Building a Financially Fit Business

Running a small business can be overwhelming, with so many daily tasks and responsibilities to manage. However, neglecting the financial health of your business can have serious consequences. To avoid this, it’s critical to hire accounting expertise to keep track of your company finances. With their expertise, you can focus on running and growing your business while they handle the bookkeeping and financial reporting.

Businesses that hire good accountants often benefit from a wide range of other services too, which help to save money, reduce risk, comply with regulation, and plan ahead. Let’s dive into top ways in which accounting expertise can benefit businesses and add value.

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Mark Your Calendar

January 31, 2024:
Deadline for any employees or independent contractors to receive W-2, 1099-NEC, or 1099-MISC tax forms.

February 15, 2024:
Reclaim your exemption from withholding.
If you chose to claim an exemption from your employer withholding taxes from your paycheck last year by filing a Form W-4, you’ll need to re-file the form by this date.

March 15, 2024:
Taxes are due for partnerships, S-Corps, and multimember LLCs. Businesses organized as partnerships, including multi-member LLCs, and S-Corporations need to file Form 1065, or 1120S.

New Unemployment Rates 
Send your payroll services your new State Unemployment rate.
TWC is now down to 0.25% or $22.50/year

Employee Retention Credit (ERC) – Voluntary Disclosure Program  IMPORTANT: The IRS is auditing ERC claims.  If you fail an audit, the penalty could be between 20% and 75% of the ineligible claim.  If you claimed and received the ERC but you are ineligible and need to repay the ERC, you can apply for the Employee Retention Credit Voluntary Disclosure Program (ERC-VDP) follow this link for details.

The ERC-VDP is open through March 22, 2024. Requires include:

• Repay any interest you received on your ERC refund

• Voluntarily pay back the ERC, minus 20% 

• Make note, the 20% reduction is not taxable as income 

• Cooperate with any requests from the IRS for more information 

• Sign a closing agreement

1. Consider investing in tax planning services to identify deductions and credits specific to your industry.

2. Take advantage of new tax laws that allow for accelerated depreciation of assets and increased deductions for research and development expenses.

3. Keep detailed records and work with a qualified tax professional to ensure compliance with all regulations. By following these tips, you can keep more of your hard-earned money and position your business for long-term success.