Could Your Home Office Be A Deductible Expense?
With a home office, taxpayers often are uncertain about the finer points of the requirements for a home office and may be unaware of all the types of business arrangements in which they can claim a deduction, such as by owners of a partnership interest. For a taxpayer to be eligible for a home office […]
Independent Contractor or Not?
The GAO estimates that 38% of the employers the IRS examines have misclassified workers as independent contractors. The IRS is responsible for determining whether an individual who provides services to a business is an independent contractor or an employee. Although many independent contractor relationships begin at the request of the service provider, this is no […]
How Long Should I Keep Tax Records?
If you’re like many Americans, you may have tax returns from a decade ago languishing in your filing cabinet. But you don’t need to hold on to tax documents for as long as you might think. In almost all cases, you can shred or throw away any documents such as W-2s, 1099s, or other forms or […]
Embracing An Analytics-Based Approach To Auditing
Audit data analytics is going through an exciting time. There’s a lot of growth and a lot of new tools being offered. The movement recently towards updating the audit evidence standards is going to really open the floodgates for audit data analytics. Audit analytics gives practitioners the ability to examine an entire dataset rather than […]
Owners And Managers Can Prevent Fraud
Employee theft happens often enough for every business to be aware of. Whether your business is a one-employee medical office or a forty-employee retail outlet, owners should be on alert to the signs of embezzlement and fraud. Absentee business owners should be even more alert to the problem of employee theft. Busy managers find it […]
7 Leadership Skills Everyone Needs in Times of Change
Change isn’t a state that companies and individuals can just weather and wait out for a season. These days, it’s the constant. But if you can learn to embrace it—and learn to lead through it—you’ll have a huge advantage in the workplace and in leading your organization. In fact, many consider adaptability to be an […]
Guide To Small Business Recordkeeping
When starting a small business, taking the time to set up your recordkeeping system properly, right from the beginning, will save you time and money down the road — and could make the difference between success and failure. Certified public accountants (CPAs) are experts in small business finance including taxes, financial reporting, business advisory, personal […]
Tax Law Enhances The Appeal Of C Corporations
Many owners of private companies have been leery of operating as a regular C corporation. If you make that choice, you will be exposed to double-taxation of business income. First, a corporate income tax applies to the company’s profits. Second, any dividends that pass to you and other shareholders will be subject to personal income […]
Should Your Business Improve Its Cash flow?
Understanding the difference between assets and cash flow is critical to business survival. Cash Is Life The value of a company is not necessarily a measure of how financially strong it is. Strong cash flow allows a company to operate. It allows the organization to not only pay current expenses, but also respond to changes […]