REFUND STATUTE EXPIRING: DON’T MISS OUT! If you have not filed your 2018 tax return and have a refund coming, time to claim that refund is running out! The IRS estimates that more than 1.35 million taxpayers have not filed…

ACCOUNTING FOR RESTAURANTS   Operating a restaurant is a dream for many, but there is a lot more to it than meets the eye. There are far more restaurants that fail than succeed, and that’s frequently because entrepreneurs spend more…

DO YOU OWE TAXES AND CAN NOT PAY BY THE DUE DATE? The vast majority of Americans get a tax refund from the IRS each year, but what if you are one of those who end ends up owing? The…

Employees Working out of state   Some employees are still working at home and will keep doing so in the future. If you have employees working out of state, this can create additional tax and payroll challenges. State income tax…

On January 6, 2021, the U.S. Small Business Administration released initial details and guidelines for the updated Paycheck Protection Program (PPP) Second Draw Loans. Second Draw Loans are loans that will be made to borrowers that already received loans in…

The Criminal Investigation Division’s (CI) annual report has been released by the Internal Revenue Service. The report highlights the agency’s successes and criminal enforcement actions taken in fiscal year 2020, the majority of which occurred during COVID-19. A key achievement…

Due to the COVID-19 pandemic triggering trillions of dollars worth of government stimulus spending, some economists predict that taxes will have to increase to help pay for these stimulus measures and to shore up the government’s coffers. This could mean…

According to a report released in September by the Association of Certified Fraud Examiners (ACFE), experts have noticed a rise in fraud this year due in large part to the COVID-19 pandemic. Professionals are seeing fraud increases in nearly every…

The President’s action to defer payroll taxes: What does it mean? Stay up to date on payroll tax and deferments! President Trump issued a memo regarding deferring payroll tax obligations on August 8, 2020.  This memorandum directs the Treasury Secretary…

How to Legally Dissolve a Corporation “Dissolution” is the act of formally dissolving (closing) a business entity with the state. It involves far more than just stopping to sell products and services. Dissolution is a process for wrapping up all…