What IRS Budget Cuts Mean for Small Business Taxpayers

SJ Gorowitz IRS Advisory

Policymakers have continued to cut the budget of the IRS despite repeated warnings from sources like the IRS Commissioner, National Taxpayer Advocate, Treasury Inspector General for Tax Administration. At this point, the ability of the IRS to carry out its mission has been severely diluted, and US taxpayers are feeling the results.   … [Read more...]

The Most Important Year End Accounting Tasks

SJ Gorowitz Year End Accounting

As we approach the end of 2015, there are a few things your small businesses can do to be sure you’re closing the calendar year securely and that you’re well prepared for stability and success in the new year. We’ve rounded up four priority tasks, and added a few suggested approaches for even stronger financials going forward.   The Most Important End-of-Year Accounting Tasks Review past due receivables Make note of any and all past due receivables. For each, determine the likelihood that the customer will pay, so you can decide which bills to send to a collection agency and which you will write off for a deduction. Review inventory Assess current inventory and determine the value of all unsold items. Write-down all remaining inventory to claim deductions on year-end taxes – overstating your inventory balance will cause you to pay taxes you don't owe. Prepare IRS Forms W-2 and 1099-MISC By January 31, you must mail copies of the tax forms to anyone who worked … [Read more...]