Failure to Pay Employment Taxes: What This Means
Paying employment taxes is a critical responsibility for all employers. Failure to meet this obligation can result in severe legal and financial consequences, impacting the business and its responsible parties. Fortunately, our El Paso CPAs at Marcus, Fairall, Bristol + Co., PLLC are here to help you understand what failure to pay taxes means and […]
Beneficial Ownership Reporting
As of January 1st, 2024, businesses in the United States are required to report standard information about the individual(s) who own or control them. In an attempt to curb illicit finance, meaning the illegal movement of money across borders, the Department of Treasury is enacting new measures to protect the economic security of our country. […]
Common Non-Profit Financial Mistakes and How to Avoid Them
Non-profit organizations have the goal of meeting community needs that might otherwise go unmet. They fill a service gap by benefitting people and animals and addressing social justice issues. By nature of being a non-profit, these entities are exempt from paying income tax on net revenue, and donations to the non-profit can generally be deducted […]
Financial Statements for Non-profits
Non-profit organizations play an essential role in our society by addressing social issues. They rely on donations and grants to fulfill their missions. Non-profits are required to maintain accurate financial records and financial statements. Below are the financial statements non-profits need to always keep up to date, and that should be ready and prepared by […]