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Nonprofit 990 Tax Compliance: Navigating Challenges with an Enrolled Agent

MyIRSRelief

Common 990 Compliance Issues: preparation & planning Misclassification of volunteers as employees, leading to potential payroll tax liabilities. Improper reporting of reimbursements under accountable plans, as outlined in IRC Section 62(c). Do we need to worry about payroll taxes? and foreign tax laws.

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Staying Ahead of 2024: Essential Accounting Tips for Founders

Shay CPA

When it comes to your accounting, employing a few tools and keeping key facts in mind can make your life a whole lot easier. Whether you want to optimize your accounting to realize more tax savings this year or you just want to avoid unwelcome surprises, we can help. Your accountant can provide guidance here.

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Cloud-Based Accounting: Sage Intacct’s Modern Solution for Businesses

Cherry Bekaert

Accounting , fondly known as the ‘language of business,’ tells the story of how a business is performing. 1) Fast-forward to present day and the fundamental concepts performed by modern bookkeepers and accountants remain, but functionality and performance look vastly different in the age of all things digital.

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The R&D Tax Credit and Payroll-Tax Offset Swirl: It’s A Tax Treat for Qualified Small Businesses

inDinero Tax Tips

If that sounds like your business, the R&D tax credit and the payroll tax offset should absolutely be part of your tax strategy. Follow along for a brief R&D credit breakdown and how it and the payroll offset work together like a perfect chocolate and vanilla swirl. What is the Payroll Tax Offset?

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Accounts payable vs. accounts receivable: What are the differences?

ThomsonReuters

Accounts payable and accounts receivable are opposite but interconnected procedures. Together, they comprise the very basics of business and can be used to gauge financial health. When accounts payable and accounts receivable are in balance, a business can plan ahead for growth.

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Commingling Funds: How to Address the Problem and Avoid It in the Future

inDinero Tax Tips

One of the most common problems for startup founders is the commingling of funds: when you pay for personal transactions from a business account, or visa versa. You’ll reimburse yourself if you’ve used personal accounts to pay for business expenses. The solution to commingling funds is simple but tedious.

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Fraud Makes Headway Via ‘Payroll Diversion’

PYMNTS

In terms of fraud done digitally, one firm, Agari, has estimated that “payroll diversion” is “ramping up,” where HR administrators are being duped into sending payroll funds to fraudsters’ accounts. As has been reported, the audit landscape in the U.K. is dominated by four firms, among them KPMG, Deloitte, EY and PwC.

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