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 …
Architectural or Design Company Tax Breaks
Over the past several years, Congress has placed a great deal of emphasis on green building and energy-independence initiatives. A valuable initiative for designers, architects and builders is the Energy-Efficient …
Worried About the Monthly Close
The monthly close process should be standardized. Start by creating a list of standard journal entries that will promote consistency in monthly closings. The following types of adjusting entries produce …
Is the new Form W-4 causing payroll problems?
If you haven’t reviewed at the new IRS Form W-4, it’s changed, including: Effective Jan. 1, 2020, all new hires must use the new Form W-4 Allowances are no longer …