HCJ CPAs & Advisors | audit * tax * consulting

Hiring for the summer? That’s exciting—until the IRS gets involved. While onboarding interns or part-time help sounds simple enough, summer hiring is one of the most common ways small business owners get tripped up on payroll, compliance, and classification. And yes, even a single misstep—like putting a W-2...

UNDERSTANDING REASONABLE CAUSE ABATEMENT Reasonable cause abatement is a provision that allows taxpayers to request the removal of certain penalties based on circumstances that prevented the taxpayer from complying with tax laws. This relief is grounded in the principle that, despite the taxpayer’s best efforts, compliance...

You’ve probably seen the headlines: “IRS funding slashed.” “Audit rates down.” “Staffing cuts.” If you’re a business owner, investor, or part of a high-earning household, you may be thinking: Finally, some breathing room. But here's the reality: The IRS isn’t pulling back. It’s just getting smarter about who it goes after. The...

When tax season hits or client work piles up, unpaid invoices can quickly slip through the cracks, especially for busy small business owners. But managing accounts receivable isn’t just about getting paid; it’s about maintaining cash flow, staying compliant, and building trust with your clients....

If the last few years have taught us anything, it's this: no supply chain is bulletproof.  Ships stall. Tariffs hike. Materials vanish into thin air. And suddenly the parts you counted on — the parts your customers counted on — are stuck somewhere between here and...

Some headlines say a recession’s coming. Others say the economy’s surprisingly strong. Meanwhile, you’re over here trying to run a business and wondering if you should be stepping on the gas or tapping the brakes.  Here’s the truth: No matter what happens next, cash flow will decide who weathers...

Navigating the labyrinth of return filing requirements for tax-exempt entities can seem daunting at first glance. However, understanding these requirements is crucial for maintaining your organization's tax-exempt status and ensuring compliance with the Internal Revenue Service (IRS). This comprehensive guide will walk you through the...

When managing finances, both individuals and businesses often seek ways to minimize their tax liabilities through deductions. However, not all expenses qualify as tax deductions, and penalties are a particularly tricky area. This article explores whether penalties can be deducted as business expenses or itemized...

Choosing the right business entity is a critical decision for entrepreneurs and business owners. The type of entity you select can have significant implications for liability, taxation, and the overall management of your business. In this article, we will explore the pros and cons of...