- Page 3 of 10 Blog | Edgewater CPA Group

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.

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.

4 Tips for Staying Organized during Tax Season

May 16, 2023 | Business Tax Strategy

Tax season can be a challenge to anyone. From filing deadlines to tracking expenses, managing your taxes can become an added stressor in your already-packed life. When you’re not used to dealing with taxes, it can be overwhelming to try to stay organized during the whole process. Even if you’ve already filed, it’s never too late to get ready for next year. So, here are Edgewater CPA Group‘s top four tips for staying organized during tax season.

How Payroll Mistakes Affect Employee Morale

May 2, 2023 | Business Development

As a business owner, it’s easy to prioritize your bottom line over everything else. However, when it comes to retaining good workers, it’s important to also consider the impact that payroll mistakes have on employee morale. While errors in payroll may seem like a small issue, they can have significant consequences for your employees and your business. So, Edgewater CPA Group is here to make sure you don’t make those mistakes and keep great employees.

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.

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.

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.

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

Your Tax Resolution Guide

March 1, 2023 | Carmel

With tax season upon us, you might be one of the few unlucky business owners stuck with a tax bill. Tax resolution can be a complicated process, and business owners who owe the IRS often have a lot of questions before they begin. How does the process work? What exactly do I need to do? Is there any way to simplify it? Edgewater CPA Group is here to provide you with an overview of the tax resolution process so that you can make informed decisions about how best to proceed.