What is a clean-up in accounting?
A clean-up in accounting is a process that involves bringing the accounts up to date by correcting any errors, omissions, or irregularities that have been identified. It usually involves making […]
Reasonable Compensation of an S-Corporation
Reasonable compensation is when an S-Corporation is paying an employee a reasonable amount of money for the service they did.
Difference Explained: Tax Planning or Tax Preparation
Have you been wondering what the difference between tax preparation and tax planning is. Have you been thinking that they are both the same thing? Well, where they might sound […]
S Corporations vs C Corporations – The Differences & Benefits for your Business
When wanting to open a company it is always a great idea to start thinking of the differences and benefits each type of corporation can have on your business. Today two of the corporations we will be focusing on is S corporations and C corporations!
IRS Provides Tax Relief for Hurricane Fiona Victims in Puerto Rico
Keys: 78 Puerto Rican municipalities now have until Feb. 15, 2023, to file various federal individual and business tax returns and make tax payments. Penalties on payroll and excise tax […]
How to avoid Scammers this Tax Season 2022
Be careful and be on the lookout for scammers. They become a big problem when tax season is getting close. They find this is a good time to start reaching out to people pretending to be the IRS.
Prepare Your Business For Hurricane Season
With the peak of hurricane season just around the corner it is important as a small business owner to be prepared. Some recommendations to prepare for a disaster are keep documents safe, have business equipment documentation at hand, and go over emergency plan.
The New Biden’s Student Loan Relief promise to cancel $10,000 on debt
Biden’s Administration will forgive around $20,000 of student’s debt who have Pell Grants and $10,000 of student loans with no Pell Grants…
IRS interest jumps to 6% on October 1rst. Here’s how much money you’ll get for a missing refund
If you’re still waiting on a tax refund, you may be earning interest on your unpaid balance, and the rate jumps to 6% on Oct. 1, according to the IRS.
Senate Finance Committee Advances Retirement Legislation
Included in the bill are proposals for; Individual Retirement accounts, Retirees, Public Safety Officers and Military, Nonprofits and Educators, Disaster Relief, and Employer Plans.