Business Advisory

 Generally, the IRS has 10 years from the date your tax is assessed to collect any outstanding tax, penalties, and interest. This 10-year window is called the Collection Statute Expiration Date (CSED). The “assessment date” is when the IRS officially records your tax liability. This could be the date you file your return, the date...

When financial struggles hit, it’s tempting to cut corners. But a recent case proves that taking the wrong path can lead to devastating consequences. Shawn Ray Murnan, a business owner from Florida with ventures across several states, was sentenced to 33 months in federal prison for submitting false loan applications to the SBA. Between 2020...

If you’ve been hit with IRS penalties for failing to file, pay, or deposit taxes on time, the costs can add up quickly. But there’s good news—if this is your first offense, you may qualify for the IRS’s First Time Penalty Abatement (FTA) program. At Accutax, we guide taxpayers through the FTA process, helping them...

If you’ve fallen behind on filing your taxes for multiple years, you’re not alone—and you’re not beyond help. Every year, thousands of Americans find themselves in the same situation. Whether it’s due to personal hardship, disorganization, or simply being overwhelmed, the consequences of unfiled returns can quickly snowball.  But the good news? You have options—and...

How Accountants Drive Business Growth Beyond Taxes   When most people think of accountants, they picture tax season: forms, deductions, and the annual scramble to file returns. But the role of an accountant extends far beyond tax compliance. Accountants are strategic partners who help businesses grow, manage risk, and make informed decisions. Their expertise in...

When running a small business, it’s easy to focus on the bottom line—profit. But many entrepreneurs overlook a critical financial metric: cash flow. Confusing profit with cash flow is a common mistake, and it’s one that can quietly sink even the most promising businesses.   What’s the Difference? Profit is what’s left after you subtract all...

Clean Books Help You Get Business Loans Faster When business owners apply for loans, they often focus on credit scores, collateral, and revenue. But lenders usually make their decision based on something more fundamental: the quality of your financial records. Clean, accurate, and tax-compliant books are one of the fastest ways to qualify for business...