Why Businesses File Bankruptcy At Brown, Chism & Thomson, we understand that the world of business is fraught with challenges and uncertainties. While many companies strive for growth and financial stability, some may find themselves in financial distress, ultimately leading the business to the decision to file for bankruptcy. Here, we will explore some of…
Accurate Financial Records are Essential In the fast-paced world of e-commerce, maintaining accurate financial records is essential for the success and sustainability of your online business. At Brown, Chism & Thompson, we understand that effective accounting practices can make a significant difference in your business’s financial health. Below, we outline some of the best accounting…
Navigating the Economic Landscape of an Election Year The impact of the presidential election on taxes is always unknown. For that reason, as we approach another pivotal presidential election year, the air is thick with anticipation and uncertainty. The choices we make at the ballot box have far-reaching implications, not just for our nation’s leadership…
Tax Reduction Tip Strategies Many individuals are looking for tips on tax reductions and ways to minimize their tax liability and maximize their potential refunds. We understand that navigating the complex landscape of tax laws can be overwhelming. However, with the right strategies, you can effectively reduce your tax burden. Here are eight practical tips…
Tax audits can be a daunting experience for individuals and businesses alike. The thought of being scrutinized by the IRS can be anxiety-inducing, but there are steps you can take to minimize the likelihood of being audited. As experienced CPAs, we’ve seen our fair share of tax audits and have identified some common red flags…
As a leading accounting firm, Brown, Chism & Thompson LLC understands the importance of wealth management for our clients. Wealth management is a comprehensive approach to managing and growing your financial assets in order to achieve your long-term financial goals. It involves a combination of financial planning, investment management, tax planning, and estate planning to…
Be a Cash Flow Crisis Survivor In the world of business, cash flow is king. Without a healthy cash flow, even the most successful companies can find themselves facing a financial crisis. As a CPA firm, we understand the importance of managing cash flow effectively to ensure the long-term success of our clients. In this…
Business Tax Extensions are Daunting Navigating the complex world of business taxes and related business tax extensions can be a daunting task for any entrepreneur or business owner. With constantly changing regulations and requirements, it’s crucial to stay up to date on the latest information to ensure compliance and avoid any potential penalties. One important…
When you gamble and win, it’s important to understand the tax implications of your winnings. Gambling winnings are considered taxable income by the Internal Revenue Service (IRS), so it’s crucial to report your winnings accurately on your tax return to avoid any potential penalties or legal consequences. IRS Requires Reporting of All Winnings If you…
Getting organized for tax season can seem like a daunting task, but with a little planning and preparation, you can make the process much smoother. Here are some steps you can take to get organized for tax season: Gather all necessary documents: Start by collecting all the documents you will need for your tax return.…
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