493 plain-English guides on small business & bookkeeping, each one ending in what to do next.
Page 10 of 21, newest first.
US citizens and residents are taxed on worldwide income, and US business owners with foreign operations face additional layers of complexity.
Small Business & BookkeepingUS persons who own or control foreign corporations face a complex set of anti-deferral rules designed to prevent the indefinite sheltering of income.
Small Business & BookkeepingSmall businesses with average gross receipts of $32 million or less (2026) can use the cash method and are exempt from complex inventory accounting rules.
Small Business & BookkeepingBusinesses that produce or purchase goods for resale must account for inventory under IRC 471. Businesses that produce, purchase, or sell merchandise.
Small Business & BookkeepingBusinesses that sell physical products must account for inventory, and the accounting method chosen (FIFO, LIFO, weighted average.
Small Business & BookkeepingSmall businesses with inventory must choose an accounting method: FIFO (first in, first out), LIFO (last in, first out), or weighted average cost.
Small Business & BookkeepingA like-kind exchange under IRC 1031 defers capital gains tax when selling business or investment real property and reinvesting in replacement property.
Small Business & BookkeepingUnder IRC 1244, losses on the sale or worthlessness of qualifying small business stock receive ordinary loss treatment (up to $50,000 single.
Small Business & BookkeepingIRC 1244 lets founders deduct losses on qualifying small business stock as ordinary losses, not capital losses. The annual limit is $50,000 ($100.
Small Business & BookkeepingIRC 409A governs nonqualified deferred compensation (NQDC) plans, imposing strict rules on when compensation can be deferred, when it must be paid.
Small Business & BookkeepingThe IRC 83(b) election is one of the most valuable and most frequently missed tax elections available to startup founders, early employees.
Small Business & BookkeepingAn IRC 83(b) election allows a service provider who receives restricted stock or LLC/partnership interests subject to vesting to pay income tax.
Small Business & BookkeepingIRS audit types for small businesses: 1. Correspondence audit (most common). - Conducted entirely by mail. Correspondence.
Small Business & BookkeepingCertain Schedule C characteristics increase audit risk: high deductions relative to income, cash-intensive businesses, round-number expenses.
Small Business & BookkeepingAn IRS audit is not a conviction. It is a review of your return to verify that income, deductions, and credits are reported correctly.
Small Business & BookkeepingAn IRS audit notice is not a criminal investigation. Most audits are correspondence audits resolved by mail. The business owner's response.
Small Business & BookkeepingThe IRS audits approximately 0.4% of individual returns, but certain patterns increase audit risk: high Schedule C deductions relative to income.
Small Business & BookkeepingThe IRS audits about 0.4% of individual returns, but Schedule C filers face higher rates (1-2%). The IRS audits approximately 0.4% of individual tax.
Small Business & BookkeepingMost small business IRS audits are correspondence audits handled by mail. Correspondence audit basics: What triggers one: - Schedule C losses (especially.
Small Business & BookkeepingCP2000 notice essentials: 1. What it is. An automated underreporter notice under the IRS's Automated Underreporter (AUR) program.
Small Business & BookkeepingThe IRS First-Time Penalty Abatement (FTA) under IRM 20.1.1.3.6.1 allows qualifying taxpayers to have failure-to-file and failure-to-pay penalties removed.
Small Business & BookkeepingA business must issue Form 1099-NEC to any individual or non-corporate entity paid $2,000 or more for services in 2026 ($600 for 2025). The deadline is January 31.
Small Business & BookkeepingSmall businesses that owe $25,000 or less can get a streamlined installment agreement without financial disclosure. Larger balances require Form 433-B.
Small Business & BookkeepingWhen a taxpayer owes federal taxes they cannot pay in full, the IRS offers several payment options under IRC 6159. Covers key rules, filing requirements,.