Accounting Services Archives - Page 3 of 4

How Record-Keeping Benefits Payroll and Controller Duties

June 15, 2023 | Accounting Services

If you run a business, payroll and accounting must be part of your management responsibilities. When it comes to keeping accurate records, it becomes more critical for both your payroll and controller duties. Record-keeping is crucial for various reasons, including tax prep and growth forecasting. But there are other ways record-keeping benefits payroll and controller duties within your organization, and Edgewater CPA Group is here to explain further.

5 Tax Deductions for Small Businesses to Utilize

April 15, 2023 | Accounting Services

Taxes can be confusing and intimidating, especially for small business owners who are just starting out. But, understanding the deductions and credits available to small businesses can help you save money and maximize your profits. Edgewater CPA Group is here with a list of five tax deductions that every small business should take advantage of when filing taxes.

The Pros & Cons of Different Payroll Systems

March 15, 2023 | Accounting Services

Managing payroll is an essential part of running a business. However, before you decide which type of payroll system is right for your company, it’s important to understand the pros and cons of each. Below, Edgewater CPA Group walks you through the four most common types of payroll systems, giving you a better idea of which solution is right for you.

IRS Collections Process – What Is It?

January 25, 2023 | Accounting Services

In any IRS Collection case, there are certain notices the IRS sends out at each stage of the process. If a taxpayer doesn’t pay the tax in full when the tax return is filed, that taxpayer will receive a bill for the amount owed. This starts the collection process, and it will continue until the tax liability is satisfied or the government is not longer able to collect the tax debt. So what are the notices the IRS must send out? I’m glad you asked. CP501 NoticeThe first notice in the collection process is a CP501 Notice. This is the friendliest notice from the IRS. It will indicate the taxpayer has a balance due on one of his or her tax accounts. Once a taxpayer has filed the tax return, the taxpayer has 10 days to pay the tax. It not, then a CP501 Notice will automatically be generated and sent to … Continued

Tax Resolution – What is it?

January 18, 2023 | Accounting Services

It happens all the time. You come home from work and you walk to the mailbox and pull out a stack of envelopes. You look through shuffle through the many pieces of junk mail and then you stop dead in your tracks. It’s a letter from the dreaded Internal Revenue Service. Fear grips you. Your heart starts racing. Your hands get sweaty. You wonder if you should even open the letter and read it. Surely if I ignore it, it will go away – right? Wrong. Over 15 million taxpayers in the United States have tax issues with the IRS. While the prospect of having to deal with such a big and powerful government agency is daunting, it doesn’t have to be. Contrary to popular belief, the IRS is very willing to work with taxpayers to resolve tax debts in and amicable way. Whether it is an audit, back taxes owed, … Continued

How Payroll Management Can Help Your Business Grow

December 15, 2022 | Accounting Services

If you’re like most business owners, you probably dread the thought of payroll management. After all, it’s a complex and time-consuming process that can be very frustrating. But did you know that payroll management from Edgewater CPA Group can actually help your company in many different ways? Let’s take a look at just how we can accomplish this.

5 Common Bookkeeping Mistakes

October 15, 2022 | Accounting Services

Small business owners are often overwhelmed with the task of bookkeeping. The responsibility of tracking income and expenses and ensuring that all financial records are accurate can be daunting. However, making mistakes in your bookkeeping can have severe consequences for your business. So, let Edgewater CPA Group help you avoid these five common mistakes that small business owners make in their bookkeeping.

5 Steps to Preventing Expense Fraud

August 15, 2022 | Accounting Services

According to a recent study, businesses lose an average of 5% of their annual revenue to expense fraud. That’s a lot of money! Thankfully, Edgewater CPA Group is here to help you mitigate this risk through expert accounting services. So, let’s look at five steps you can take to prevent expense fraud in your business.

Control Accounts: What They Are and Why You Need Them

August 1, 2022 | Accounting Services

If you’re running a business, it’s important to understand accounting concepts well. One key concept is the purpose of control accounts. These special accounts are used to track and report the financial status of specific areas or divisions within a company. But how does this apply to your business? Edgewater CPA Group discusses this and why you need control accounts to manage business finances effectively.

Avoid These 3 Costly Small Business Tax Mistakes

July 1, 2022 | Accounting Services

As a small business owner, it’s important to stay on top of your taxes and make sure you’re not making any costly mistakes. If you’re not careful, you could end up paying more in taxes than you need to or even getting audited by the IRS. When you turn to the team at Edgewater CPA Group, we can help mitigate your chances of this happening. Still, let’s look at three common tax mistakes that small business owners often make and how to avoid them.