Managing expenses is a critical part of running a successful business. One of the most effective tools in QuickBooks Online for gaining insight into your company’s spending is the “Expenses by Vendor” report. This report provides a detailed breakdown of how much your business pays to each supplier or vendor over a specified period. The … Read more
Internal controls have always been an important aspect of an organization’s operations and financial statement audit. More recently, Statement on Auditing Standards No. 145 (effective for year-ends on or after December 15, 2023) placed an added emphasis on the auditing and documentation of these controls. What are internal controls? The American Institute of Certified Public … Read more
Many growing businesses unknowingly create state filing obligations long before they open an office or hire employees in a new state. Remote workers, online sales, service revenue, and third-party fulfillment providers, as examples, can all create state income tax nexus and unexpected filing requirements. State Income Tax “Nexus” is the connection between a business and … Read more
Business owners wear countless hats while managing the day-to-day operations of their companies. With so many priorities, a financial statement audit may be viewed simply as a compliance requirement for a lender, investor, or governing authority. However, the real value of an audit is what happens before the final report. The audit process can uncover … Read more
In today’s evolving financial environment, banks face increasing pressure to detect unusual, high‑risk or fraudulent financial behavior before problems escalate. Long before questionable transactions hit an account or fraudulent activity is uncovered, various red flags can begin to surface. Potential warning signs that commonly occur can be behavioral, transactional, payment-related, and organizational, as described below. … Read more
The Qualified Opportunity Zone (QOZ) program provides tax incentives to invest in designated low-income communities across the United States. Tax law changes enacted last year made the program permanent and altered it, with implications for investors under both the original and renewed programs. With proposed, and eventually final, regulations on the way, the IRS has … Read more
The IRS has made a midyear increase in the standard mileage rate for business vehicle use, including for cars, SUVs, vans, pickup trucks and panel trucks. These rates apply to gasoline- and diesel-powered vehicles as well as electric and hybrid ones. But whether the rate increase will impact your business depends on the vehicle expense … Read more
Retirement plans continue to face regulatory scrutiny that extends beyond day-to-day plan operations. Regulators are actively focusing on plan sponsors and service providers to ensure compliance and secure participants’ retirement assets. As regulatory expectations rise, there are several areas that many plan sponsors are not actively monitoring but are receiving increased attention and could be … Read more
One of the most critical accounting tasks for maintaining accurate financial records is reconciling your accounts. QuickBooks® Online makes the reconciliation process user-friendly. However, the process still requires attention to detail and consistency to ensure accurate results. You must reconcile accounts for several important factors that affect both the day-to-day and overall financial health of … Read more
IRS Direct Pay is a free and secure service that allows individual taxpayers to make federal tax payments directly from a checking or savings account without creating an IRS online account. The guidance below is intended to help you make common individual income tax payments, including a balance due with your annual Form 1040 income … Read more