Our Financial Blog
How To Protect Your Business Cash During Banking Uncertainty
While bank failures are rare in the grand scheme of things, they can and do happen - as recent events like the closure of Silicon Valley Bank go a long way towards proving. When these types of bank failures do occur, they can be catastrophic. They happen quickly and...
Is an SBA (7) Loan Right for Your Business?
It's safe to say that the millions upon millions of small and mid-sized businesses operating right now are the true foundation of the United States economy. But whether you're a seasoned veteran or are a new entrepreneur looking to journey out on your own for the...
The IRS alerts taxpayers of suspected identity theft by letter
Scammers sometimes use stolen Social Security numbers to file fraudulent tax returns and collect refunds. To prevent this, the IRS scans every tax return for signs of fraud. If the system finds a suspicious tax return, the IRS reviews the return and sends a letter to...
Small business owners: these improvements are coming soon
Good news for small business owners -- improvements to IRS phone service and online options are coming as a result of the Inflation Reduction Act. These customer service upgrades will make it easier and more convenient to file online and respond to notices. Here’s...
Business Growth: How to Plan for (and Make the Most of) This Critical Stage
While it's true that every business is different from the next - and every entrepreneur will go on his or her own unique journey - there are still a few constants that we know to be true. The start-up phase, for example, is when you write a formal business plan. You...
Online learning opportunity for small business owners
The Small Business Virtual Tax Workshop can help business owners learn how to navigate their federal tax responsibilities. This workshop is an easy and convenient way for both new and experienced small business owners to learn or review topics relevant to their...
Direct File option for taxpayers: pilot project for the 2024 filing season
The Internal Revenue Service submitted a report today to Congress evaluating a Direct File option for taxpayers and is taking steps to begin a pilot project for the 2024 filing season following a directive from the Treasury Department. The report to Congress, required...
IMPORTANT NOTICE: IRS Enforcement Restarting the End of May 2023
Commissioner Amalia Colbert and Deputy Commissioner Darren Guillot have given an update on the status of IRS Enforcement and when the deluge of enforcement notices will begin again since being paused during the pandemic. The backlog of mail is now caught up, and so...
Warning Signs That You Should STOP Managing Your Own Books
On the one hand, it's almost a prerequisite for entrepreneurs of all types to have that "can-do spirit." That sense that nobody else sees things quite like they do so, whatever it is they want to accomplish, it becomes something they know they'll have to do...
Considering a New or Pre-Owned Electric Vehicle? Read This First to See If You Will Benefit From a Tax Credit
2023 brings with it a whole new set of rules related to qualifying for the tax credit for purchasing a new or used electric vehicle. Among the changes that must be navigated are buyer income limitations, vehicle assembly and component limitations and even vehicle...
The IRS Issues Update to the Tax Scams to Be Aware of For 2023 and Beyond
When it comes to income taxes, two things tend to be true every year. The first is that April will always roll around yet again, whether you like it or not - which means that it's in your best interest to make sure your tax filing needs are accounted for. The second...
When an IRS letter arrives, taxpayers don’t need to panic, but they do need to read it
Getting a letter from the IRS can make some taxpayers nervous – but there’s no need to panic. The IRS sends notices and letters when it needs to ask a question about a taxpayer's tax return, let them know about a change to their account or request a payment. When an...
Want to Improve Your Cash Flow? Shorten the Amount of Time it Takes to Get Paid
To say that things are uncertain right now when it comes to the economy is, in all probability, a bit of an understatement. Inflation is at levels we haven't seen in decades. Employment costs are rising across the board. Materials in a number of industries are more...
The Gen Z Freelance Movement and the Tax and Bookkeeping Challenges That Come With It
If it seems like more and more employees are turning to freelance work these days, you're not imagining things. According to one recent study, there are currently 73.3 million freelancers in the United States alone. The fast-paced mobile era that we're now living in,...
IRS tools and resources to help small businesses
Small businesses play an important role in the nation's economy. During National Small Business Week, the IRS reminds taxpayers that IRS.gov has resources and tools to help small businesses understand and meet their tax responsibilities. Bookmark these important...
Time running out to claim $1.5 billion in refunds for tax year 2019, taxpayers face July 17 deadline
The Internal Revenue Service announced that nearly 1.5 million people across the nation have unclaimed refunds for tax year 2019 but face a July 17 deadline to submit their tax return. The IRS estimates almost $1.5 billion in refunds remain unclaimed because people...
National Small Business Week advice from the IRS: Plan now to take advantage of new and existing tax benefits, prepare for reporting changes
The Internal Revenue Service urged business taxpayers to begin planning now to take advantage of tax-saving opportunities and get ready for reporting changes that take effect in 2023. During National Small Business Week, April 30 to May 6, the IRS is joining the Small...
IRS reminds tax-exempt organizations of annual May filing deadline
The Internal Revenue Service reminds thousands of tax-exempt organizations of their May 15, 2023, filing deadline. The annual filing due date for certain returns filed by tax-exempt organizations is normally by the 15th day of the 5th month after the end of an...
Here’s what taxpayers need to know to claim clean vehicle tax credits
The Inflation Reduction Act of 2022 made several changes to the tax credits provided for qualified plug-in electric drive motor vehicles, including adding fuel cell vehicles to the tax credit. Beginning January 1, 2023, eligible vehicles may qualify for a tax credit...
Mistakes happen: Here’s when to file an amended return
Even after making every effort to file a complete and accurate tax return, mistakes can happen. When a taxpayer realizes that the tax return they filed has a math error, missing income or other mistake, they may wonder if they need to correct it by filing an amended...