As the income tax deadline approaches, many taxpayers struggle to compile all the documents and information needed to file their federal income tax returns before April 15th. Whether your tax situation is complicated this year by transactions, life events, or…
The Corporate Transparency Act, commonly called CTA, was enacted by Congress to further corporate transparency by identifying the people behind companies. Under the CTA, business entities must disclose specific company details to FinCEN, including the company’s legal name, business address, jurisdiction, and…
A Brief Background of the CTA The Corporate Transparency Act (CTA) aims to enhance transparency in the ownership of businesses in America. It requires companies to disclose information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). The…
Opening your mailbox to find an IRS collections notice is highly unsettling. Scenarios of potential penalties, interest rates, and credit consequences are probably running through your mind. For most, this moment feels like standing on a financial ledge, and getting…
Preparing tax filings is challenging for business owners because tax rules are complicated and ever-changing. Various business structures, income sources, and expenses create intricacies. Further, if the business has employees, this adds another layer of employee tax subtleties. Maintaining careful…
You may have heard the statistic that 20% of new businesses fail within their first two years. What’s more, 65% fail within their first ten years. Not only does a new business owner bear the burden of defining their business’s…
Hiring the best virtual Certified Public Accountant (CPA) is an essential step for your business’s financial stability. Finding the right CPA for your business requires a discerning approach, and we recognize the complexity involved in the process. This article provides…
January is a busy month for accounting departments, filled with the year-end closing of the financial books and several tax filing deadlines. For businesses that utilize the services of independent contractors and vendors, 1099 filing requirements are an essential consideration….
The Corporate Transparency Act, commonly known as the CTA, was enacted by Congress to further corporate transparency by identifying the people behind companies. It aims to fight against a spectrum of financial crimes. Such crimes include money laundering, terrorist financing,…
In 2009, when cryptocurrency (“crypto”) emerged, it raised many questions among investors and the accounting community alike about how to tax it, as it was a novel concept. Since then, the Internal Revenue Service has released guidance that clarifies the…