Profitable businesses often experience cash flow shortages, particularly if they’re experiencing rapid growth. Business owners may wonder why they owe taxes when they regularly struggle to find cash to cover their bills. The answer can be found by understanding the key differences between profits and cash flow.
When reviewing their income statements, business owners tend to focus on profits (or losses). But focusing solely on the bottom line can lead to mismanagement and missed opportunities. Instead, you should analyze this financial report from top to bottom for deeper insights.
Posted in Audit & Assurance
Advantages of Keeping Your Business Separate From Its Real Estate
Posted by Jessica L. Pagan, CPA on Oct 07, 2024
Does your business require real estate for its operations? Or do you hold property titled under your business’s name? It might be worth reconsidering this strategy. With long-term tax, liability, and estate planning advantages, separating real estate ownership from the business may be a wise choice.
Posted in Business Tax
First quiet quitting, now quiet vacationing. What is going on? This is a good question with complicated answers.
Posted in Payroll, HR & Benefits
Understanding Your Obligations: Does Your Business Need to Report Employee Health Coverage?
Posted by Murry Guy, CPA on Oct 03, 2024
Employee health coverage is a significant part of many companies’ benefits packages. However, the administrative responsibilities that accompany offering health insurance can be complex. One crucial aspect is understanding the reporting requirements of federal agencies such as the IRS. Does your business have to comply, and if so, what must you do? Here are some answers to questions you may have.
Posted in Business Advisory
Timing is critical in financial reporting. Under accrual-basis accounting, the end of the accounting period serves as a “cutoff” for when companies recognize revenue and expenses. However, some companies may be tempted to play timing games, especially at year-end, to boost financial results or lower taxes.
Posted in Business Advisory
2024 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers
Posted by Jessica L. Pagan, CPA on Sep 25, 2024
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.
Posted in Business Tax
Companies and workers had to rapidly adjust and improvise during the first months of the COVID-19 pandemic. Now that work-from-home routines and policies have become more established, employers are creating policies to provide their remote employees with tools for productivity and comfort.
Posted in Payroll, HR & Benefits
Help Ensure Your Partnership or LLC Complies With Tax Law
Posted by Nick Wheeler, CPA on Sep 19, 2024
When drafting partnership and LLC operating agreements, various tax issues must be addressed. This is also true of multi-member LLCs that are treated as partnerships for tax purposes. Here are some critical issues to include in your agreement so your business remains in compliance with federal tax law.
Posted in Business Tax
Strong Internal Controls and Audits Can Help Safeguard Against Data Breaches
Posted by Melissa Motley, CPA on Sep 18, 2024
The average cost of a data breach has reached $4.88 million, up 10% from last year, according to a recent report. As businesses increasingly rely on technology, cyberattacks are becoming more sophisticated and aggressive, and risks are increasing. What can your organization do to protect its profits and assets from cyber threats?
Posted in Audit & Assurance