RelayFi

As an accountant at Olympia Tax Service, I am always on the lookout for ways to make my small business clients’ financial lives easier and more efficient. That’s why I’m excited to introduce them to Relayfi.com, a bank designed by forward-thinking accountants for small businesses. One of the main reasons I recommend Relayfi to my …

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Employee Retention Credits (ERC) Forgiveness & Audits

The IRS and Congress are looking to crack down on fraudulent ERC claims. You may have been a victim of misleading advertising from ERC mills, saying you qualified for such spurious reasons as supply chain disruption or non-binding health guidance. We expect many audits over the next 3-6 years, and there could be dire consequences, …

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I’m An Author!

  I can’t believe it’s already been a year since a colleague of mine, Lilly Tran EA, reached out to me to write a chapter in her book, “The Most Common Tax Mistakes Made by Small Businesses”. I was thrilled when I saw the list of other authors included, many of whom were professionals I …

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The Employee Retention Credit (ERC)

The ERC, or Employee Retention Credit, is a refundable credit worth up to $26,000 per employee. The credit is one of the most confusing, least understood, yet generous COVID incentives out there and one of the only that you can still claim. I suspect over half of the businesses that qualify for this credit are …

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What is Tax Compliance? Why Should You Care?

First of all, let’s all just acknowledge that tax compliance is complicated. This tweet from one of Twitter’s sassiest CPAs, @andreacpa0, pretty much sums it up: What is Tax Compliance? For most folks, tax compliance means filing accurate taxes before April 15 every year. However, small businesses and their owners are subject to a far …

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Who Needs Tax Planning?

What is Tax Planning? Tax planning doesn’t cost, it pays! Most accountants only look backwards to record history, with Tax Planning with a Certified Tax Coach (CTC) we will look forward to writing your own tax story. Tax planning is not just about more deductions or contributing to a retirement account, but about looking for …

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Why I Ditched QuickBooks for Xero

Are Your Books a Mess? When onboarding your business for tax planning services, our first recommendation is often to start your books from scratch in an online, cloud-based accounting software called Xero. Rather than clean up the work you’ve probably been doing in QuickBooks, if your books are even a little messy, it’s less time …

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