your company has been operating for a while, you might not focus much on your payroll system as long as it's functioning smoothly. However, don't become too complacent. Significant...... Read More
Interim financial reporting is crucial for managing a successful business. Yet, when reviewing midyear financial reports, it's important to acknowledge their potential shortcomings. These reports might not be as reliable...... Read More
Vacation homes located in high-end areas might significantly surpass their initial purchase prices. While this is advantageous, the question arises: what about taxes? Here, we outline three scenarios to illustrate...... Read More
If you operate a business, or you’re starting a new one, you know records of income and expenses need to be kept. Specifically, you should carefully record expenses to claim...... Read More
If you follow the news, you’ve probably heard a lot about artificial intelligence (AI) and how it’s slowly and steadily expanding into various aspects of our lives. One widely cited...... Read More
Inventory is a key balance sheet item for many companies. Depending on the nature of your operations, inventory may include raw materials, work-in-progress (WIP) inventory, and finished goods. While you...... Read More
Most people are genuinely appreciative of inheritances, and who wouldn’t enjoy some unexpected money? However, in some cases, it may turn out to be too good to be true. While...... Read More
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