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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

Below are the deadline based on when you start your company. The Financial Crimes Enforcement Network (FINCEN) requires that most companies file beneficial ownership information to report the beneficial owners.   All Business Entities enabled or recognized by the State must register their company with the FinCEN. Foreign companies that are registered to do business in the United States must also register. The deadlines for reporting this information is as follows:   The Bus

As we close out 2024 and look forward to 2025, we review the recent tax changes announced by the IRS for tax year 2025. These changes will apply to income tax returns filed in the 2026 tax season, and are important for tax planning in 2025. It is important to do your tax planning throughout the year, and not wait until the end of the year or when you are ready to file your taxes.   This is a video explaining the changes. The same information is below in the text. Below are so

Welcome to our monthly catch up. This month we want to talk about something that is at the heartbeat of every business. Cash. As business owners we've probably all gone through the angst of wondering how the bills are going to be paid. Having enough cash in the bank is a necessity for your business' survival. Cash flow management is of paramount importance in ensuring your business has the resources to cover its operations and meet other obligations, such as paying debt. Let'

BEWARE OF EMAIL AND TEXT SCAMS INVOLVING ECONOMIC IMPACT PAYMENTS, EMPLOYEE RETENTION CREDITS, TAX REFUNDS. Email and text message scams have been going around this summer promising tax refunds or offers to help fix tax problems. Some of these schemes are Economic Impact Payments, Employee Retention Credits and tax refunds. In these emails they request personal documents in order to help you resolve the issue. DO NOT RESPOND TO THOSE EMAILS OR CLICK ON THE LINK THEY PROVIDE I

Access to Capital for Small Businesses Businesses large and small need access to capital to fund operations and grow revenues and profits. Owner investment and internally-generated cash flow are rarely sufficient to allow businesses to scale their operations. Some form of external financing is usually necessary to fund significant revenue and profit growth. Small, less established businesses find it more challenging to raise capital. Many times, small business owners are not

Are you worried about how much you are going to pay for taxes this year? And how you could have saved on your taxes by simply having your accounting or bookkeeping done and get the advice you need to grow and save on your taxes? Let’s start making smart financial business decisions so that you are not in this situation next year. Accounting and bookkeeping are essential to all businesses. Those functions help to properly track the company's assets, liabilities, expenses and

Taxpayers who file as married filing jointly and make the balance-due payment online may find out that their payment does not get credited to their account. This may happen if the secondary person (spouse) on the tax return makes the balance due or estimated tax payment online in his/her name and social security number (SSN) and not the primary person. The system does not reflect the payment on your taxes if you are the secondary person paying and use your name and social sec