Posts by Peter B. Scala, CPA

An IRS audit is a review of a taxpayer’s financial records to ensure that they are compliant with tax laws. For many business owners, the thought of an IRS audit can be daunting. However, it’s important to remember that with careful preparation and organization, you can and will survive an IRS audit. If this seems…

Starting a business can be an exciting journey, and hopefully a prosperous one, but it also comes with many challenges. One of the most critical aspects of starting a business is the financial management piece. And this is often overlooked, with the excitement of the other aspects. Accurate accounting is essential to ensure the long-term…

With increased e-commerce across several industries, many people discovered they could start a small business. Indeed, about 4.4 million new businesses start each year in the United States, a rate that outpaces business failures year over year. One thing is clear, e-commerce and technology have improved business success rates, at least according to data collected…

With the new year underway, millions of taxpayers are preparing for tax season. Simultaneously, cybercriminals and IRS impersonators are gearing up for tax return crimes that take your tax returns. From anticipated tax return loan scams, tax fraud, identity theft, and everything in between, bad actors wait for tax return season every year. Common tactics…

Tax season is here, and if you’re like millions of Americans, you’re considering your options for filing your 2022’s tax return. Some taxpayers will use popular tax preparation home software packages for filing and receiving refunds. Broadly speaking, these software offerings do an okay job with simple automation and click-throughs. Software-aided tax automation is the…

It’s almost tax season, and there are changes that some people in the workforce should understand so they can manage tax burdens. PayPal and other payment apps have tax-paying processes built into the structure so that users can easily pay taxes on income from contracts. This contract income now forms a substantial part of the…

The 2023 tax season starts January 1, 2023, the day the IRS accepts 2022 tax returns. Of course, filers still have until April 18, 2023, to get their returns in. Remember, 2023 tax filing deadlines apply to tax-paying obligations from 2022. While taxpayers wrestle with keeping resolutions, the IRS restarts its process of weeding through…

We live in a fast-paced society of internet-connected smartphones and other electronic devices, many of which we believe we couldn’t live without. But, few understand what happens behind the scenes to make our lives run efficiently. For instance, providing meals for a family is as easy as installing an app on your smartphone, answering a…

The Covid-19 pandemic caused fundamental changes to the e-commerce universe. On a global scale, consumers began buying everything online. Although many service industry jobs disappeared, some entrepreneurs started businesses selling things through online retailers, increasing the need for e-commerce accounting. This targeted form of accounting helps small businesses compete in competitive marketplaces. From eggs and…

For the past several years, the IRS has been publishing “The Dirty Dozen,” a list of twelve tax scams the IRS wants taxpayers to look out for. This yearly list has “well-known” scams that criminals try year after year, usually around tax time. The telephone seems to be the best tool for these scammers. Even…