Understanding Your Financial Statements

Accurate financial statements are a critical part of every business. They are used by not only yourself but often outside sources as well such as your bank if you need to take out a loan. A standard set of financial statements that we provide at Wisdom CPAs consists of a Balance Sheet, Profit & Loss, Statement of Cash Flows and …

BOI Reporting 2024

BOI Reporting In 2021 Congress enacted the Corporate Transparency Act, creating the Beneficial Ownership Information (BOI) reporting system. The reason behind this new reporting system is to prevent citizens from hiding and laundering illegal funds using shell companies hiding their identity.  Who will this new reporting requirement effect? When are you required to file? The failure to file on time, …

Thanksgiving Insights & Charitable Contributions Update

The Team at Wisdom CPA would like to wish our clients, community, friends & family a happy Thanksgiving and safe travels over the holiday. As we approach the Thanksgiving & Christmas seasons (in the strangest year on record), we recognize many of you make monetary & food donation contributions to various organizations. In order for charitable contributions to be deductible, …

S-Corporation

What is an S-Corporation? An S-Corporation, commonly referred to as a small business corporation, is a common tax designation that provides significant savings to small business owners. A subchapter S corporation is a status granted by the IRS that allows income, deductions, and credits to flow through to the shareholder’s personal tax return. This means that the S-Corporation itself does …