TAX PRO PLUS LA

Is Your Small Business as Profitable as It Can Be? It's Time to Find Out

There is an excellent chance that even if you're an expert in your particular industry, you're probably not an expert in small business finances. This may not seem like that big of an issue on the surface. However, in order to make the best decisions possible for your company, you need to have complete and accurate information to work from. It's easy to see how failing to grasp the financial side of the equation can quickly cause problems everywhere else.

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So, You've Made a Mistake on Your Tax Return. What Happens Now?

Generally speaking, tax return mistakes are a lot more common than you probably realize. Taxes are naturally complicated, and the paperwork required to file them properly is often convoluted. This is especially true if you're filing your taxes yourself — and all of this is in reference to a fairly normal year as far as the IRS is concerned.

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Employees' Fringe Benefits after Tax Reform

Tax reform made a lot of changes, some of which impacted employees’ fringe benefits. This article reviews the most frequently encountered fringe benefits, including those that were and were not impacted by tax changes. These changes can affect both a business’s bottom line and its employees’ deductions.

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Tax Treatment of a Room Rental

With the shortage of affordable housing these days, many homeowners are renting out rooms in their homes, providing themselves with some additional cash. Questions that are often raised in regard to room rentals include: Is the income taxable? If so, how is it reported? What deductions are allowed? Can a loss be claimed? Answers to these questions follow.

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Foreign Account Reporting Due April 15

All United States entities (including citizens and resident aliens, as well as corporations, partnerships, and trusts) that have financial interests in or authority over one or more foreign financial accounts (e.g., bank accounts and securities) need to report these relationships to the U.S. Treasury, provided that the aggregate value of those accounts exceeds $10,000 at any time during the year. Failure to file the required forms can result in severe penalties.

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