While you cannot fully control whether the IRS audits you come tax season, there are measures you can take in an effort to lower your chances of being audited. It all starts with hiring a reputable tax accountant. If you prefer to file your own taxes, make sure you...
The IRS says, “All taxpayers should review their federal withholding each year to make sure they’re not having too little or too much tax withheld.” However, employees may not be aware of the IRS’ suggestion, which is why employers should tell...
How do you measure how robust your business is? One of the key ways is by looking at financial ratios, which can be grouped into four categories. Liquidity — Your business’s ability to remain liquid so you can meet your short-term liabilities. How much of a cash...
Are your employees really employees, or are they actually independent contractors? It’s not just semantics; the IRS makes a stark distinction. You don’t generally have to withhold or pay any taxes on payments to independent contractors, as you do with...
It’s been a very busy year at the IRS, with many special tax changes. Below is a review of some of the top issues you will want to discuss with your tax preparer as the year draws to a close and again when you meet to prepare your returns. Coronavirus tax...
As the year winds down, it’s time for businesses to start preparing for their tax filings. January 31 is the due date for many significant tasks, as shown below. Businesses should keep in mind that state taxing authorities have their own set of due dates. Also,...
