3 Simple Steps to Documenting Tax Exempt Sales and Avoiding Liability

The words “sales tax audit” often instill great fear in most business owners, but particularly those in the food industry. Restaurant owners are among the most high profile and common lawbreaking taxpayers in the...

7 Year-End Planning Tips for a Successful 2018 Tax-Filing Season

As accountants and bookkeepers, you juggle a lot of different tasks to keep your business humming – from account reconciliation and expense management to documentation and tax filing. Timing is everything with 1099 and...

What Your Small Business Needs to Know About Collecting Sales Tax Online

E-commerce has been a crucial sales channel for thousands of small businesses across the country, but on June 21, 2018, the Commerce Clause finally altered how businesses collect sales tax online. The Supreme Court ruled...

Tax Tips: How to Correct Filing Mistakes

Even after tax season is long gone, it doesn’t mean you or your small business are completely off the hook from any tax mistakes on your return. Even if you swore your tax return...

The Truth About the IRS’s Private Debt Collection Agencies

In a change implemented last year, the IRS called for backup from the private sector. This means that these four companies could be coming after your tax debt in lieu of the IRS. As...

How to Utilize Drop Shipping and Maintain Sales Tax Compliance

Drop shipping can facilitate order fulfillment at any time of year, especially during the busy seasons. Unfortunately, drop shipping can also complicate sales tax compliance. With drop shipping, a retailer purchases product from a supplier...

Win at Taxes: Classify your Small Business as a Pass-Through Entity

Across the country, CPAs are crunching (and crunching, and crunching) numbers to assess how their clients can benefit from the new tax reform law. And for small business owners, becoming a pass-through entity is...

The Impact of Tax Reform on Financial Statements: Are You Ready?

You’ve probably seen the big changes that many publicly traded entities have announced related to the accounting for the Tax Cuts and Jobs Act. It’s important to remember that the impact of tax reform...

Online Sales Tax Exposed: What Amazon’s Decision Means for E-Businesses

As sales tax revenues continue to downward spiral, the online sales community is destined to become a piggy bank for the government. A recent decision by Amazon triggered what could be a nationwide wave...

A Step-by-Step Guide for Getting your Bookkeeping Organized for Tax Season

Tax season is now in full swing, meaning that many are likely wishing they had instituted better organizational systems over the past year. Use this bookkeeping how-to guide to get your small business organized,...
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