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.…
As a self-employed individual, it is important to grasp the concept of quarterly tax payments and how they affect your financial obligations. Unlike traditional employees who have their taxes withheld by their employers, self-employed individuals are responsible for calculating and paying their taxes directly to the government. This often involves making quarterly tax payments throughout…
How a CPA Firm Can Help Navigate the Complexities of Inflation and Taxes Comprehensive Tax Planning for Inflation and Taxes One of the primary ways a CPA firm can help navigate the complexities of inflation and taxes is through comprehensive tax planning. Inflation can result in increased costs and higher income levels,…
The much-anticipated Corporate Transparency Act (CTA) will be in full swing beginning January 1, 2024. This act introduces new federal filing protocols for the majority of corporations and limited liability companies (LLCs) established in 2024 and beyond. The primary objective of this act is to combat money laundering, terrorist financing, and other illicit activities facilitated…
Inflation, the steady increase in prices and decrease in the purchasing power of money, has wide-ranging effects on the economy. One area that is often overlooked when discussing inflation is its impact on taxes. As a trusted CPA firm, we understand the complexities of navigating the tax landscape and how this can have significant implications…
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