Everyone has lost computer files. A Word document here, part of a presentation there — maybe even a spreadsheet. It’s maddening. But usually work can be reconstructed. Lose a QuickBooks company file, though, and you’re in a world of hurt. It would be nearly impossible to rebuild your customer, vendor and product/service lists with the […]
Are You Backing Up Your QuickBooks File? Read More »
Whether you’re a casual or professional gambler, your winnings are taxable. However, the Treasury Inspector General for Tax Administration reports that gambling income is vastly underreported. Failing to report winnings accurately can lead to back taxes, interest and penalties. Here’s what you need to know to stay compliant and potentially minimize your tax liability. Reporting
The Tax Side of Gambling Read More »
Payroll fraud schemes can be costly. According to a 2024 Association of Certified Fraud Examiners (ACFE) study, the median loss generated by payroll fraud incidents is $50,000. It’s essential to know the payroll schemes making the rounds and how to prevent them or at least catch them before they go on very long. Common Threats
Payroll Fraud Threats Inside and Outside Your Company Read More »
If you’ve filed your 2024 tax return, you may be eager to do some spring cleaning, starting with tax-related paper and digital clutter. The documentation needed to support a tax return may include receipts, bank and investment account statements, K-1s, W-2s, and 1099s. How long must you save these records? Three years is the general
Tax Season Cleanup: Which Records Can You Toss? Read More »
April 15 Employers: Deposit nonpayroll withheld income tax for March if the month deposit rule applies. Employers: Deposit Social Security, Medicare and withheld income taxes for March if the monthly deposit rule applies. Calendar-year corporations: Pay the first installment of 2025 estimated income taxes, using Form 1120-W. Calendar-year corporations: File a 2024 income tax return (Form 1120) or file
Upcoming Tax Due Dates Read More »
