INSIGHTS — SLATE ACCOUNTING + TECHNOLOGY

Bookkeeper vs. Controller vs. CFO: Which Do You Need?

If you're a business owner who's outgrown trying to DIY your accounting and bookkeeping, you know you need professional help. But what kind of help do you need?

Advisory ServicesJustin ThomsenJanuary 18, 2024bookkeeper, Controller, CFO

Internal Controls for Small Businesses: Safeguarding Your Financial Health

Many small business owners mistakenly believe internal controls don't apply to them or that they don't have a large enough staff to implement internal controls. However, internal controls apply to businesses of all sizes.

How to Choose Accounting Software for a Small Business

A comprehensive guide for selecting the perfect accounting software for your small business.

Advisory ServicesJustin ThomsenOctober 30, 2023accounting, accounting software, technology decisions

Generative AI: How It Works, Use Cases & Limitations

Generative AI refers to a type of artificial intelligence technology powered by large language models and trained on trillions of words. Learn about its practical uses and limitations.

Advisory ServicesJustin ThomsenSeptember 21, 2023generative ai, artificial intelligence

S Corp vs LLC: Which Business Structure Is Right for You?

It's easy to get stuck trying to figure out which business structure is right for your company. This post looks at two popular options S Corp vs LLC.

Business Taxes, Advisory ServicesJustin ThomsenJuly 31, 2023LLC, S corporation, Business structure

Accrual Basis Books, Cash Basis Tax Return

The accrual basis of accounting is far more advantageous for financial reporting than the cash basis because it provides a much more accurate view of your results of operations.

Advisory Services, Business TaxesJustin ThomsenJune 26, 2023Cash Basis, Accrual Basis, Accounting

How to Set Up an Accountable Plan for Expense Reimbursements

Establishing an accountable plan allows you to reimburse employees, owners and shareholders for those expenses—potentially even home office expenses—in a tax-advantaged way for both parties.

Navigating Sales Tax Nexus

One of the most challenging aspects of managing sales tax as a small business owner is understanding when you have "nexus" or a connection with a taxing jurisdiction that allows it to impose sales tax obligations on you.

Business Taxes, Advisory ServicesJustin ThomsenMarch 21, 2023Sales Tax, Nexus, Economic Nexus

What Are de Minimis Fringe Benefits?

Many fringe benefits are taxable, but not all. And if you don’t include the value of taxable benefits in your employee’s income and withhold taxes, you could face IRS penalties. That’s why it’s crucial to understand the difference between taxable fringe benefits, non-taxable fringe benefits, and de minimis fringe benefits.

Business Taxes, Advisory ServicesJustin ThomsenMarch 1, 2023employee benefits, tax deductions

Construction Accounting 101: A Simple Guide for Contractors

Construction companies need to track and account for multiple contracts, construction projects, and job costs at any given time. This makes construction accounting much more complex than in other industries.

Received a CP2100A Notice from the IRS? Time Is of the Essence

While getting a CP2100A notice from the IRS is never pleasant, ignoring it—or thinking you'll get to it later—can lead to hefty penalties and interest charges. The good news is there are steps you can take right now to reduce your exposure and minimize potential damage.

Advisory Services, Business TaxesJustin ThomsenDecember 22, 2022IRS B Notice, CP2100, CP2100A, TIN matching

Employee vs. Contractor: What Employers Need to Know

Learn how to differentiate between employees vs. independent contractors, including DOL and IRS tests.

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