Governmental Accounting Insights

Tax Prep, Planning & Strategy

Putting together the succession planning and retirement planning puzzle

Everyone needs to plan for retirement. But as a business owner, you face a distinctive challenge in that you must save for your golden years…

Tax Prep, Planning & Strategy

Some business owners can’t participate in their own companies’ HRAs

Many companies now offer Health Reimbursement Arrangements (HRAs) in conjunction with high-deductible health plans (HDHPs). HRAs offer some advantages…

Tax Prep, Planning & Strategy

The tax implications of a company car

The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This benefit results in tax deductions…

Tax Prep, Planning & Strategy

Should you elect S corporation status?

Operating a business as an S corporation may provide many advantages, including limited liability for owners and no double taxation (at least…

Tax Prep, Planning & Strategy

What to do if your business receives a “no-match” letter

In the past few months, many businesses and employers nationwide have received “no-match” letters from the Social Security Administration…

Tax Prep, Planning & Strategy

The IRS is targeting business transactions in bitcoin and other virtual currencies

Bitcoin and other forms of virtual currency are gaining popularity. But many businesses, consumers, employees and investors are still confused…

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Latest Tweets

wcscpas Weyrich Cronin Sorra @wcscpas ·
7 Jan

"How does your federal tax bill affect Medicare insurance premiums? How much will monthly Medicare premiums be in 2025? Here are the answers to those and other questions." https://bit.ly/4femneJ

wcscpas Weyrich Cronin Sorra @wcscpas ·
6 Jan

The ongoing saga of the beneficial ownership information reporting requirements isn’t over. A federal appeals court and the government now say that more than 30 million businesses no longer have to file reports in January 2025. https://bit.ly/3W9Ou89