The best time to hire a financial Controller depends on the business’s size, current staffing, projected future growth, and organization of the firm’s accounting function. What Is a Controller? A Controller is an employee in a management position responsible for some...
Small businesses exist for many reasons, but they all share 3 common purposes: They must be worth pursuing, as envisioned by the person or persons starting them Once pursued, they must continue To continue, they must earn a profit For a small business to succeed, it...
Clients often ask what vehicle expenses are tax deductible. While this may seem a somewhat complicated aspect of business ownership, this article aims to help clarify the process. The use of a vehicle is often an ordinary and necessary expense of conducting business...
When it comes to a business’s financials, much depends on the type of business and the needs and motivation of the business owner(s). Accounting is essential to all small businesses. Many small businesses that pay little or no attention to their accounting...
The IRS may audit a tax return for a variety of reasons. Surprisingly, most individuals will never face one, and only the IRS knows for sure how they select a tax return for audit. However, experience shows several reasons the IRS might select a tax return for an...
A taxpayer can receive a notice from any taxing agency. This could be a state agency for income, sales or payroll (including unemployment) matters or, of course, the Internal Revenue Service (IRS) for federal income or payroll tax matters. Here’s what to do if...
An Internal Revenue Service (IRS) audit is usually rare, and the reasons for an audit are not always clear. However, certain factors may cause the IRS to audit a business. Here are six IRS audit red flags a small business should avoid. 6 IRS Audit Red Flags to Avoid...
At some point in time, a business owner has to decide whether to seek help growing their business. They may need employees or independent contractors or both for the business to grow. A business hires an employee to perform a specific task or tasks. So is a...
Virtual currency is very much in the news today. Unfortunately, many people don’t understand what it is, how it works, and, most importantly, how the Internal Revenue Service (IRS) views it. Many often overlook virtual currency and taxes in the overall conversation....
Owning a business is part of the American dream, but starting or running a business is not easy. There are six critical small business financial mistakes a successful business needs to avoid. Top 6 Small Business Financial Mistakes Many new businesses start every...
