In October 2018, the Internal Revenue Service (IRS) released information about changes to business meal expenses that it passed under the Tax Change and Job Act (TCJA) of 2017. The TCJA effectively eliminated the ability for businesses and individuals to deduct expenses related to entertainment. This includes such things as sporting events and theater productions. [...]
According to recent information published by the Association of Certified Fraud Examiners (ACFE), payroll fraud occurs in approximately 30 percent of American businesses each year. Around half of the payroll fraud victims are small businesses that cannot afford such a loss. ACFE also states that the typical business in the United States loses five percent [...]
Even though the Internal Revenue Service (IRS) changed the law regarding the deduction of business meals almost one year ago, some people still feel confused about what they can and cannot deduct. According to the IRS's own publication, the Tax Cuts and Job Act (TCJA) of 2017 eliminated the opportunity for taxpayers to deduct expenses [...]
Every dollar counts when you're a new small business owner. With little to go around, creating and sticking to a budget is essential. While you might see budgeting as a dreaded chore, it provides several benefits for your small business compared to the time and effort you put into making it. For example, business budgets [...]
 The Internal Revenue Service (IRS) expects all employers to withhold certain taxes from employee paychecks and to remit payroll tax deposits on time. However, there's more to running payroll than determining how much to pay each person and handing out checks. After calculating taxes and submitting payroll tax deposits to the proper authority, you [...]
Whether you're a new business owner filing your first tax return or someone who has filed many times but still feels overwhelmed by the process, we at Chicagoland CPAs can help. That is because we take a proactive approach to business tax planning rather than attempt to deal with issues after they have created complications [...]
 A profit and loss statement is one of several documents businesses produce to demonstrate the financial health of a company. Typically created quarterly or annually, this statement shows how much revenue a business took in during the reporting period, as well as its expenses and net income. Profit and loss statements can be incredibly [...]
Your company's income statement is also sometimes called the "profit and loss statement." This is one of the three primary financial reports that you should complete and review regularly to ensure that your company's financial health is up to par. The other financial statements that should be on your list include the statement of cash [...]
