Early last month, the California Board of Equalization (BOE) sent letters to 16,738 retail business owners stating that the Statewide Compliance and Outreach Program (SCOP) Team would be paying them a visit. The purpose of the visit is to educate them on sales and use tax reporting, tax compliance, and make sure their businesses are […]
Business Tax
New House Bill Proposes Tax Cut for Small Businesses
A new bill was recently introduced in the House of Representatives that would allow companies with less than 500 employees to take an additional 20% tax deduction. Under this new proposal, small businesses would have the option of taking a 20% reduction on their annual domestic business income after they have taken all other available […]
Common Small Business Financial and Tax Mistakes
What are the most common tax mistakes for small businesses? Four small business tax mistakes topped the list of a recent Xero survey of 500 accountants. Failure to separate business and personal expenses Mixing business and personal expenses was the top mistake noted by 45% percent of those polled. Without professional help, you may trigger […]
Choosing a Business Tax Resolution Professional
The assistance of a qualified business tax resolution professional can be a valuable tool in attempting to resolve any type of tax issue. However, selecting a reputable tax professional can be a difficult task in itself. It is important to verify any and all credentials before hiring someone to help. Many individuals and companies who […]
Update on Form 1099-K
There has been some confusion with the what is included on the new Form 1099-K form and what belongs elsewhere. Here is an update for clarification on credit card payments that may be useful in your business tax preparation. On the directions to Form 1099-MISC, the IRS has made it clear that payments made with a credit […]