Insights: Audit and Review Services
Good financial records are the key to tax deductions and trouble-free IRS audits
If you operate a small business, or you’re starting a new one, you probably know you need to keep financial records of your income and expenses. In particular, you should carefully record your expenses in order to claim the full amount of the tax deductions to which you’re entitled. And you want to make sure…
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Do you want to go into business for yourself?
Many people who launch small businesses start as sole proprietors. Here are nine tax rules and considerations involved in operating as that entity. 1. You may qualify for the pass-through deduction. To the extent your business generates qualified business income, you are eligible to claim the 20% pass-through deduction, subject to limitations. The deduction is…
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Cost management: A budget’s best friend
If your company comes up over budget year after year, you may want to consider cost management. This is a formalized, systematic review of operations and resources with the stated goal of reducing costs at every level and controlling them going forward. As part of this effort, you’ll answer questions such as: Are we operating…
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The chances of an IRS audit are low, but business owners should be prepared
Many business owners ask: How can I avoid an IRS audit? The good news is that the odds against being audited are in your favor. In fiscal year 2018, the IRS audited approximately 0.6% of individuals. Businesses, large corporations and high-income individuals are more likely to be audited but, overall, audit rates are historically low. There’s no…
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3 Ways Technology can Enhance Your Internal Audit
The concept of the Internal Audit (IA) has been around for centuries and can take many forms, depending on the business. While most businesses utilize the IA function as merely a compliance task – checking the box or to comply with the standards of Sarbanes Oxley or some other regulatory agency- many businesses overlook the…
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Unclaimed Property Update
Businesses in West Virginia are subject to the unclaimed property laws and are required to file annually if they have any applicable property to report. They must also remit the unclaimed property to the Office of the WV Treasurer. However, if you have no unclaimed property, you do not have to file a report. Reports…
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Volunteering for charity: Do you get a tax break?
If you’re a volunteer who works for charity, you may be entitled to some tax breaks if you itemize deductions on your tax return. Unfortunately, they may not amount to as much as you think your generosity is worth. Because donations to charity of cash or property generally are tax deductible for itemizers, it may…
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The chances of IRS audit are down but you should still be prepared
The IRS just released its audit statistics for the 2018 fiscal year, and fewer taxpayers had their returns examined as compared with prior years. However, even though a small percentage of tax returns are being chosen for audit these days, that will be little consolation if yours is one of them. Latest statistics Overall, just…
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New Lease Standard – How It Affects Construction Contractors
Chris Lambert, CPA, CGMA, CCIFP Does your company lease any of its vehicles or equipment? If so, and you follow U.S Generally Accepted Accounting Principles (GAAP) to prepare your financial statements, some important changes are about to go into effect. In February 2016, the Financial Accounting Standards Board (FASB) issued its long-awaited update revising the…
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