If you play a major role in a closely held corporation, you may sometimes spend money on corporate expenses personally. These costs may end up being nondeductible both by an officer and the corporation unless… Read More »Corporate officers or shareholders: How should you treat expenses paid personally?
If you own an unincorporated small business, you probably don’t like the size of your self-employment (SE) tax bills. No wonder! For 2023, the SE tax is imposed at the painfully high rate of 15.3%… Read More »Use an S corporation to mitigate federal employment tax bills
“Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. The scams may come in through email, text messages, telephone calls or regular mail. Criminals regularly… Read More »Emil @ CPA Forensic wrote – That email or text from the IRS: It’s a scam!
In the construction industry, supply-chain challenges are nothing new. They’ve just gotten much more media attention over the last few years. Increased globalization, a pandemic and geopolitical strife have all contributed to some notable slowdowns,… Read More »Emil @ CPA Forensic gives you 3 big inventory issues for construction companies
The U.S. Department of Labor (DOL) recently announced that a jury in a landmark case, Walsh v. East Penn Manufacturing Co, Inc., DC-PA, has awarded more than $22 million in back wages to about 7,500… Read More »Jury awards more than $22 million in back pay to manufacturing employees
The IRS recently released its audit statistics for the 2022 fiscal year and fewer taxpayers had their returns examined as compared with prior years. But even though a small percentage of returns are being chosen… Read More »Forensic: The best way to survive an IRS audit is to prepare
If you own or manage a business with employees, there’s a harsh tax penalty that you could be at risk for paying personally. The Trust Fund Recovery Penalty (TFRP) applies to Social Security and income… Read More »Forensic CPA>The Trust Fund Recovery Penalty: Who can it be personally assessed against?
When one spouse in a married couple is not earning compensation, the couple may not be able to save as much as they need for a comfortable retirement. In general, an IRA contribution is allowed… Read More »Are you married and not earning compensation? You may be able to put money in an IRA
Construction business owners are regularly urged to buy the latest and greatest software. But no such tool is perfect. Off-the-shelf products don’t always provide the specific functionality needed or “play well” with other systems. All… Read More »CPA Forensic>Should your construction business invest in custom software?
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply… Read More »2023 Q3 tax calendar by Forensic CPA: Key deadlines for businesses and other employers