Published July 31, 2023 – The Internal Revenue Service has chosen David Padrino to take on the crucial role of Chief Transformation and Strategy Officer, as part of its efforts under the Inflation Reduction Act funding. Padrino’s Background and Experience Before joining the IRS, David Padrino held the position of Chief Transformation Officer at the […]
“Can’t I just rely on my bank statements for accurate financial information?” This question is common among business owners. If you own a business, you know that financial clarity and complete control over your balance sheet are paramount. Otherwise, how would you know if your business is leaking money? But relying solely on bank statements […]
Published July 28, 2023 Table of Contents Recap In the last post, we provided a comprehensive overview of the processes involved in collecting and reporting sales tax for home-based businesses. We discussed the importance of determining the applicable tax rates, incorporating sales tax into pricing, updating invoicing systems, and providing clear sales receipts. We also […]
Published July 27, 2023 – The Employee Retention Credit (ERC) is a valuable tax incentive introduced by the Internal Revenue Service (IRS) to provide financial relief to businesses during challenging economic conditions. The ERC was initially established as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act in March 2020 and has been […]
Published July 27, 2023 Table of Contents Recap In the last post, we looked at the basics of managing sales and use taxes for home-based businesses. Today, we will recap the key points covered. Firstly, it’s important to determine nexus, which establishes the connection between your business and a taxing jurisdiction. This determines whether you […]
Published July 26, 2023 Table of Contents Recap In the last post, we discussed the complexities and challenges of self-employment taxes. The article provided an overview of the key obligations involved in self-employment taxes, including the calculation and payment process, as well as strategies to manage tax liabilities effectively. It emphasized that self-employed individuals are […]