Businesses and individuals are always looking for ways to minimize their tax burdens. One way to do this is through cost segregation. Cost segregation is a strategic tax planning tool that allows businesses and individuals who have purchased, constructed, remodeled,…
If you've sold or traded Bitcoin, Ethereum, or any other cryptocurrency this year, then you probably have a tax obligation. While crypto is largely anonymous, it is increasingly common for crypto trading sites and exchanges to issue users with IRS…
There are a number of misconceptions surrounding the Employee Retention Credit (ERC). These misguided thoughts are made worse by a number of issues, including: Updates to legislation A number of updated guidance from the IRS Confusing and conflicting information And…
Generally Accepted Accounting Principles (GAAP) are standards, principles, and procedures for accounting issued and maintained by the Financial Accounting Standards Board (FASB). GAAP methods standardize accounting recording and reporting across companies, establishing uniform methods for treating specific items and topics…
What To Do If You Get Audited Tax season is a fraught time for taxpayers, who are understandably eager to get their refunds as quickly as possible. But some individuals and businesses may also find themselves facing audits, and knowing…
As one of the most taxpayer beneficial credits available at the federal and state levels, the Research and Development (R&D) Credit encourages domestic innovation by rewarding taxpayers for their investment in "qualified business activities." The term "qualified business activity" may…
Few words strike fear into the heart of small business owners like “audit.” Although the chances of an IRS audit of your small business’s taxes remain relatively low, that might be changing. In 2020, following a relatively quiet decade for…
Startups and new small businesses often face high uncertainty. While this uncertainty often induces a lot of anxiety, particularly at the early stages, investors must take advantage of every available opportunity to survive (and thrive). What's more, all startups, including…
High-performing accounting firms focus on providing high-value, specialized services tailored to their clients’ needs. If you are offering tax planning, that often means addressing industry or situational-specific solutions. Expanding your offerings through referral partners is a great way to add more…
The pandemic hit businesses hard due to government shutdowns and lockdown orders. Many businesses were forced to temporarily close their doors or reduce their operations. As a result, many employees were either laid off or had their hours reduced. The…