HCJ CPAs & Advisors | audit * tax * consulting

Background - The Corporate Transparency Act (CTA) was enacted as part of a broader effort to combat money laundering, terrorism financing, and other illicit financial activities. Passed by the U.S. Congress in 2021, the CTA mandates that certain business entities disclose information about their beneficial...

As a baby boomer, you may find yourself approaching retirement with less savings than you'd hoped. Whether due to economic fluctuations, personal circumstances, or simply the demands of life, many late starters face this challenge. However, it’s never too late to take action. Here are...

Tax season can be stressful, especially if you're worried about penalties. Whether you're an individual or a small business owner, IRS penalties can add up quickly, turning a simple oversight into a costly mistake. Understanding what triggers these penalties—and how to avoid or reduce them—can...

September 16 - S Corporations File a 2023 calendar year income tax return (Form 1120-S) and pay any tax due. This due date applies only if you requested an automatic 6-month extension. Provide each shareholder with a copy of their Schedule K-1 (Form 1120-S) or a...

September 1 - 2024 Fall and 2025 Tax Planning  Tax Planning Contact this office to schedule a consultation appointment. September 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during August, you are required to report...

Starting your own business is an exciting journey filled with opportunities and challenges. As a young entrepreneur, you have the energy, creativity, and drive to turn your ideas into reality. This comprehensive guide will walk you through the essential steps to launch your business successfully....

Hiring the right talent is crucial for the success and growth of any organization, especially for small and medium-sized businesses (SMBs). The hiring process is not just about filling a position; it’s about finding the right fit for your company’s culture and goals. Making the...

The Internal Revenue Service (IRS) has introduced a second Employee Retention Credit (ERC) Voluntary Disclosure Program as outlined in Announcement 2024-30. This initiative is designed to address erroneous claims for the ERC, a refundable tax credit aimed at supporting businesses and tax-exempt organizations that continued...

In recent years, tipping culture has seen significant changes, particularly with the rise of digital payment kiosks and self-checkout lanes. A CBS News article recently questioned, “Are tip requests getting out of hand?,” pointing out the shift from traditional tipping practices to new scenarios like...

In the realm of taxes, understanding who is required to pay self-employment tax and who is exempt is crucial for individuals navigating their financial responsibilities. Whereas employees have Social Security and Medicare taxes withheld from wages–often referred to as FICA taxes– individuals who work for...