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

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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

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3 Simple Steps to Help Your Business Survive Tax Season

January 15, 2023 | Business Tax Strategy

As a business owner, tax season can be intimidating – and if not managed properly, it can harm your company. The paperwork involved with filing taxes can feel overwhelming, but preparing for tax time doesn’t have to be a hassle. With the help of Edgewater CPA Group, you can rest assured that your business is tax-season-ready. Here is a simple guide to get you started.

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A Guide to Tax Deductions Employees Can Take

January 1, 2023 | Carmel

As an employee, it’s important to stay on top of all the tax deductions available to you. Knowing what can be deducted and how will help you maximize your returns and reduce your taxes throughout the year. So, Edgewater CPA Group breaks down the various types of tax deductions employees can take and how they can utilize them.

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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.

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How to Keep Your Bookkeeping Organized

December 1, 2022 | Bookkeeping Services

Good financial organization is key to a stress-free tax season. By keeping track of your income and expenses throughout the year, you’ll make it easy to find everything you need when it comes time to file your taxes. You’ll also be able to avoid any potential penalties from the IRS. So, Edgewater CPA Group walks you through how to keep your business bookkeeping organized for all your tax filing purposes.

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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.

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Top 4 Secrets Financial Statements Can Reveal

November 1, 2022 | Bookkeeping Services

Do you know what your financial statements are telling you about your business? Unfortunately, many business owners don’t take the time to read and analyze their financial statements, which can be a big mistake. So, Edgewater CPA Group is here to discuss four secrets your financial statements can reveal about your business.

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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.

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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.

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