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 …
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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 …
Steps for Reconciling IRS Form 941 to Payroll
Most employers must report employees’ wages paid and taxes withheld plus their own share of certain payroll taxes quarterly to the IRS. Additionally, employers must report each employee’s wages 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 …
Federal Taxpayer Penalty Guide
Common penalties and obtaining penalty abatement from the IRS. The IRS can assess many types of penalties against taxpayers: late-filing penalties, late-payment penalties, estimated tax penalties, accuracy-related penalties, and the …