CPA Archives - Page 2 of 4 - Edgewater CPA Group

The Importance of Bookkeeping for Small Businesses

June 1, 2023 | Bookkeeping Services

Owning a small business is an exciting and fulfilling journey, but it also requires a lot of hard work and attention to detail. One of the most crucial tasks that small business owners should always prioritize is bookkeeping. Bookkeeping may sound like an intimidating task, but it is simply the recording, storing, and organizing of financial transactions. Edgewater CPA Group explains further why you don’t want to skip bookkeeping for small businesses.

3 Benefits of Outsourcing Bookkeeping & Tax Preparation

April 1, 2023 | Bookkeeping Services

As a business owner, it’s important to make the most of your time and resources. One of the best ways to do this is to outsource certain tasks that can be handled by outside professionals like those at Edgewater CPA Group. This includes bookkeeping and tax preparation. Doing so can save you money, time, and stress in the long run—let’s take a closer look at why.

Offer-in-Compromise vs. Bankruptcy – The Pros and Cons of Both

March 3, 2023 | Bookkeeping Services

Tax resolution can be a complex process. Taxpayers facing unmanageable tax debt have two primary options: bankruptcy or Offer-in-Compromise. Each option has its own set of pros and cons that must be considered carefully when making a decision. Bankruptcy is a legal process that helps taxpayers get rid of their debt including tax debt in under certain conditions. Taxpayers who file for bankruptcy receive an automatic stay and can discharge their tax debt quickly. However, filing for bankruptcy will remain on a person’s credit report for several years and may affect their ability to get future loans or lines of credit. An Offer-in-Compromise (OIC) is an agreement between the taxpayer and the IRS to settle a tax debt for less than the full amount owed. Taxpayers can submit an OIC if they can prove that they cannot pay the full amount of tax due. An OIC allows taxpayers to reduce their tax … Continued

An IRS Offer-in-Compromise – What Is It?

March 1, 2023 | CPA

An OIC is an agreement between a taxpayer and the IRS that allows for the settlement of outstanding tax liabilities for less than what is owed. This type of agreement can be a great option for taxpayers who are unable to pay their full tax debt, as it allows them to make one lump sum payment (or series of payments) in exchange for settling their debt. When submitting an OIC, taxpayers must provide proof of their financial situation and demonstrate that they cannot afford to pay the entire balance of tax owed. Taxpayers must prove to the IRS that the Reasonable Collection Potential (RCP) – the total amount of tax the IRS can reasonably expect to collect over the remaining time on the tax collection statute – is less than the tax owed. Taxpayers will need to provide documents to prove that their RCP is less than the tax owed and … Continued

Why You Should Outsource Your Tax Preparations

February 15, 2023 | Business Tax Strategy

As a business owner, you may be aware of how busy the CPA season can get. With limited time and resources, it can be difficult to handle all the tasks associated with tax preparation. That’s why Edgewater CPA Group is a great place to outsource your tax preparations and can be an effective way to reduce stress and ensure that your taxes are done correctly and on time. Here is a look at the benefits of outsourcing during the busy tax season.

The 10-Year Collection Statute – Why is it so Important?

February 8, 2023 | Carmel

In tax resolution cases, there are many strategies that come into play when formulating a plan to resolve a tax debt. From allowable expenses, to equity in assets, and many other items, effectively solving a tax problem for a taxpayer has many angles. One angle is using the “Collection Statute Expiration Date” or CSED to a taxpayer’s advantage. The CSED is important because the amount of time remaining on the collection statute helps determine which solution the practitioner should select. What is the Collection Statute Expiration Date or CSED? Once the IRS assesses tax on a taxpayer, the IRS has, by statute, 10 years from the date of assessment to collect the tax. In most cases, after 10 years the tax debt becomes unenforceable and the IRS writes-off the debt on the taxpayer’s account. This makes the CSED a very useful tool in planning a tax resolution case for a client. If … Continued

How Bookkeeping Services Are the Key to Business Growth

February 1, 2023 | Bookkeeping Services

As a business owner, you know that the key to growth is the successful management of your finances. That’s why Edgewater CPA Group offers professional bookkeeping services. Having someone who understands the complexities of bookkeeping can be the difference between success and failure. So, let’s look at some ways our team can help improve business profits and keep your company competitive.

3 Signs Your Business Is Recession Ready

November 15, 2022 | Business Development

Are you worried about the economy? Wondering if your business is prepared for a recession? If so, you’re not alone. A lot of people are concerned about the current state of the economy and with good reason. The good news is that there are some signs that your business may be recession ready and your finances are in order. Below, Edgewater CPA Group discusses three signs your business is prepared for a downturn in the economy.

Preparing for Your Business Audit: What You Need to Know

October 1, 2022 | Bookkeeping Services

No business owner looks forward to a business tax audit. The very word conjures up images of stern government officials searching through your records with a fine-toothed comb. But the reality is business audits can be a helpful exercise for any business, as long as you know what to expect and how to prepare. Below, Edgewater CPA Group discusses what a business audit is, what to expect during the process, and how to prepare yourself and your company. By the end, you will have a better understanding of how to approach an audit and come out on the other side successfully.

How to Choose the Right Business Structure

September 15, 2022 | Business Development

When starting a business, one of the first decisions you’ll need to make is what business structure to use. Unfortunately, there are several different options, and it can be confusing trying to decide which is the best for your business. However, with expert CPAs from Edgewater CPA Group, you can find the right business structure and get all the benefits of reliable business assistance to meet your needs.