Unveiling 7 Fraud Audit Reasons for Construction Contractors
Asnani CPA highlights seven potential fraud audit triggers for contractors, including underreporting income, falsifying records, payroll fraud, creating shell companies, bribes and kickbacks, skimming, and overstating expenses. We really stress the importance of vigilant and maintaining accurate financial records to avoid these pitfalls and serious legal consequences. Asnani CPA offers tailored services to help businesses navigate these challenges, ensuring compliance with tax laws and maintaining financial integrity.
7 Red Flags that Trigger IRS Audits for Small Business Owners
Contractors need to be aware of the potential red flags that could result in an IRS audit or penalties from other regulatory agencies. Misclassifying workers as independent contractors rather than employees, not understanding applicable sales taxes, making errors in reporting income, performing unpermitted work, having inadequate record-keeping practices, failing to document cash transactions, and not having adequate insurance are all issues that could lead to penalties or fines.
How to become a CPA in California - Step by Step
If you’re wondering things like “how do I become a CPA in California,” or “what are the requirements for a CPA in California,” then look no further. In this article we are going to walk you through the step by step process for becoming a CPA in California.
What is a CPA?
Here at Asnani CPA, we often get asked questions like "what is a CPA" or "what is the difference between a CPA and an accountant?" While there are several good articles out there that cover these topics (like this one for instance), we thought we would put together an article to answer these questions as well as a few other ones that we commonly hear from our clients.
How to Know When to Convert to an S-Corp
The tax benefits of converting to an S-Corporation are plentiful, BUT there is a specific time and way to go about converting. In this article I will cover some of the biggest benefits to becoming an S-Corporation as well as what you should consider about timing your conversion.
How to Start an LLC in California: The Step by Step Guide
Here is a step-by-step roadmap to creating an LLC in California, including choosing a name, filing the articles of organization, getting a copy of your registration, business formation tips, franchise tax filing, and making an S-Corp election.