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S Corps – 4 Big Red Flags That Will Trigger an IRS Audit

by Kenneth Hrica, CPA Jun 28, 2020

One of the fallouts from the Tax Cuts and Jobs Act (TCJA) is the increased scrutiny by the IRS of S corporations and their shareholders. They are especially interested in several tax liability issues regarding distributions, officer loan repayments, officer salaries, and the sale of assets acquired while a C corporation. Reasonable Salary One of the requirements for an S Corporation shareholder is to take reasonable wages from their pro...

Do You Have a Business Plan? If Not, Here is What You Need to Know

by Tracey Hrica, EA Jun 20, 2020

A business plan is a document setting out a business’s future objectives and strategies for achieving them – Oxford Dictionaries A strategic business plan is vital to the health of your business. In general, it’s a written description of your business’s future; specifically, the next three to five years. That’s all there is to it – the contents of a business plan simply describe how your business will work and the steps you ...

Help! My Business Receipts are Absolutely Everywhere This Year

by Tracey Hrica, EA Jun 16, 2020

Keeping track of receipts is a headache every small business owner faces. Managing receipts is always a challenge for entrepreneurs who are busy, on the road, or just not as organized as they would like to be. Receipts end up EVERYWHERE: your desk, your car, your home, your office….the trash. If you are running a business, receipts are essential. Business expenses must be tracked on a monthly basis. There is nothing more anxiety-induc...

QuickBooks Quick-Tip – Save Time by Creating a Custom Report

by Tracey Hrica, EA Jun 15, 2020

Here's a QuickBooks Time-Saver If you run the same report regularly, you can save customized reports by choosing your preferred filters, renaming the custom report, and saving it. The next time you want to run the report, all you should do is choose your new custom report from your list and it will apply the filters you have saved. To create a custom report, go to the reports list in QuickBooks and choose the report you want to customiz...

Working From Home – Can I Take a Tax Deduction?

by Tracey Hrica, EA Jun 11, 2020

Have you been working at home during the COVID-19 shutdown, and wondering if it will affect your taxes? Will you qualify for a home office deduction? Many businesses have had to reevaluate how they run in response to this pandemic. People have been forced to work remotely, some for the first time ever. Covid-19 has changed the way we think about remote work – your home office may be the trend of the future. So, let’s talk about the ...

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