You open the mail, see the return address, and your stomach drops. It’s a letter from the IRS. Before you let your mind race to audits, penalties and worst-case scenarios, take a breath. The encouraging reality is that most...... More »
We all know the tax deadlines well ahead of time. They’re no secret. But it’s still easier than you’d think to miss them. The good news? Missing a tax deadline is not the end of the world. The not-so-good...... More »
Have a tax question? Want to set up an appointment? Need more information? Cleveland Office: 1651 Crossings Parkway Westlake, OH 44145 440.892.8900 Hilton Head Office: 16 Bear Creek Hilton Head Island, SC 29926 843.473.3947 Office Hours: Monday – Friday:...... More »
Artificial intelligence is everywhere right now: in your inbox, your smartphone, your customer service interactions … and increasingly, your accounting software. The promises can be bold. AI will eliminate manual data entry, catch fraud instantly, close the books in...... More »
Few phrases stop business owners in their tracks quite like “IRS audit.” OK. The mental image that follows — agents at the door, years of records under a microscope, the business at risk — is usually more dramatic than...... More »
For decades, sales tax compliance was relatively straightforward: If your business didn’t have a physical presence in a state, you generally didn’t have to collect that state’s sales tax. The advent of e-commerce blurred a lot of lines, however,...... More »
McManamon & Co. is a full-service firm that provides a commonsense approach to accounting, tax and business consulting services. We boast a high caliber of expertise equal to that of larger firms, but it’s delivered in a personal setting...... More »
Choosing a business structure is one of the first major decisions an entrepreneur makes. And we want to stress “major.” Your entity type isn’t just a vanity title. It affects how you’re taxed, how much personal liability you take...... More »
Most Americans, whether individuals or business owners, have annual tax filing obligations that they deal with during “tax season,” generally late January to mid-April. Organizing and putting together those filings is what’s known as “tax preparation.” And tax preparation...... More »
When tax season rolls around, many individuals and business owners alike face the same question: “Do I need a CPA, or will a tax preparer do the job?” While both can help with tax filings, the differences between them...... More »