A Guide to Internal Controls

The Foundation of Internal Controls Internal controls are processes, policies, and practices that ensure reliable financial reporting, operational efficiency, and regulatory compliance within organizations. They serve as checks and balances, guarding against fraud, errors, and operational disruptions. Without these safeguards, businesses face risks like financial mismanagement, asset loss, and harm to their reputation.  Internal controls…

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Annual Inflation Adjustments for 2024

The IRS announced annual inflation adjustments for over 60 tax provisions for the tax year 2024, as well as inflation adjustments to contribution limits to certain retirement accounts and savings plans. Here are some key highlights: NOTE: These adjustments apply to tax returns filed in 2025, not the upcoming tax season.   Standard Deduction Adjustments:…

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NEW! File Your 1099s for FREE on IRIS portal

Great news! The IRS has introduced IRIS (Information Returns Intake System), an easy-to-use online platform for free filing of 1099s with the IRS and your state. It lets taxpayers electronically file their Form 1099 series without any fees, and there’s no need to submit Form 1096, the usual summary of your 1099s, when using IRIS. …

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Common Forms of Business Debt & Tips to Pay It Back

For many businesses, loans and credit play a pivotal role in fueling growth and sustaining day-to-day operations. Although debt is typically viewed negatively, if managed properly and kept under control, it doesn’t always have to be a bad thing.    Business debt refers to the money borrowed by a company to finance its operations, expansion,…

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Salary Budgets for 2024 Increase at Historic Rates!

The recent data published in the Journal of Accountancy reveals a noteworthy trend: employee salary budgets have seen a substantial rise in 2023, marking a 4.4% increase. This surge represents the most significant growth in over two decades, potentially signaling important considerations for business owners planning their 2024 budgets. For entrepreneurs and business owners, understanding…

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