Opening an envelope from the IRS is enough to make anyone’s stomach drop. Before you let your imagination run wild, know that there is a clear, manageable process for handling an IRS notice. Understanding what to do (and what not to do) can make all the difference in how smoothly the situation gets resolved. Read …
An audit is designed to give reasonable assurance that a company’s financial statements are fairly presented and free from material misstatement. Finding fraud isn’t the primary purpose of an audit, but if an auditor comes across signs of fraud during the engagement, they are required to bring it to your attention. What Does Fraud Risk …
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The U.S. economy is still growing, but the picture looks different depending on where you sit. Businesses are pouring money into artificial intelligence, data centers, and other tools that boost productivity. Meanwhile, households are feeling the squeeze from high energy costs, slow income growth, and inflation that won’t quite let up. The result is an …
Missed deductions. Unexpected tax bills—a CPA who only calls you once a year. For closely-held business owners, these aren’t just minor annoyances. They are signs that your tax strategy isn’t working. If you’re a closely-held business owner in Schaumburg or the surrounding communities–Naperville, Palatine, Elk Grove Village, Barrington, Bloomingdale, or anywhere across the northwest suburbs–and …
Running a business takes everything you’ve got. Between managing employees, keeping customers happy, and planning for growth, the last thing you want to spend your free time on is reconciling accounts and chasing down receipts. But your books don’t keep themselves, and messy financials have a way of creating bigger problems down the road. That’s …
Read more “Bookkeeping Services for Schaumburg Small Businesses That Actually Make Sense”
If your lender is asking for audited financials, or a potential investor wants to see reviewed statements, or you simply need professionally prepared financial statements for a loan application, you need assurance services. But knowing which type of assurance service is right for your situation can be confusing, especially if you haven’t needed one before. …
Attracting and keeping good employees is one of the ongoing challenges of running a business. One benefit that often flies under the radar is the Section 127 educational assistance plan, a straightforward way to offer meaningful support to your team while also creating a tax advantage for your business. What is a Section 127 Plan? …
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Most business owners know that good bookkeeping keeps their records tidy and makes tax season less painful. But the benefits of consistent bookkeeping go well beyond that. When your books are current and accurate, the ripple effects touch nearly every part of how you run and grow your business. Here is what we see when …
If you’re seeking employment opportunities in the accounting industry, you already know that the busy season leading up to April 15th comes with the territory. What you might not know is that the experience varies significantly from firm to firm. At CJG Partners, the culture, flexibility, and respect for people’s time outside of work set …
Managing payroll taxes is one of the more demanding responsibilities that comes with running a small business. The rules are specific, the deadlines are firm, and the consequences of getting things wrong can range from penalties and interest charges to personal liability. But staying on top of payroll tax compliance is very manageable with the …
Read more “Avoiding Payroll Tax Mistakes: A Guide for Small Business Owners”