When business owners think about risk, market pressures and day-to-day operational challenges usually come to mind first. An IRS audit rarely makes the list, yet an audit can be costly, disruptive and time-consuming. While some taxpayers are selected at random, most audits happen because the IRS has identified certain patterns or inconsistencies. Understanding where these […]

Once a tax return is filed, most people breathe a little easier. But it’s not uncommon to realize too late that something was left off a return, figures were misreported or some other error was made. Accuracy is essential, but, depending on the type of error, an amendment may not be required. Reasons to amend […]

Businesses close for various reasons. Perhaps you’re ready to embark on a welcome change such as retirement or launching a new venture. Or maybe it just no longer makes financial sense to continue operating your current business. Whatever the reason, closing your business is a significant milestone, and part of wrapping things up means taking […]

When cash is tight, many businesses turn to bartering for goods and services instead of paying dollars for them. If your company gets involved in such transactions, remember that there are tax consequences. Bartering defined Bartering is simply the exchange of services or property, and it’s a taxable event. For example, suppose a computer consultant […]

Don’t let the name “nanny tax” fool you. It’s a tax that applies to the wages of a variety of types of household help you hire — such as a nanny, gardener or housekeeper. Hiring extra help can ease the burden of home-related tasks, especially in the summer when the kids are home or the […]