March 15th Deadline and Deductibility of Accrued Compensation

March 15th Deadline and Deductibility of Accrued Compensation

As we approach the March 15th filing deadline for S Corporations and Partnerships, a friendly reminder to accrual basis taxpayers that accrued compensation for bonuses or employer retirement plan contributions for the previous year must be paid by March 15th (or September 15th for retirement plan contributions if the returns are on extension). Failure to pay by this deadline may result in not being able to deduct the expense on the 2022 tax returns and could result in additional tax liability.

Why You Should Obtain Financing Before You Need It

Why You Should Obtain Financing Before You Need It

No matter where your business is in its life cycle, it’s important to always be thinking ahead and planning for the future. One area where this is especially true is in financing. Even though you can wait until you actually need financing before exploring all opportunities available, this can be a risky approach. Here are several reasons why it’s a good idea to obtain financing before you need it.

Getting Ready to File Your Tax Returns

Getting Ready to File Your Tax Returns

The IRS recently announced January 23rd as the official start to the 2023 tax filing season! With W-2 and 1099 reporting deadlines mostly in the rearview mirror and that information starting to arrive in your mailbox, now is a great time to start accumulating your documentation and other information to prepare for the tax filing deadline.

Shaun DaCunha

Shaun DaCunha

Shaun is a Managing Partner of the Firm and has over 12 years of experience in public accounting with both large and small-sized firms, along with three years in private industry as a controller. His experience in public and private industry gives him a unique perspective and understanding of business needs and challenges.