The report found that the majority of the tax gap is due to underreporting of income, particularly from businesses and self-employed individuals. The IRS estimates that underreporting of business income accounts for about $125 billion of the tax gap, while underreporting of self-employed income accounts for about $74 billion. The report also found that non-filing…

The IRS has certain limits on the amount that an employer can deduct for employee education expenses. The limit for tax year 2023 has not been announced yet. For tax year 2022 the limit is $5,250 per employee per year. This means that an employer can deduct up to $5,250 per employee per year for…

School is out for the summer, and perhaps you’re wondering how to make the most of your children’s’ vacation. If you are a business owner, and your children are under the age of 18, then you can save a significant amount of money on taxes by hiring your own child as an employee. Besides teaching…

In March 2014, President Barack Obama compelled his administration to expand overtime privileges to more workers. While the change is scheduled to happen this year, there is speculation that the final rule will go into effect on May 16, 2016, a few months earlier than planned; because if it goes into effect after May 16th, then the next President’s administration…

Earlier this month, the U.S. Department of Labor (DOL) published a rule change that applies the fiduciary standard to brokers and financial professionals who provide retirement advice. The intent of the rule is to ensure that financial professionals offering retirement advice keep their clients’ best interests in mind. It is a significant change from the “suitable” standard…

  Engaging a Certified Public Accountant (CPA) is the start of a professional relationship that includes more than preparing a tax return. It is acquiring a “partner” in your quest for financial security. Not just anyone can become a CPA. The Georgia State Board of Accountancy (GSBA) requires candidates to earn a degree with a concentration in…

Most entrepreneurs don’t get involved in starting a business because they simply love the financial end of it. Sure, every business owner wants to make a profit, but how many CEOs of small businesses have you met recently that rave about the joys of financial tracking and accounting? That’s what we thought. However, that doesn’t…

Christmas has passed, the New Year’s celebrations are over, and resolutions are starting to fade with every passing week. For many businesses, winter is a hard season, filled with cold and endless snow and ice. This year can be different. Often, we tend to want to hold onto control of our businesses, since they are…

When you think of New Year’s resolutions, you don’t often think of anything besides exercise, weight loss, and personal goals. Most people think in short-term goals, rather than establishing a long-term lifestyle shift. Oftentimes these changes can be drastic, and as a result, end up being rather short-lived. It’s time to redefine New Year’s resolutions.…