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A reasonable profit or surplus does not guarantee that the balance sheet is accurate. Review these seven account areas before year-end to resolve old balances, improve documentation, and prepare more reliable financial reports.

The federal reporting threshold increased to $2,000 for certain Form 1099-NEC and Form 1099-MISC payments made in 2026. Here is what nonprofits, churches, and service businesses should review before year-end.

Profitable but Short on Cash? Five Ways Service Businesses Can Improve Collections

Top IRS Audit Red Flags and How to Avoid Them

Monthly bank reconciliation involves more than matching transactions to a bank statement. A proper review helps identify errors, incorrect categorizations, unusual activity, and other issues that could affect your financial statements, tax reporting, and business decisions.

Nonprofit Financial Management for Sustainable Growth

Choosing a business entity is one of the most important decisions I can make as a business owner. Many people start a business and quickly choose an LLC, S corporation, partnership, or corporation without fully understanding the tax rules, accounting requirements, and compliance responsibilities that come with that decision. The type of entity I choose affects how I pay taxes, how I pay myself, how business losses are handled, how income and expenses are recorded, and what ta

Why Bookkeeping for Nonprofits Is Essential

Key Solo 401k Timelines You Should Know

Tax Planning Strategies for Your Business

Filing taxes can feel like navigating a minefield. One wrong step, and you might attract unwanted attention from the IRS. As someone who works closely with service-based businesses and nonprofits, I understand how important it is to keep your financial records clean and compliant. Today, I want to share some key insights about top IRS audit triggers to avoid so you can protect your business and focus on growth. Let’s dive into the most common reasons the IRS might take a clo

Three Main Types of Audits and When to Consult a CPA or Tax Attorney

Nonprofits and churches operate under a different set of financial responsibilities—donor trust, board oversight, grant compliance, and stewardship. Yet many organizations rely on inconsistent or under-resourced bookkeeping, increasing risk and limiting mission impact. At Mirror Accounting Services, we provide bookkeeping and accounting services for nonprofits and churches that need clarity, compliance, and confidence—without unnecessary complexity. Bookkeeping Is More Than

Service-based businesses—consultants, agencies, law firms, contractors, Auto repair shop and other professionals—grow on margins, cash flow, and timing. Yet many owners rely on DIY bookkeeping or software alone, not realizing that poor financial visibility quietly limits growth . At Mirror Accounting Services, we provide professional bookkeeping for service-based businesses that want clean, reliable numbers to support better decisions—not just tax compliance. Why Bookkeeping

In our previous article, we provided a summary of the major changes in the Republicans’ One Big Beautiful Bill Act. In this follow-up article, we delve a little deeper into some of the major changes from the OBBBA. We take a look at how some of these provisions will work in practice, the actual benefit…

President Trump signed the Big Beautiful Bill into law on July 4, marking his first major legislative victory of his second term. What does this mean for tax payers? Here, we will take a look at some of the main provisions for businesses and individuals. For Individual Taxpayers For Businesses Budgetary & Social Impacts While…

Build Stronger Compliance, Operations, and Impact Running a nonprofit comes with a unique set responsibilities. From maintaining tax-exempt status to managing donor trust and ensuring compliance, it’s critical for nonprofit leaders to stay informed. Here are seven key things every nonprofit should know to operate effectively and sustainably: 1. Maintain IRS Tax-Exempt Compliance To keep…

In this edition of our newsletter, we provide an update on the Financial Crimes Enforcement Network’s (FinCEN’s) beneficial ownership information (BOI) filing requirements. A court granted an injunction which stays implementation of the filing requirements for now. We also discuss the importance of bookkeeping for businesses. This is an important task that too many businesses…

In this edition of our newsletter, we provide an update on the Financial Crimes Enforcement Network’s (FinCEN’s) beneficial ownership information (BOI) filing requirements. A court granted an injunction which stays implementation of the filing requirements for now. We also discuss the importance of bookkeeping for businesses. This is an important task that too many businesses ignore to their detriment. We look at some of the reasons why proper bookkeeping is of utmost importa

This is an important update regarding the Beneficial Ownership Information (BOI) reporting requirements. On December 23, 2024 the 5th Circuit Court of Appeals reversed its previous rejection of FinCEN’s appeal of the BOI injunction . As a result, the injunction has been lifted, and the original filing deadline of January 1, 2025, has been reinstated . If you haven't register your company yet please do so by January 1, 2025. The Business Owner, Stockholder, Member, Partner o