Adopt key practices for preventing internal fraud

Many business owners are discovering that their assets are not as well protected as they thought.  Small businesses are susceptible to fraud most commonly due to lack of internal controls.  There are a few key practices that can help prevent fraud in your business. One of the most important internal controls is segregation of duties.  […]

Overworked and understaffed impacts your brand

Your business’s brand is more than just the product you sell or the aesthetics of your restaurant. Your company’s brand is shaped by every interaction that your customers have with your people. Forward-facing businesses like the restaurant and hospitality industry focus on both people and product.  Most companies create standards and expectations that emphasize putting […]

Are you overpaying sales tax on delivery orders?

Reporting sales tax is becoming ever more complex, particularly as delivery is becoming a key component in running a restaurant. States and delivery companies handle the reporting of sales tax differently so keeping detailed records is important so restaurant owners don’t underpay – or overpay – sales tax. If Antares Group provides sales tax filing […]

There’s still time to make IRA contributions for 2021

It’s not too late to make contributions to your traditional or Roth IRA for the 2021 tax year. Contributions made up until April 18, 2022, may be deducted from your 2021 tax return. Any contributions to a traditional or Roth IRA made until the April 18 filing date must be designated for 2021 to the […]

Fixed or floating interest rates for business loans? Maybe both

The recent news from the Federal Reserve about potential interest rate increases to combat the inflation the economy is currently seeing is making business owners rethink their existing business debt. A question that businesses are considering nowadays is whether or not they should look into locking in variable rate loans they currently have. The answer […]

Got crypto? Make sure it’s reported on your 1040

The cryptocurrency world is changing rapidly and its popularity is soaring. In late 2021, the crypto market hit $2.9 trillion – and the IRS is trying to keep up. Those who invest in virtual currency need to be aware the IRS requires individuals to report income and capital gains from cryptocurrency on their 1040 tax […]

IRS eyes increased security, suspends automated notices amid growing backlog

The IRS has backed away from a plan to use facial recognition technology as part of its online verification process for taxpayers, but the agency is continuing to take steps to increase security for those who need to access their IRS accounts. Privacy advocates, elected officials and others voiced concerns that the plans would require […]

Some business losses are worth more than others

Not all losses are created equal. The rules surrounding net operating losses (NOLs) have changed quite a bit over the last few years and tax planning opportunities are ripe. Due to the COVID-19 economic downturn, many companies faced significant net operating losses in 2020. The Tax Cuts and Jobs Act (TCJA) passed in 2017 provided that […]

Did you give to charity in 2021? Make sure you have substantiation

If you donated to charity last year, letters from the charities may have appeared in your mailbox recently acknowledging the donations. But what happens if you haven’t received such a letter — can you still claim a deduction for the gift on your 2021 income tax return? It depends. The requirements To prove a charitable […]

Is a pass-through entity tax right for you?

Ever since the Treasury Department paved the way for states to enact legislation to workaround the state and local tax deduction cap, more and more states have taken advantage of the opportunity. In late 2020, the IRS released a notice that more or less gave the green light to states for workaround legislation that, to […]