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As a business owner, safeguarding client information isn’t just good practice—it’s a legal requirement. The IRS has recently introduced a Written Information Security Plan (WISP) tailored to help tax professionals
Tax season is a pivotal time for business owners. It’s not just about filing returns; it’s about doing so with accuracy and efficiency while minimizing stress. Yet, many accounting processes
The IRS has once again updated its reporting requirements for Form 1099-K, extending transition relief for business owners and individuals who use third-party settlement organizations (TPSOs) like PayPal, Venmo, Etsy,
The October 15th deadline for tax extension filers is approaching quickly, and now is the time for business owners and individual taxpayers to gather all necessary tax documents. Filing your
The IRS recently announced a significant shift for cryptocurrency reporting, impacting those who rely on digital assets. Until now, taxpayers could use “universal wallet” accounting, treating all crypto holdings as
In the wake of a natural disaster, one of the most challenging tasks for business owners and individuals is reconstructing financial and tax records. These records are crucial for documenting
For business owners, receiving an audit notice from the IRS can be stressful and confusing. Understanding the audit process and how to handle it can help ease some of the
Natural disasters are unpredictable and can bring devastating impacts to businesses. However, having a sound financial plan in place can make all the difference in recovery, reducing long-term disruptions and
One of the biggest tax-related questions for business owners is whether the IRS will classify an activity as a business or a hobby. The answer has major tax implications: If
As a business owner, understanding the tax implications of all sources of income is essential for proper financial planning. One often overlooked area involves gambling winnings and losses, which can
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