With new overtime rules going into affect, small businesses will need to take a hard look at how these new regulations affect their hiring process and the unintended consequences these new regulations are likely to bring. Read here
We want to start out by saying we hope this never happens to your company or you never get involved with individuals that would exploit your business in such a perverse manner . However, we felt it that is was necessary to inform our clients, as well other business owners out there about this potentially massive payroll embezzlement case where Illey & Associates, Inc. are under a major investigation for payroll embezzlement that could reach up to $20-Million. Currently, the firm is claiming is was a mistake by the IRS.
IRS Summertime Tax Tips
The Internal Revenue Service regularly provides tax tips via email to provide timely reminders to taxpayers and preparers about tax breaks and requirements year-round, and its advice can be particularly helpful this summer.
Vacation Home Rentals
School’s out for many kids, and if you run your own business, you may be able to turn your child’s summer break into a tax advantage—and some extra help—for you.
Hiring your child as an employee to do legitimate work in your business provides several tax benefits:
- You can deduct the salary you pay your child from your business as a business expense.
- You can move part of your business income from your own tax bracket to your child’s bracket, which often creates substantial tax savings.
- Your child only pays tax on the money they earn in excess of the standard deduction amount for the year.
With tax season here, you might be wondering just how likely you are to hear from the IRS after you file by means of an audit notice. While the chances you will be audited are relatively low if you file a straightforward personal tax return, the more complex your tax situation becomes (reporting business income or graduating to a high-income tax bracket, for example), the more likely it is that you will be audited.
As you look to file your taxes this year, it pays to be aware of some red flags that can draw extra IRS attention including the following:
We are still sorting out some things on our website, but hope to have everything operational soon! If you are not able to get a response from our site please feel free to contact me personally at firstname.lastname@example.org and I will be glad to answer any questions you may have.
Our goal with our new website is to make it as informative as possible for both our current clients and new prospective clients. We are here to serve you and want our new website to become your accounting hub. You will be able to log in to do business here! It will allow you access to your remote Quickbooks and your secure portal all in one place! You will have 24/7 access to your Tax Returns, W-2’s, Payroll, and Financial Statements through your secure portal.