Reconstructing Records After a Disaster
If you’re the victim of a major disaster, you might be entitled to government relief. But you will need records to help you prove disaster-related losses for tax purposes, federal …
Small Business Bankruptcy Basics
As debts pile up and customers fail to materialize, bankruptcy may be the only way out. It doesn’t have to be the end of the world, but to make the …
What does the IRS classify as gig work?
The word “gig” has broadened from its original usage by musicians for an engagement for a performance to now include any type of job that’s temporary or flexible, where you’re …
Can I Modify an Employee’s Timesheet?
The Fair Labor Standards Act requires that you keep accurate records of nonexempt employees’ hours worked. As a result, you developed a timekeeping system. However, there may be times when …
What is tax-loss harvesting?
Tax-loss harvesting offsets capital gains that result from selling securities at a profit, and it is applicable to taxable investment accounts. If you have, say, $5,000 in capital gains and …
What to Know about Audits and Financial Statements
You will want to prepare your financial statements in accordance with an accounting framework that’s appropriate for your business. Most of the time, you’ll opt for a CPA to produce …