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Many businesses operate as S Corporations, largely due to the tax advantages unique to that particular structure. But there are extra responsibilities associated with S Corps as well, one of which is the balance sheet. While it can be easy to see your business’s balance sheet as just another form demanded by the IRS, ask any accountants in Miami and they’ll tell you that it can actually be a powerful… Read More

For any business to grow with confidence, knowing how it performs over time is imperative, and one of the best ways of doing this is by calculating year-over-year business growth. Helping small businesses and entrepreneurs compare their performance across consistent periods of time, YoY growth makes it far simpler to spot trends, plan for the future, and make decisions that are financially well informed. For many businesses, this is particularly… Read More

With tax season firmly upon us, thoughts inevitably turn to W-2s, 1099s and looming deadlines. But what if there was a bigger threat than scrabbling to update records, locate documents and meet deadlines? What if your main concern was vigilance in the face of tax season scams? If you work with accountants in Miami, you might already be aware of the W-2 scam; if you aren’t, they almost certainly will… Read More

Before making the decision to convert a business to a C Corp from an LLC, it’s important to recognize that there may be some serious tax consequences. The main consequence is that converting might involve gains or loss recognition at the point of conversion, potential exposure to double taxation, and the way in which basis and tax attributes are handled may be adjusted. As well as this, it’s essential that… Read More

Dealing with federal income taxes is all part of running a business, but there is another state-level tax that a lot of businesses must pay: franchise tax. Having nothing to do with owning a franchise, this tax must be paid by many businesses throughout the U.S. simply for operational rights within that state, or the right to even exist within it. Small businesses working with an experienced accounting firm in… Read More

Despite the majority of businesses being started by someone wanting to make money, many of those business owners don’t actually know the best way to pay themselves. From fixed salary to owner’s draw, or a combination of them both, how you pay yourself as a business owner depends entirely on the way in which your company is structured, your tax strategy, and plans for growth. Make the wrong choice, however,… Read More