Last tax season was a learning experience for everyone who had partnership, S corporation or sole proprietor income as they tried to understand the new qualified business income (QBI) deduction. The rules and regulations challenged…

Identity theft is a growing risk in the digital world.  It has become harder and harder to protect your information online.  It is important to take extreme caution with your personal information during tax season…

Late filing of S corporation and partnership returns can be costly. The last couple of years, the IRS has been penalizing late filers of S corporation and partnership tax returns. This despite the fact that…

Skillful inventory management is often one of the biggest factors in maintaining positive cash flow. Consider these techniques for controlling your company’s inventory to improve your cash position: Track inventory turnover. The inventory turnover ratio measures…

Closing a business is often a difficult and complicated choice to make. Usually the decision to close has little to do with the financial performance, and more to do with a change in ownership or…

Business owners don’t always do tax research about the various expenses they make.  Many assume that all expenses related to their business are deductible on their tax returns.  In many cases, this is true, but…

Where’s My Tax Return? Common items that are often forgotten Wondering why your tax return is not finished? Often the delay can come from one or two items that were overlooked and are needed to…

“At any time during 2019, did you receive, sell, send, exchange or otherwise acquire any financial interest in any virtual currency?” When you go to file your Form 1040 this year, you’ll notice this new…