Starting January 1, 2024, most US-based businesses must report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN) under the Corporate Transparency Act (CTA). This article will explain the FinCEN beneficial ownership information reporting requirements. Continue reading to learn about the purpose of the rules and their impact on your small business. […]
Accounting is a massive and diverse field. Accounting services can include everything from bookkeeping and tax preparation to auditing and business plan development. No single path or training is required to become an accountant, either. However, there are some grounding rules and principles that all accountants rely on in all that chaos. And there has […]
You’ve had that Eureka moment and founded a small business to realize that vision. You’ve even made it official by forming as a limited liability company business entity, commonly known as an LLC. Congratulations! Now what? Now it’s time to consider taxes and whether your LLC needs an accountant. Because if you don’t, you could […]
The 2020s may become the decade of the entrepreneur. More and more professionals are leaving the comfort of W-2 employment to strike out on their own, typically to find a small business or to become a self-employed freelancer or independent contractor. Between 2020 and 2023, full-time freelancers grew by 90%, while part-timers grew by 130%, […]
With tax season upon us, it’s time to prepare your tax document checklist. Small business owners know that now is the time for tax preparation. Whether you’re a seasoned small business owner, a limited liability company, or just passed your one-year anniversary, you know that a lot of planning goes into running a successful business. […]
It’s challenging to reach a consensus on anything, but exceptions exist. IRS audits are one of those exceptions. No one wants to be audited, and small business owners can do everything right and still receive a notice. This guide covers common issues that might trigger an audit, steps to protect your interests once you receive […]
Small business owners have many responsibilities when it comes to their employees, including payroll tax, tax payments, and other tax filing forms. One of the most important tasks is collecting and paying taxes on behalf of employees to file for the tax year to be in compliance with the IRS. In addition, whether you have […]
Accounting and bookkeeping are vital processes that small businesses use to ensure their financial information is accurate and complete. Bookkeepers and accountants work with financial data, and both professions require a basic knowledge of accounting practices. Because of this, small business owners might think they’re one and the same. Regardless of their similarities, the functions […]
Truckers, as owner-operators, have a lot on their plates with the constantly evolving trucking industry. Between long-haul deliveries, managing their schedules, and maintaining their vehicles, there isn’t always much time to dedicate to bookkeeping. However, bookkeeping for truckers is just as important as it is for independent contractors in other industries. The bookkeeping process is […]
When you have specific business goals that you want to achieve, it’s essential to have a strategy in place to ensure you save time and resources. This is true for all areas of a small business, from marketing and production to business tax planning. Being well-versed in business tax planning, income tax, and business income […]
