As a business owner, July is an ideal time to review your tax situation and implement strategies to minimize your tax burden. Effective tax planning can lead to significant savings and help ensure the financial health of your business. Here are some key strategies to consider:   Ensure Proper Withholding and Estimated Payments One of…

The Foundation of Internal Controls Internal controls are processes, policies, and practices that ensure reliable financial reporting, operational efficiency, and regulatory compliance within organizations. They serve as checks and balances, guarding against fraud, errors, and operational disruptions. Without these safeguards, businesses face risks like financial mismanagement, asset loss, and harm to their reputation.  Internal controls…

The IRS announced annual inflation adjustments for over 60 tax provisions for the tax year 2024, as well as inflation adjustments to contribution limits to certain retirement accounts and savings plans. Here are some key highlights: NOTE: These adjustments apply to tax returns filed in 2025, not the upcoming tax season.   Standard Deduction Adjustments:…

Great news! The IRS has introduced IRIS (Information Returns Intake System), an easy-to-use online platform for free filing of 1099s with the IRS and your state. It lets taxpayers electronically file their Form 1099 series without any fees, and there’s no need to submit Form 1096, the usual summary of your 1099s, when using IRIS. …

For many businesses, loans and credit play a pivotal role in fueling growth and sustaining day-to-day operations. Although debt is typically viewed negatively, if managed properly and kept under control, it doesn’t always have to be a bad thing.    Business debt refers to the money borrowed by a company to finance its operations, expansion,…