Top Startup CPAs: Essential Accounting Services for New Ventures
Wondering why your startup needs a CPA? Startup CPAs offer essential tax, financial management and compliance services, ensuring your business avoids financial pitfalls and that you stay out of IRS trouble. This article outlines the important accounting services they provide to help your startup thrive. Key Takeaways CPAs are important for startups as they provide […]
Essential Guide to W9 vs 1099
W9 vs 1099: Understanding Differences for Contractors. Understanding W9 and 1099 forms is essential for both businesses and contractors, especially when considering the differences in w9 vs 1099. The W9 form collects taxpayer details, and the 1099 reports payment data for taxes. This article will clarify their differences, roles, and how to use them correctly. […]
Top Tips for Filing Form 843 to Request IRS Penalty Relief
Form 843 allows you to request relief from IRS penalties, interest, and certain taxes. Whether you’re dealing with excessive withholding, penalties or errors, this guide will help you work your way through the filing process. Key Takeaways Form 843 allows taxpayers to request relief from specific taxes, penalties, and interest, but does not guarantee total […]
Mastering QuickBooks Online Receipt Capture | Your Ultimate Guide
“AUDIT-PROOF” YOUR BUSINESS WITH ONLINE RECEIPT CAPTURE FROM QBO QuickBooks Online Receipt Capture is an essential feature that helps businesses easily manage and store their receipts. By automating the process of recording and attaching receipts to transactions it ensures accuracy and saves time. This article will guide you through how to use QuickBooks Online Receipt […]
Mastering Nonprofit Bookkeeping: Best Practices and Essential Tips
Nonprofit bookkeeping is crucial for ensuring financial transparency and compliance in organizations committed to a mission rather than profit. Unlike for-profit accounting, it requires careful tracking of funds in line with donor restrictions and regulatory requirements. This guide will walk you through the essentials of nonprofit bookkeeping, from understanding key financial statements to implementing best […]
What is a Cost Segregation Study?
What is cost segregation? Cost segregation is a federal income tax strategy that allows property owners to accelerate depreciation deductions, ultimately enhancing cash flow and deferring tax payments. A cost segregation study is a strategic tax savings tool that allows companies and individuals who have purchased, constructed, expanded, or remodeled any kind of real estate […]
Top Benefits of Hiring a Real Estate Tax Accountant
Wondering if a real estate tax accountant can boost your investment returns and minimize taxes? In this article, we’ll show how these specialists handle complex tax laws and keep you out of tax trouble. Key Takeaways Real estate tax accountants possess specialized knowledge of tax laws and strategies specific to real estate, enabling them to […]
Divorce Tax Questions to Ask
Divorce is hard enough without having to worry about taxes too. But taxes are inevitable. And a divorce adds a new layer of complication to tax preparation and tax planning. No one wants to overpay their taxes as the result of a divorce. Filing Taxes After Divorce We have identified a list of common tax […]
IRS Notice CP2000: What is It?
What is IRS Notice CP2000? IRS Notice CP2000 is one of the most common IRS letters that we see in our CPA practice. The IRS mails these notices to taxpayers when information from a third party source (such as a 1099 or W-2) does not match the information the taxpayer reported on their income tax […]
IRS Hardship Program: Currently Not Collectible
We regularly meet with clients of our accounting firm who owe taxes to the IRS that they cannot afford to pay due to a financial hardship. Sometimes it is a tax bill for one year. Frequently it is a tax bill for multiple years. The IRS offers a number of solutions that provide tax relief to taxpayers […]