Accepting crypto is an essential resource for any business considering accepting cryptocurrency as payment. With the rise of digital assets, it’s essential to understand their tax and accounting implications to fully take advantage of the opportunities they present without running afoul of the law or best business practices. Cryptocurrency, also known as virtual currency or […]

Digital asset transactions, such as those associated with cryptocurrencies, can be complex and intricate. The details of these transactions are often difficult to trace due to the decentralized nature of blockchain technology. As such, gathering all necessary documentation and transaction histories can be a daunting task. Furthermore, digital asset holders must also collect their 1099 […]

With the emergence of digital assets and cryptocurrencies, the Internal Revenue Service (IRS) has ensured that taxpayers accurately report their income, gains, and losses associated with these investments. Digital asset accounting, digital asset tax, cryptocurrency audit, and digital asset audit are essential elements of successful IRS enforcement activities. Thus it is crucial to understand the […]

Staying Compliant: Navigating Tax Rates for Digital Assets, Cryptocurrency, and NFTs Introduction With the growing popularity of digital assets, it is essential to understand their tax implications. This includes understanding the digital asset and cryptocurrency tax rate. Cryptocurrencies and other digital assets are subject to taxation with different rates depending on whether they are held […]

With the rapid growth of the cryptocurrency, NFTs and other digital assets, the need for reliable digital asset accounting systems is becoming increasingly evident. For businesses and individuals alike, it is essential to have a system that correctly tracks investments, taxes, profits, and losses. But designing such a system can be daunting for those who […]

The tax law favors business owners. As you continue to grow your business you continue to further reduce your taxes. This is only true if you have a properly designed and implemented tax plan. There are many who miss the opportunity to take advantage of the tax benefits the government has in place. These tax […]

One of the most important steps in maintaining a tax strategy is protecting your bottom-line. This means implementing and maintaining a system that provides proper documentation to ensure the accuracy of the information you provide your CPA for tax reporting. This will enable you to protect your tax savings and avoid unnecessary penalties and interest. […]

In the early stages for investors and businesses cash flow is often one of the more challenging aspects to manage as you are building your reputation and pipeline. As a result, investing in a properly designed and implemented tax plan often gets deferred to the future. The problem is that all too often this temporary […]

All too often I hear from prospective clients that their CPA doesn’t seem to have enough time for them. Or that they had to pull tax planning strategies out of them rather than being advised on their specific circumstances. If that is the case contact our team today. We are proactive when working with clients […]

When it comes to audit risk, there are two factors to consider: There’s the risk of being audited  If you are audited, there’s the risk that adjustments will be made resulting in increased taxes, plus penalties and interest Proper tax planning and tax return preparation can provide you with tremendous control over this factor. When […]

The decisions that you make as a business owner will decide the fate of your business, family, and overall life. Everything that you do in your business should be planned and measured. There are tons of different KPI’s, financial ratios, and benchmarks we can use to diagnose and assess your business to drive key financial […]

When you are a business owner you are solely responsible for your financial future. Without having a strong accounting system AND financial system implemented in your business you are destined for failure. This means that you have to have a strong accounting foundation. But also, key financial data and key performance indicators that allow you […]

Gross profit margin is a key metric for eCommerce business owners to manage. Gross margin is a two-part equation. To improve gross margins for your e-commerce store, you can either increase your revenue per product or decrease the cost of each sale. To increase revenue, you have to find opportunities to increase prices or average […]

Gross profit margin is a key metric for eCommerce business owners to manage. Do you know your gross profit margin per product, sales channel and customer? This can make or break your business. Unfortunately, I know most of you will not have these key KPI’s integrated into your accounting and financial system. Gross profit margin […]

One consistent trend that I see is that business owners do not focus on their accounting function until it is too late. It is unbelievable how many serious business owners do not consistently and frequently review their financials. Even more frequently, eCommerce business owners are not tracking their accounting data properly to make key financial […]