Federal agencies such as the IRS and the Department of Labor require employers to maintain detailed information on wages, hours and taxes; state laws often impose additional regulations. Some records, such as payroll tax filings, must be retained for several years for IRS review, while the Fair Labor Standards Act sets separate timelines for payroll…
Read MoreThe word ‘audit’ can invoke images of piles of paperwork, discovery of horrible mistakes, and endless email chains in our mind’s eye. For auditees, exhaustion can creep in before the audit even begins. Prior experience with external audit can provide some relief in terms of familiarity, but for a first-time auditee, the process can be…
Read MoreOne of the biggest challenges in running a successful company is managing growth. Not having the right skill set in place is like having the bat boy fill in as catcher. Your team can have a phenomenal pitcher, but each ball that gets past the catcher increases the likelihood of a loss. Many growing companies…
Read MorePaper tax refund checks ended September 30, 2025. Learn about direct deposit, digital payment options, and how to ensure faster refunds with electronic filing.
Read MoreYou have likely received notices from Arizona Department of Revenue and the City of Tucson that it is time to renew your TPT license. License renewals apply and are valid for one calendar year, January 1 to December 31. All licenses must be renewed by December 31 of the current year to apply to the…
Read MoreIn July 2025, H.R.1, The One, Big, Beautiful Bill Act was signed into law. This Act provides deductions for tips and overtime compensation for 2025 through 2028. As a result, employers must implement additional tracking mechanisms, so that this information is accurately reported on employees’ Form W-2. Tip Income Individuals are now eligible to deduct…
Read MoreLike many vendors across the software industry, including Microsoft and Adobe, Intuit is sunsetting its long-running desktop product line in favor of its cloud-based model. QuickBooks Desktop (QBDT), used by small businesses for decades, is being phased out as the company directs customers to QuickBooks Online (QBO). As of September 2024, Intuit stopped selling new…
Read MoreIf you listen to public radio, you have probably heard an announcement that programming is supported by an organization such as the Jane Doe Private Foundation or the Smith Family Foundation. If, on the other hand, you have personally made a donation to support public radio, you have donated to a public charity. What is…
Read MoreIn our article last month, “Why More Businesses are Turning to Fractional CFO Services,” we shared that many growing businesses lack the sophisticated financial controls and systems that are needed to manage the complexities of scaling operations. Implementing and refining financial systems, processes, and reporting structures ensures accurate, real-time insight into a business’s financial health.…
Read MoreConstruction professionals operate in one of the most financially complex industries, where managing cash flow and cost control from job to job creates fluctuating liquidity patterns unlike any other sector. When combined with rising material costs, labor shortages, and economic uncertainty, strategic financial management becomes essential to avoid fallout and to protect long-term profitability. Fortunately,…
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