SME CPA BLOG

Do you need to file a 1065? What about an 8828 or a 1099-DIV? Tax forms quickly get confusing. Here’s a breakdown of the most important ones to know based on your circumstances, plus a look into federal withholdings.  Tax forms for the individual If you’re alive and breathing… file Form 1040.  This is your…

The wealth management needs of business owners are often a lot more complex than those of individuals. That’s why we’ve teamed up with Avantax Planning PartnersSM to offer a financial planning solution that helps you navigate the unique financial challenges of today’s entrepreneurs. What is wealth management and why does it matter to business owners?…

Starting January 1, 2024, a significant number of businesses will be required to comply with the Corporate Transparency Act (“CTA). The CTA was enacted into law as part of the National Defense Act for Fiscal Year 2021. The CTA requires the disclosure of the beneficial ownership information (otherwise known as “BOI”) of certain entities from…

As a small business, there’s no exact answer to when you should offer employees a retirement plan. However, you’ll quickly find that for many potential hires, this benefit is non-negotiable.  When you’re ready to attract the best candidates with a competitive work environment, it’s time to set up a workplace-sponsored plan. Lucky for you, there…

With much of the year already behind us, now is the perfect time to check in with your CPA or CFO team. Together we can see how your current financial status compares with projections set for the year. Whatever challenges or successes you’ve met in 2023, our team at SME CPAs is ready to find…

To you, the value of your business is the blood, sweat, and tears you’ve put into its success. A formal business valuation puts that hard work into an analysis potential buyers, partners, and investors can understand. Learn the best methods for conducting a business valuation and how to know when your company needs one.  What…

As a kid, you saved quarters to buy a new toy. Now you’re saving for bigger things like a house, college, or the rest of your life. Saving as an adult gets complicated quickly. Here’s what to know for building the best savings or investment plan for you. When is the right time to start…

Times of transition can be expected or sudden. Either way it’s important for your business to have a succession plan in place for when the moment comes.  What is a succession plan? Answered simply, a succession plan covers who will fill leadership positions when the time comes for retirement. But a properly built succession plan…

Small business owners are uniquely tied to the success of their business. This can be incredibly rewarding or incredibly precarious should something go wrong. Inventory damage, interrupted operations, even cyber security are all viable threats that could impact your future. That’s why it’s imperative to have the right financial plan in place, protecting you, your…

Receiving an IRS notice can be scary. The good news is most notices and letters can be quickly resolved through the correct steps. Knowing what to expect and best practices for responding to the IRS will prepare you for the most common notices and more. Read, respond, and pay According to the IRS, there are…