…And Why It May Trigger Increased Audit Exposure
As we approach the end of 2025, CPAs across the country are preparing for another round of tax complexity, this time surrounding the scheduled expiration of key provisions in the Tax Cuts and Jobs Act (TCJA).
But just as planning ramps up, Congress has added a new variable: the recently passed One
A Guide for CPAs Navigating Complex Government Tax Audits
Protecting Your Client Relationships. Reducing Exposure. Expanding Value.
As a CPA, you’re often the first line of defense when a client receives an IRS, EDD, CDTFA, or CBP audit notice. While your team is focused on clean financials and accurate filings, government audits can expose your firm, and your broader client base, to risk if not handled properly. That’s where
Is Your Business at Risk for a CBP Audit? Key Steps for Importers
Key Steps for Importers businesses are vulnerable to tax audits related to tariff miscalculations and should proactively prepare. To shield against CBP audits, businesses should maintain accurate records, understand tariff classifications, utilize compliance software, and seek professional guidance.
Here’s a more detailed explanation:
Understanding the Risk:
- CBP Audits:The U.S. Customs and Border Protection (CBP) conducts audits to ensure businesses
IRS Audits: Why You Should NOT Cheat on Your Taxes
There’s a common myth that you can cut a few corners on your taxes, fudge the numbers, or take some liberties with deductions, especially if your business isn’t a household name. But here’s the truth: cheating on your taxes is a short-term game with long-term consequences, and we may be entering a new era of increased IRS scrutiny.
With the
How an S-Corp May Reduce Your Taxes
The IRS doesn’t take kindly to shortcuts, but it does offer legitimate ways to structure a business for tax efficiency. For solo business owners or small partnerships, switching from sole proprietorship or LLC status to an S-Corp often opens a door to meaningful savings. The process isn’t magic—it’s math. Learn to use that math in your favor.
What Is
Improper handling of Incoterms and landed cost accounting
Understanding the Impact of Incoterms on Import Tax Compliance
What Are Incoterms?
Incoterms, or International Commercial Terms, are globally recognized rules published by the International Chamber of Commerce. They define the responsibilities of buyers and sellers in international transactions, specifically regarding the shipment of goods. Common terms include:
- FOB (Free on Board)
- CIF (Cost, Insurance, and Freight)
- DDP (Delivered
Why Hire an Investment Bank?
For owners looking to sell their business, it can be a daunting and confusing task. Not only the process itself, but hiring the right team can be difficult, especially when one isn’t well versed in the mergers and acquisitions (M&A) industry. There are two main types of firms who sell businesses – business brokers and M&A firms (also known as
Overdoing Business Deductions Could Trigger a Tax Audit
For many small business owners, when tax season comes it brings a mix of pressure and strategy. You’re not just trying to stay compliant; you’re trying to be smart about what your business spent over the year and what makes sense to deduct to reduce your taxable income. Deductions can ease the tax burden when used correctly. But pushing
IRS Audits in 2025: Key Issue for Real Estate Owners & Business Investors
If you own real estate or run a business, you might be wondering what IRS audits will look like in 2025. The good news? The IRS isn’t ramping up random audits as much as some had expected. The bad news? They’re getting better at spotting tax mistakes, and they’re focusing more on people with complex filings—like real estate investors and
The Business Owner’s Guide to a CBP Audit: What to Expect, How to Prepare, and Why It Matters
If your business imports goods into the United States, you could be subject to a Customs and Border Protection (CBP) audit—even if you’ve never had a shipment flagged or goods held at the port. Unlike an IRS audit, a CBP audit is about how your goods entered the country, what you claimed they were, how much you said