Posts by White and Associates
NAVIGATING BUSINESS LOSSES FOR S-CORPORATIONS
Understanding business losses is crucial for S corporations. These losses can impact your personal tax returns and overall financial health. In this guide, we will explore how business losses affect S corporations, how to report them, and provide a practical example to illustrate the process. Understanding Business Losses Business losses occur when a company’s tax-deductible…
Read MoreUnderstanding Beneficial Ownership (BOI) and Reporting Requirements for LLCs
The term “beneficial ownership” refers to identifying information about individuals who directly or indirectly own or control a company. This information is vital for transparency and to combat financial crimes such as money laundering and fraud. Every LLC has at least one beneficial owner, defined as an individual exercising substantial control over the company or…
Read MoreSafeguarding Tax Information: A Guide to Client Collaboration for IRS WISP Compliance
In an era where data security is of paramount importance, accounting and tax firms must adhere to regulatory mandates such as the IRS Written Information Security Plan (WISP) to ensure the protection of clients’ sensitive information. However, compliance is a collaborative effort. This article outlines a comprehensive set of recommendations for clients to actively contribute…
Read MoreUnveiling the Menace of Time Theft: A Proactive Approach to Safeguarding Workplace Productivity!
In the fast-paced realm of business, time is an invaluable asset, and recent studies, such as those from QuickBooks, shed light on a prevalent issue: time theft among employees. According to QuickBooks data, time theft costs employers $11 billion annually, with a striking 49% of U.S. employees who track their time admitting to engaging in…
Read MoreThe IRS Confronts a Delicate Balancing Act: Targeting Small Business Non-Compliance in the Tax Gap Battle
In the ongoing saga of addressing the tax gap in the United States, the role of small businesses has become a focal point of discussion. This revelation, though seemingly straightforward, has emerged as a sensitive and contentious issue within the political landscape. The IRS, in its continuous quest to close the tax gap, has asserted…
Read MoreWhy Waiting Until the Last Minute to File Taxes Is a Costly Mistake!
Filing taxes can be a daunting task for many people, and the temptation to procrastinate is real. However, waiting until the last minute to file your taxes is not a wise decision. In this blog post, we will explore the various reasons why procrastinating on your taxes can be a costly mistake. Increased Stress: One…
Read MoreUnveiling Employment Classification Complexities: Lessons from Med. Practice Solutions, LLC v. Comm’r of Internal Revenue
In the intriguing legal case of Med. Practice Solutions, LLC v. Comm’r of Internal Revenue, the intricate issue of employment classification takes center stage. The case revolves around the operations of Med. LLC, a medical practice predominantly owned by a single individual – a doctor. Delving into the composition of the workforce, the practice enlisted…
Read MoreClarification Regarding White & Associates Identity
Dear Value Customers, We would like to provide you with an important update regarding the recent issue involving fraudulent text messages falsely claiming to be from White and Associates. Our investigation has revealed that after engaging in communication with an individual who answered the phone at the provided contact number (470-357-6003), we learned that she…
Read MoreURGENT SCAM ALERT: Beware of Fraudulent Text Messages from 470-357-6003 Impersonating White and Associates
Dear valued customers, We regret to inform you that scammers are attempting to deceive individuals by sending out fraudulent text messages claiming to be from White and Associates. These messages inform recipients that they owe money to the IRS and provide a call-back number, 470-357-6003, for payment or resolution. Please be aware that these text…
Read MoreWhen to Consider Outsourcing Bookkeeping?
A small business should consider getting bookkeeping help as soon as it starts operating. Bookkeeping is essential for the financial management of a business, and it involves tracking the company’s income and expenses, managing invoices, paying bills, reconciling bank statements, and preparing financial reports. Here are some specific situations where a small business might need…
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