Bookkeeping vs Accounting: Understanding the Different Roles

Being a business owner entails managing all facets of your enterprise, including its financial aspects. The assistance of professional bookkeepers and accountants can prove invaluable in simplifying financial procedures, ensuring compliance with financial regulations, and preventing monetary mishaps. Recognizing the distinct roles and responsibilities of these professionals is integral to acquiring the right expertise for […]

S Corps Explained: A Complete Guide on Formation, Taxation, and Best Practices

An S corporation is a pass-through entity for tax purposes. This implies that the income losses and credits aren’t made at the corporate level. Instead, these entities pass business income and losses to the shareholders, who report them on their income tax returns. S corp shareholders can be individual persons (e.g., self-employed), specific trusts and […]

Unpacking the Differences between E-commerce and Brick-and-Mortar Retail Accounting

There are two distinct models in the ever-evolving commerce space. e-commerce, driven by the digital revolution, has reshaped the way we buy and sell. Meanwhile, traditional retail maintains its enduring presence. In 2022, retail e-commerce earned more than $5.7 trillion worldwide. While the boom in online shopping is rising steadily, it won’t take over in-person […]

Everything You Need to Know About Chart of Accounts

Navigating the financial landscape of a business involves managing a variety of transactions, current liabilities, and financial performances. These activities need to be meticulously recorded in the financial statements account. So, how will you know the proper account type to record it in? Here’s where the chart of accounts plays an essential role. This article […]

Cash Accounting vs. Accrual Accounting: What’s the Difference?

Cash accounting and accrual accounting are two primary methods used in accounting to record financial transactions. However, they differ in how they recognize revenue and expenses, which can have significant implications for financial reporting. In this article, we’ll look at cash vs. accrual accounting and learn how each method works. This will help you make […]

How you can save thousands through the Employee Retention Credit

Looking for some extra cash in your business? One of our clients was thrilled to receive additional unexpected money from the IRS this month, when they were approved for the Employee Retention Credit (ERC) we pursued for them. What is the ERC? The Employee Retention Credit is a refundable tax credit against certain employment taxes […]

Shopify’s New Feature: Sales Tax Nexus Alert

If you’re an e-commerce seller using Shopify to sell your wares, you might have noticed the new Shopify feature alerting sellers of potential new sales tax nexus.  Sales tax is a unique concern for e-commerce businesses, because they can be required to register for and collect sales tax in any state in which they hit […]

COVID Relief For 2021

What Businesses and Individuals Need to Know About PPP loans, Tax Credits, and More On December 27, 2020, facing an imminent government shutdown, President Trump signed the much-debated COVID Relief & Omnibus Agreement. A follow-up to the CARES Act of March 2020, this legislation strikes the same notes by offering beneficial tax credits, forgivable business […]

2020 Election: Biden & Trump Tax Positions

Election season is upon us, and with the economic volatility of 2020 still unsettled, many Americans are primarily interested in the tax impact of each candidate’s proposals.  Trump’s implementation of the Tax Cuts and Jobs Act of 2017 was swift, and contained a number of significant tax cuts. Many of these provisions are set to […]

Why You Should Be Tax-Planning: Strategies for 2020 and Beyond

It seems safe to say none of us really expected 2020 to turn out the way it did. Regardless of whether the year was good to you or you’d have just as soon skipped it, we’re betting you’d still like to save some money on taxes. The best time to start strategizing for this is […]