Document Retention Guidelines for Business Owners
Document retention describes the way a business stores and uses data, and for how long it is maintained. In many cases records are required to be retained for tax or legal reasons, but most businesses will also have operational reasons that make it worthwhile to take the time to define your strategy for what to keep, how, and for how long.
A Primer on Exit Strategies
Starting a business can be wildly exciting. Running a business can be a truly fulfilling experience. But what happens when it’s time to wrap things up? There are a multitude of options out there for winding down your involvement in your business.
Thinking About Taking the Employee Retention Credit? Be Ready to Defend Your Positions
Tax professionals expect ERC claims to be a significant target for IRS audits over the next few years. The IRS has announced it is training 300 agents for civil and criminal investigations regarding ERC claims. Federal grand juries have already returned at least 10 criminal indictments related to improper ERC claims.
2023 Tax Planning – Don’t Wait Until the End of the Year
With kids out of school, summer vacations and other commitments, it’s no surprise that taxes aren’t top of mind this time of year. This is actually a great time to give yourself time to think through your tax situation, and make adjustments well in advance of tax time. Here are just a few items to get the conversation started.
IRS Renews Warnings on Aggressive Employee Retention Credit Claims
Last week, the IRS issued a renewed warning urging business owners to carefully review the Employee Retention Credit (ERC) guidelines before filing claims.