Every business owner knows keeping a quality set of books is vital for staying in compliance – but having access to this data for tax returns is just one reason why accurate accounting is important. Work proactively, not reactively Without an accurate picture of your company’s financial position, you wind

If you have been operating as a sole proprietorship or a general partnership, you may benefit from incorporating your business as an S corporation (S corp). Along with having your business treated as a pass-through entity by the IRS, thereby avoiding double taxation, structuring your enterprise as an S corp

Avoiding an IRS Audit Making a mistake with reasonable compensation is one of the fastest ways a business owner can be flagged for an audit. Avoid being targeted by the IRS by paying yourself a “reasonable” amount. What is Reasonable Compensation and How do I Calculate it? According to IRS.gov,

Accountability Services is pleased to announce that Firm Director Lera Kooper has joined Managing Director Dave Fischer on our ownership team. Lera became an equity partner in January, and she is excited about the opportunity to have greater influence over the future of our firm. “Becoming an owner is important

Writing off business expenses to reduce taxable income is a vital tool all enterprises utilize to lower their total tax burden. Unfortunately, as not every company expense qualifies as a deduction, it’s also an area of tax accounting where many mistakes are made. In this post, we’ll provide a basic

According to IRS statistics, more than 50% of each tax year’s filed Schedule E forms show a loss when reporting rental income and expenses – but for many landlords, these losses are NOT tax deductible against other nonpassive income. In this post, we’ll explain why. We’ll also show you a