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? …
Read more “How a Section 127 Educational Assistance Plan Benefits Your Business and Your Team”
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”
When tax season arrives, few things draw more IRS attention than deductions for business meals, vehicle use, and home offices. These are legitimate expenses for many business owners, but they come with strict documentation requirements. A recent U.S. Tax Court case offers a clear picture of what happens when those requirements are not met, and …
Read more “How to Protect Your Business Expense Deductions from IRS Scrutiny”
When most business owners think about audits, reviews, and compilations, they think about compliance. Meeting a lender’s requirement. Satisfying an investor. Checking a box. And while those are legitimate reasons to engage assurance services, they tell only part of the story. The value of a well-executed audit, review, or compilation extends well beyond what ends …
Read more “What Your Audit Is Really Worth (Hint: It’s More Than Compliance)”
Spring is a busy time for business financing. Companies pursuing term loans, lines of credit, or equipment financing often discover (sometimes for the first time) that their lender requires a financial statement audit. If that’s where you find yourself, understanding what bank audit requirements are needed and how to prepare can make the process significantly …
Read more “Bank Audit Requirements: What Triggers Them and How to Prepare”