CPA firms are often asked to do far more than prepare tax returns. Clients may also need monthly bookkeeping, account reconciliations, financial reports, QuickBooks cleanup, and help organizing records before tax season. These services are important, but they can also consume valuable staff time. Partnering with MilesP Bookkeeping gives CPA firms a dependable way to…

STATUS: OPERATIONAL TOPIC: TAX IMPLICATIONS OF ASSET DISPOSAL TARGET: SMALL BUSINESS OWNERS / ENTREPRENEURS AUDIT_DATE: 2026-07-26 SYSTEM_OVERVIEW: DEPRECIATION_RECAPTURE Depreciation recapture is a tax procedure. It occurs when a business entity sells an asset for a price exceeding its adjusted basis. The Internal Revenue Service (IRS) requires the "recapture" of previously claimed depreciation tax benefits. These…

STATUS: COMPLIANCE UPDATE 2026 ENTITY: SMALL BUSINESS / ENTREPRENEUR SUBJECT: PAYROLL SERVICES FOR SMALL BUSINESS DATE: 22-JULY-2026 DATA_POINT_01: THRESHOLD_REVISION_1099_W2 IDENTIFIER: SEC_1099_NEC_W2 PREVIOUS_THRESHOLD: 600_USD CURRENT_THRESHOLD_2026: 2,000_USD EFFECTIVE_DATE: 01-JANUARY-2026 SPECIFICATIONS: Information returns for nonemployee compensation (1099-NEC) and miscellaneous income (1099-MISC) require filing only if annual payments to a single payee exceed 2,000_USD. Form W-2 wage reporting (where…

If there is one thing small business owners and freelancers cannot afford, it is messy books. Good records do more than help at tax time. They support better decisions, make filing easier, and reduce the chance that inconsistencies draw unwanted attention from the IRS. In 2026, automated matching and review systems continue to compare tax…