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Profit Statements: The P&R Blog

Which entity is most suitable for your new or existing business?

Which entity is most suitable for your new or existing business? Patrick & Raines, CPAs can help you navigate the options available to you! The Tax Cuts and Jobs Act (TCJA) has changed the landscape for business taxpayers. That’s because the law introduced a flat 21% federal income tax rate for C corporations. Under prior …read more.

Employers: Be aware (or beware) of a harsh payroll tax penalty

If federal income tax and employment taxes (including Social Security) are withheld from employees’ paychecks and not handed over to the IRS, a harsh penalty can be imposed. To make matters worse, the penalty can be assessed personally against a “responsible individual.” If a business makes payroll tax payments late, there are escalating penalties. And …read more.

2019 Q3 tax calendar: Key deadlines for businesses and other employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact Patrick & Raines, CPAs to ensure you’re meeting all applicable deadlines and to learn more about the …read more.

Want to avoid surprises next tax season?

This month, the IRS has been encouraging everyone to complete a mid-year “Paycheck Checkup” to avoid surprises regarding your withholding come tax time. (Click here to see more information and to use their Withholding Calculator.) This may help to an extent, but there are more factors that will affect your 2019 tax return such as …read more.

Patrick & Raines CPAs’ clients often find they need financial statements for banks, regulatory agencies, or other stakeholders.  These bodies usually specify which level of statements they need, but what does it all mean? There are three types of financial statements under U.S. Generally Accepted Accounting Principles (GAAP). Each one reveals different, but equally important, …read more.

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