5 Things You Shouldn’t Do If You’re Filling Your Taxes Late

Tax Filing

The deadline for the 2020 tax year was extended one month, to May 17th, 2021, but some taxpayers still missed the deadline. Perhaps you are one of those people. While many life circumstances can affect a taxpayer’s ability to get things in order on time, a few key steps can help minimize the negative repercussions […]

5 Reasons Why Businesses Should Outsource Bookkeeping Services

Bookkeeping

Effective bookkeeping allows a business to monitor financial growth, prepare statements, review transactions, and more. Bookkeeping services are key to a business’s financial health, but some bookkeeping solutions may be more beneficial than others. From better accuracy to up-to-date technology, here are the top 5 reasons why a business should outsource bookkeeping services. Better Accuracy […]

Here’s Why Tax Planning Is Worth The Investment

Tax Planning

Many Americans dread tax season, and who can blame them? Navigating ever-changing tax laws is time-consuming and stressful, and coming out of the process with an unexpected balance due is frustrating. Tax planning is the most cost-effective way to eliminate the stressors of tax season and save money on taxes long term, but many individuals […]

IRS Tax Audits: What Are They And How Do You Handle Them?

IRS Tax Audit

For many, the term “audit” brings to mind a daunting process where the IRS accuses a taxpayer of breaking tax laws; however, while tax audits performed by the IRS should be taken seriously, they are not always the dramatic process that many Americans fear. Often, those identified for audit are selected at random or through […]

How To Prepare For An IRS Tax Audit & How A Professional Can Help

Tax Audit

The IRS may audit you due to incorrect numbers filed on your tax returns, failure to report income, or deducting too many business expenses—or, you may be selected for an audit at random. Regardless of what prompts the audit, they all begin with a letter. This blog will help taxpayers better understand the IRS tax […]

Fractional CFOs: What Are They, And What Are The Benefits of Having One?

discussing benefits of outsourced CFO services

Managing company finances is often a challenge for small business owners, especially those who don’t have prior experience in business or financial management.  Once the business grows to a certain point, many founders find that they need to add a financial expert to their team. The question then becomes: How?  Perhaps you’re not ready to […]

Virtual CFO vs. Controller: What’s the Difference?

Virtual Controller

As you’re growing your business, you’ll likely come to the point at which you need someone else to help handle your company’s finances.  There are several options for approaching this:  Hire a full-time CFO Hire a virtual CFO Outsource your accounting and bookkeeping to an accounting firm Hire a controller Hire an accountant But how […]

What Is a Virtual CFO—And Does My Business Need One?

virtual cfo

If you’ve found yourself feeling overwhelmed, stressed, or pulled in too many directions when it comes to managing your business’s financial tasks, then you may be wondering if the time has come to hire a Chief Financial Officer or Virtual CFO.  This is an exciting development—after all, needing a new hire is a sign that […]

The Top 4 Benefits of Year-Round Tax Planning Services

Tax Planning

Small business owners deal with tax deadlines year-round, and yet much only work with a tax expert or tax planner for the few months around “tax season”—typically, January through the end of April.  While this may seem like a responsible way to cut your business costs, bringing in a tax professional only once a year […]

Taxes 2021: 7 Upcoming Tax Law Changes

Tax Laws

Staying up-to-date with tax changes can feel overwhelming, especially when you are unfamiliar with the process. Tax laws change regularly, and after a unique year of living through the pandemic and various economic crises and changes, there are a number of upcoming changes you should be aware of. It may seem early to be thinking […]

What is the 2021 Child Tax Credit Under Stimulus Relief?

Child Tax Credit

Thanks to a new tax credit under the American Rescue Plan, many American parents will now receive tax credits to help pay for the expenses of child rearing. These funds, which apply to the 2021 tax year, are an increase to the regular Child Tax Credit. The amount credited depends on the age of the […]

Tips for for-profits applying NFP accounting rules for PPP funds

PPP Funds

More than 17 million Payment Protection Program (PPP) loans have been disbursed since 2020 according to the U.S. Small Business Administration data. Of those loans, as of May 10, over 3 million have been forgiven. But that doesn’t mean those who accepted PPP can move on without accounting for this government money. For-profit businesses must […]