by somichcpa | Jan 9, 2020 | Corporate Taxes, Individual Taxes
New mileage rates announced by the IRS Mileage rates for travel are now set for 2020. The standard business mileage rate decreased slightly to 57.5 cents per mile. The medical and moving mileage rates also decreased to 17 cents per mile. Charitable mileage rates...
by somichcpa | Jan 3, 2020 | Business, Corporate Taxes
Your bookkeeping system is the financial heart and lifeblood of your business. When set up and operating properly, your books help you make smart decisions and seamlessly turn your financial data into useful information. Here are four key characteristics to build and...
by somichcpa | Dec 17, 2019 | Corporate Taxes
When tracking and planning your business objectives, it’s easy to focus your analysis on two reports — the income statement and balance sheet. But one of the primary keys to your business’s success relies more on how you handle the money flowing in and out of the...
by somichcpa | Dec 13, 2019 | Individual Taxes, Tax Tips
One way to head off fraud during tax season is to get your free annual credit report now. Credit reports often have errors in them; this quick checkup can be the first indication that some form of identity theft has taken place on your account. The good news is that...
by somichcpa | Oct 24, 2019 | Uncategorized
Each year the IRS opens thousands of investigations looking for possible tax fraud. In 2017 alone, the Criminal Investigation (CI) arm of the IRS identified $2.5 billion in potential tax fraud with a 91.5 percent conviction rate. While the IRS takes tax fraud...
