White and Associates

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…

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…

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…

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…

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…

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…