How to get audited by the IRS:
Disproportionate Officer Salaries (not having REASONABLE COMPENSATION as an owner employee)
Claiming losses/deductions that are above industry standards
Late/Inaccurate payroll tax filings and payments
Cash Transactions without adequate documentation
Consistently claiming losses (losses in the first few years are common… to an extent)
Overstating shareholder basis
Business deals/transactions with family members or businesses owned by the same shareholder
Providing a view of your business’s past, current and future financial health.
Ensure tax efficiency while preparing both individual tax returns and business returns.
Truly understanding your cash flow is a key ingredient to long term business success.
Small Business Tax Incentives
In a bid to promote entrepreneurship and drive economic growth, the government has unveiled a new set of tax incentives for small businesses. These include tax breaks for innovative startups, accelerated depreciation for qualifying assets, and reduced corporate tax rates. Small business owners are encouraged to explore these opportunities to optimize their tax planning and investment strategies.
SEC: Stricter Reporting Requirements for Crypto Holdings
The Securities and Exchange Commission (SECO has issued new guidelines regarding the disclosure of cryptocurrency holdings by publicly traded companies. Moving forward, companies will be required to provide detailed reports on their cryptocurrency investments and any potential risks associated with such assets. Accounting firms with businesses holding cryptocurrencies are advised to stay updated with the SEC’s latest directives to ensure compliance with reporting regulations.
Small Business Cybersecurity Threats on the Rise
Amid the growing reliance on digital technology, small businesses have become prime targets for cyberattacks. Recent data highlights an increase in cyber threats, ranging from phishing attacks to ransomware incidents. In response, cybersecurity experts are sharing valuable insights and best practices to help entrepreneurs safeguard their businesses and customer data. Stay informed and take proactive measures to protect your business from potential cyber threats
Blessed to Hoop
‘Blessed to Hoop’ Men’s Basketball League unites enthusiasts for an exhilarating inaugural season, transforming the community center into a hub of excitement. Through @blessedtohoop’s vibrant Instagram page, followers find captivating highlights and heartwarming stories, fostering a sense of belonging. Emphasizing inclusivity and sportsmanship, it inspires and empowers the next generation of basketball enthusiasts, showcasing the unifying power of sports.