Blog Archives
Reading Time: 4 minutes Whether it’s issuing invoices, logging expenses and reconciling bank statements, or identifying errors, bookkeepers play a critical role in the success of any business. Many
Reading Time: 3 minutes As business owners face more and more pressure to sustain through a shaky economy, many are realizing their current bookkeeping strategy is not longer tenable.
Reading Time: 4 minutes According to the IRS Revenue Ruling 2012–18, tips and service charges are two different things that have their own tax implications. To compensate employees and
Reading Time: 5 minutes All companies need to comply with the standard regulations set by the regulatory institutes. For example, financial statements must be made in accordance with the
Reading Time: 5 minutes Most business owners try to use Excel rather than true accounting software like Quickbooks to save costs. However, nearly every business owner reaches a point
Reading Time: 2 minutes The break-even point is defined as a limit when the overall costs and total revenue are equal. In simple terms, when the business is neither
Reading Time: 4 minutes A CPA provides expertise in the financial industry. Businesses often hire them to manage tax planning, financial forecasting, and defending any issues in front of
Reading Time: 3 minutes Whether you work with a CPA who provides you with monthly and annual statements, have an in-house accountant or bookkeeper, or are an individual engaged
Reading Time: 4 minutes Each tax season, many business owners and individuals discover they owe the IRS late filing penalties and/or late payment penalties. But, more often than not,
Reading Time: 4 minutes With the right tax strategy, your business can avoid paying a sizable sum of taxes to the government. Companies that heavily invest their thought processes
Reading Time: 8 minutes CNBC, in 2021, published a report talking about how businesses reduced their costs by getting back billions of dollars from the government. On August 2022,
Reading Time: 4 minutes Companies prepare monthly financial reports to monitor their operations closely. These reports can provide early warning signals to revenue accounts or expenditure accounts that are
Reading Time: 6 minutes With the year coming to a close, interest rates shifting, and layoffs hitting the tech industry, the turn into 2023 is proving uncertain as ever.
Reading Time: 6 minutes According to the IRS, Incorrect payroll filing penalties have affected 40% of small to midsize enterprises. Payroll errors are, unfortunately, common, and the resulting penalties
Reading Time: 6 minutes It seems like since 2020, no year in business has been conventional or followed the norm. Recession is the talk of the town since the
Reading Time: 7 minutes You might have read and enjoyed our recent article on the Top 5 Reasons People Change Accountants, and while it’s great to know what we
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Reading Time: < 1 minute With gas prices at a sustained higher rate than they’ve been in decades, the IRS has made a rare move and upped the standard mileage
Reading Time: 4 minutes Starting a business is an exciting and overwhelming experience. Understanding what tax deductions are available in your first year will help you avoid tax headaches
Reading Time: 5 minutes A vehicle is one of the costliest things to possess, both as far as a beginning venture and progressing upkeep costs. Luckily, there are successful
Reading Time: 3 minutes You’ve probably heard rumblings and noticed headlines warning of a possible recession. While no one person or analyst can predict our economic future definitively, business
With our expert team, strong code of ethics, clear vision and passion, we strive to meet our clients’ financial goals
For assistance in planning and transferring your US assets to Canada please contact our colleague Phil Hogan, CPA, CA, CPA (CO) at 250-661-9417 or via email at phil@philhogan.com
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