S-Corporations have long been popular due to their single level of taxation as a pass-through entity and the shareholder’s share of the corporation’s net income is not considered self-employment earnings, and therefore, not subject to self-employment tax (15.3% in 2020). However, if the shareholder provides services to the S-Corp, he or she must receive reasonable …
In the United States, approximately 33% of adults have experienced some form of identity theft, which is more than twice the global average. One of the most common forms of identity theft occurs through tax fraud. It is estimated that tax identity theft costs US taxpayers $5.2 billion annually. To combat this growing issue, the …
While accountants are used to viewing data in a multitude of rows, columns and pivot tables, most people struggle with seeing any patterns in rows of numbers. The implementation of visualizations through data analytic dashboards allow for you to view data in a user-friendly environment in easy to understand visuals. In addition, the creation of …
In order to remain competitive in the industry and retain quality employees, many restaurant companies choose to offer a 401(k) plan. While this is one of the greatest benefits you can offer your employees, it is important to consider the costs and other implications associated with this. Are we required to have an external audit …
Everyone knows issuing stock options and warrants is a great way to compensate employees and contractors for a job well done. These methods of compensation have been embraced by the startup community as a way to reward others without using up their much-needed cash. Issuing options and warrants to customers is a less common practice …
The question sometimes arises “do I have to pay tax if I win a prize or award from my employer?” Unfortunately, the answer usually makes Uncle Sam the winner as well. So before you take those big winnings with you on a cruise to the Bahamas, it’s good to know what some of the rules …
Predictive analytics is the utilization of analytics to forecast what will happen in a business. Predictive analytics is the usage of everything gathered in descriptive and diagnostic analytics along with the continued use of modeling, machine learning and risk assessments to make predictions about future events/trends by scoring data and forecasting. Predictive analytics are generated …
Diagnostic analytics uses analytics to describe why something happened. Diagnostic analytics takes the development of descriptive analytics a step further and is generating a root cause analysis to see: What caused the company’s sales last month, last quarter, last year to increase or decrease? Why were there changes in the company’s largest customer? Why were …
Descriptive analytics is the utilization of analytics to describe what happened. Generally, descriptive analytics entails the gathering of historical data/transactions and using this data to answer questions about the past and provide context to historical activity. Questions like: What were the Company’s sales last month, last quarter, last year? Who were the Company’s largest and …
The term “capital asset” for tax purposes applies to almost everything you own and use for personal or investment purposes. A capital gain or loss occurs when you sell a capital asset. Don’t miss: Owe money? File your tax return on time even if you can’t pay. Here are 10 facts from the IRS on …