Entities Looking to Expand to the US Need a U.S Identification Number
United States launch process requires obtaining an Employer Identification Number (EIN). This unique identifier is essential for tax and payroll reporting, and U.S. banks typically require one to establish accounts.
Remote Work Tax Considerations for Small Business
Understanding tax implications to avoid potential penalties and ensure compliance with tax laws is necessary for onboarding employees. State tax withholding is required in the state the employee resides. You, as the employer, will also be required to establish and pay state unemployment tax in that state.
Navigating IRA Beneficiary Designations as part of Overall Estate Planning
When you first became eligible to participate in your employer’s retirement plan, you were asked to complete beneficiary information. While this choice may seem straightforward, there are complexities to IRA beneficiary designations and implications to your estate planning.
Why you need to Separate your Business Finances from Personal
One test the IRS looks at in determining if a business has a profit motive or is a hobby, is if it is run like a business. Does the activity have a separate banking account. Separating personal and business finances is a basic financial management practice.
Worker Classification: Employee vs. Independent Contractor
Employment classifications, the distinction between employees and independent contractors, is not governed by the application of rules. The implications of how a worker is classified affects businesses and workers alike. Employer advantage to categorizing workers as independent contractors is the saving of expenses linked with traditional employees. These expenses include payroll taxes, training costs, promotional […]
How Virtual CFO Services Can Transform Your Business: Insights from Rose Group CPAs
A Virtual CFO, or Chief Financial Officer, provides high-level financial guidance and strategic advice to businesses on a remote basis. Unlike traditional CFOs who are full-time employees, Virtual CFOs offer their expertise on a part-time or as-needed basis, making them a flexible and cost-effective option for businesses of all sizes.
BOI – Deciphering the Corporate Transparency Act: A Guide for Businesses
In the ever-evolving realm of business regulations, the Corporate Transparency Act (CTA) has emerged as a pivotal player, ushering in new reporting standards for U.S. businesses. With a focus on beneficial ownership, the CTA demands attention and action from companies, including clients of Rose Group CPAs.
Advantages of Retirement Accounts
Retirement accounts are a cornerstone of financial planning for the future, yet they can often feel like a maze of acronyms and options. What exactly are 401(k)s, IRAs, and Roths, and how do they benefit us? Let’s break it down.
Tax Deductions for the Self-Employed
If you are a sole proprietor or receive a 1099 for contract work then you will want to consider tax deductions attributable to the income earned in the profit motivated activity. To be deductible the business expense must be reasonable and ordinary. Expenses that are common to the industry and appropriate for the activity. Common […]
Should I be paying estimated taxes
Estimated tax is the way you pay the IRS and the State income tax on the income you earn throughout the tax year. It is the amount of tax you are responsible for paying. It is important to pay the estimated tax evenly throughout the year rather than waiting to April 15 in order to […]
