Improve Accounting Efficiency

6 Ways Online Bill Payment Could Make Your Business Run Faster, Better

Running a business isn't all about bringing money in the door. It's also about paying the bills. Here's how an online bill payment solution, when coupled with CPA expertise, could make your business run faster, reduce costs and give you real-time access to financial information ahead of important decisions.

Good News for Employers: IRS Extends ACA Filing Deadlines

Businesses large and small got some good news recently from the IRS. Some employers and other entities, which are required to file information returns for 2015 on Forms 1094 and 1095, now have an extension on the deadlines. This gives employers extra time to complete two tasks: Provide the forms to recipients; and File the forms … Continued

Material Participation, Basis, and Losses

In order to deduct losses associated with an S corporation, partnership, LLC, or even a sole proprietorship, there are a number of tests to pass. In one U.S. Tax Court case, the taxpayers ran into the two most frequently encountered issues: basis and material participation.

Contractor versus Employee – How Are You Classifying?

As CPAs, we receive numerous industry magazines, email newsletters, tax articles, etc.  One of the most common on-going topics that we have cross our desk is in regards to worker classification of independent contractor vs employee.  In July, we posted an article on the Federal Voluntary Classification Settlement Program (VCSP), which was a way for employers to gain Federal … Continued

Plan Ahead As If You Will Be Audited

While your chances of being audited may be relatively low, planning as if you will hear from the IRS could help you survive a challenge. A recent U.S. Tax Court case illustrates why keeping meticulous records and operating in a business-like fashion can be critical.

Keeping Good Tax Records: A Case Study of What NOT to Do

The importance of keeping thorough and accurate records can’t be emphasized enough. If you have incomplete or no records and get audited by the IRS, it can cost you valuable deductions. A recent Tax Court case illustrates what happens when adequate records are not kept throughout the year and a taxpayer takes deductions for expenses … Continued

Employee or Independent Contractor? How Do I Tell?

Have you misclassified an employee as an independent contractor? Relief under Voluntary Classification Settlement Program (VCSP) may be available to you. There are generally 7 factors that are considered by the IRS in determining whether an individual is a common law employee or an independent contractor...