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Profit Statements: The P&R Blog

Accounting for Your Small Business: Tax Tools to Help You Succeed

If you own a small business you may wear many hats, including CEO, marketer, technician, accountant, and customer service provider. You don’t need to master tax accounting to be successful, but knowing some basics can help you meet your filing obligations and stay out of trouble. The IRS offers a Small Business and Self-Employed Tax …read more.

IRS Re-Opens Online Transcript Service with Strengthened Authentication Process

Unless you live on a private desert island or don’t file an individual or business tax return (we highly recommend against this if you meet the filing thresholds!), you’re almost certainly linked with an organization that fell victim to a data breach…or you’ve suffered one yourself. Tricksters and imposters continue to plague the IRS by …read more.

Report Urges Stronger, Faster & More Accurate IRS Service (cont.)

The National Taxpayer Advocate (NTA), Nina Olson, understands the importance of the IRS communicating with taxpayers regarding their individual and business tax returns. In our previous blog, we began overviewing the NTA’s recent annual report to the tax-writing committees in Congress and its primary areas of focus leading up to next year’s tax season. As …read more.

Report Urges Stronger, Faster & More Accurate IRS Service

When filing your individual tax return and waiting for your refund, wouldn’t a smoother process be nice? Each year, the National Taxpayer Advocate (NTA), Nina Olson, is required to submit two annual reports to the tax-writing committees in Congress: the House Committee on Ways and Means and the Senate Committee on Finance. The Taxpayer Advocate …read more.

Students Beware! Phony IRS Agent Demanding Fake Payment

If you’re a student or know any, you likely understand their budget planning challenges. Ensure they don’t fall victim to a new twist scammers use to cheat taxpayers, according to the IRS. If someone calls claiming to be an IRS agent and demands your “Federal Student Tax” payment, it’s FAKE! Expect the caller to threaten …read more.

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Frequently Asked Questions


What do banks consider when reviewing a loan request?


The bank’s primary concern is repayment. Many loan officers will order a copy of your business credit report, and perhaps your personal report, to determine your likelihood of repaying. Using...



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