Sadly, many businesses have been forced to shut down recently due to the challenges of the economy, including the supply chain. If this is your situation, we can help you meet the various tax responsibilities that go with closing a business. Of course, a business must file a final income tax return and some [...]
5 Things You Should Do Every Time You Open QuickBooks Some habits are good. Here are five of them that will keep you in the know about your financial status in QuickBooks. Usually when people talk about habits, they’re trying to find ways to break bad ones. Sometimes it’s difficult to even trace them back [...]
If you were distressed to find you owed money when you filed your last federal tax return, you might want to change your withholding so that this doesn’t happen again. You might even want to adjust your withholding if you got a big refund, because you’re essentially giving the government a tax-free loan of your [...]
Summertime isn’t far off. If you typically hire minors for summer jobs, it’s a good idea to brush up on child labor laws before you hire. In a March 2022 News Release (No. 22-546-DEN) the U.S. Department of Labor’s Wage and Hour Division (WHD) announced that the department is stepping up efforts to identify child [...]
April 18 Besides being the last day for individuals to file (or extend) their 2022 personal returns and pay any tax due, first-quarter 2023 estimated tax payments for individuals, trust, and calendar-year corporations are due today (the state of Maine and Massachusetts have an April 19th federal deadline). Also due are 2022 returns for trusts [...]
Any U.S. person with a financial interest in, or signature or other authority over, any foreign financial accounts must file a Report of Foreign Bank and Financial Accounts (FBAR), subject to conditions. That is, if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year, the individual must [...]