The Shareholders of Mize CPAs are pleased to announce Carol Baber, CPA has joined the firm as Audit Shareholder in the firm’s Overland Park office, effective Monday, October 4. “I am excited about this new opportunity with Mize. The firm…
How many dogs do you have? What is your favorite car color? What is your best friend’s name ? These may seem like innocent questions in a quiz on social media, but it is very easy for the answers to…
Many companies have decided to "go green" in recent years. The motivation for adopting more eco-friendly business practices can be both financial and out of a desire to be more responsible corporate citizens. More than half of consumers (57%) would…
When you take withdrawals from your traditional IRA, you probably understand they're taxable. But what does that really mean? Important: Once you reach a certain age, you must start taking required minimum distributions (RMDs) from your traditional IRAs or you…
Having weak or no internal controls leaves your organization open to thieves or dishonest employees who are looking for opportunities to make some extra money. The good news is there are simple controls you can put in place to deter…
When preparing for a business audit, an IRS auditor references a handy guide called an IRS Audit Techniques Guide (ATG). An ATG provides information on a specific industry and reviews potential issues on the taxpayer’s return. These ATGs are available…
It may seem premature, but it’s never too early to start tax planning for small businesses. Here are three tax breaks to consider. 1. Claim bonus depreciation or a Section 179 deduction for newly purchased assets Current tax law allows…
In the case of embezzlement, what options does a business owner have in recuperating some of the losses? A business may be able to claim a federal income tax deduction for a theft loss, but does embezzlement count as theft?…
Whether pandemic-related or not, struggling businesses look for financial assistance in the form of affordable conventional loans. And some profitable businesses may benefit from refinancing to more favorable terms on their existing debt. Doing so can help reduce interest expense…
Taxpayers and tax preparers alike have become increasingly frustrated with the speed at which the Internal Revenue Service has been processing tax returns. This backlog has been caused by a number of factors, the latest of which is discussed in…