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Trusted Answers From Licensed Business Professionals
TAX REPORTING

Are S Corp Owners Subject To FICA Because Of The ACA?

By Ryan Himmel, CPA on January 9th, 2015 at 2:10 pm

There is no question that the Affordable Care Act (ACA) has dramatically impacted the health insurance industry and how companies approach coverage for their employees. The strict requirements and stiff penalties have most companies on edge. Read More.

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TAX REPORTING

Will There Ever Be An Internet Sales Tax?

By The BIDaWIZ Team on November 21st, 2014 at 5:14 pm

The Marketplace Fairness Act (MFA) was expected to be passed by Congress up until Speaker John Boehner halted any momentum. The MFA bill was in place to level the playing field for brick and mortar businesses by mandating that internet sellers collect sales tax even if they sell goods or services to an out of state buyer. Does this mean that there will never be an internet sales tax? .
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TAX REPORTING

The Best Sales Tax Software Solutions Webinar

By The BIDaWIZ Team on August 21st, 2014 at 3:14 pm

We recently had the pleasure of hosting a webinar on selecting the best sales tax compliance solutions for your business. Read More.

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TAX REPORTING

Should We Use QuickBooks Online or Xero for Bookkeeping?

By The BIDaWIZ Team on July 11th, 2014 at 5:43 pm

While there are many options and factors to consider in making a decision, there are two cloud-based solutions that come up more frequently than others; QuickBooks Online and Xero. .
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TAX REPORTING

The Importance Of Understanding IRA Rollover Rules

By Ryan Himmel, CPA on May 16th, 2014 at 5:55 pm

A recent U.S. Tax Court case provided us with another reminder of how important it is to understand the IRA rollover rules. It was originally reported by The Wall Street Journal that the ruling in question had, "long been blessed," by the IRS. While we agree with the importance of the ruling, we believe this rule has already been in place. Here's why. .
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TAX REPORTING

Is Your Business At Risk For A Sales Tax Audit?

By Ryan Himmel, CPA on May 2nd, 2014 at 2:10 pm

Nearly half of state revenue is generated from sales tax sources. Specifically, general sales tax accounts for 30.1% of total state tax revenue and selective sales tax (liquor, fuel, tobacco) totaled 16.3% in 2013. As such, state regulators try to collect every dollar that is owed to them. This may mean that your business could be at risk should you not have the appropriate reporting processes in place to ensure sales tax compliance with the authorities. Fortunately, we recently had the opportunity to speak with Brandon Houk to learn more about how Avalara can help businesses with sales tax compliance. Read More.

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TAX REPORTING

S Corporation Owners At Risk For Unreasonable Compensation

By The BIDaWIZ Team on August 16th, 2013 at 4:43 pm

The Tax Court recently ruled on a case that once again was in favor of the IRS's conclusion that the S corporation owner paid himself an unreasonably low salary. While this ruling supports other cases, the Tax Court provided more color to this seemingly ambiguous area of tax law. S corporation owners need to know how this ruling may affect their compensation practices. .
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TAX REPORTING

Thousands Of IRS Notices Were Recently Sent To Small Businesses

By The BIDaWIZ Team on August 15th, 2013 at 5:59 pm

A couple of years ago, we had warned small businesses of the potential issues that could arise from the new 1099-K form reporting requirement. It didn't take long for the IRS to send notices to 20,000 small businesses indicating that they may be under-reporting income. What should you do if you receive this notice now or in the future? .
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TAX ISSUES, TAX REPORTING

The IRS Penalty Waiver That Can Provide Relief To Taxpayers

By The BIDaWIZ Team on July 12th, 2013 at 10:49 am

Over twelve years ago the IRS created the first-time abatement waiver (FTA), yet few taxpayers and businesses that are eligible for it know of the clause. We attempt to solve that problem by explaining who is eligible for the abatement and how to request it. .
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TAX REPORTING

Simpler Accounting Rules For Small Businesses May Be On The Way

By The BIDaWIZ Team on June 21st, 2013 at 2:02 pm

The 28 million plus small and mid-sized private companies that serve as a major growth engine for our economy may soon benefit from a simpler set of accounting reporting rules. Read More.

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