Chicago Accounting News
Unfiled income tax returns and compliance issues in the grocery store and convenience store industry
Compliance in Grocery and Convenience Store accounting is essential. Generally, one of the reasons why new clients would come to a recommended small business accounting firm like ours in Chicago, would be un-filed income tax returns and compliance issues. the … Continue reading
Unfiled and unpaid sales taxes in the grocery and convenience store industry
Sales tax problems in the Grocery and Convenience Store Industry seem to be increasing. The economy is lousy, collections are worse than you have ever seen them, and you have a sales tax problem. Your sales taxes were due by … Continue reading
Controlling cash in the grocery and convenience store industry
One of the biggest concerns that we have in doing accounting for the Grocery and Convenience Store Industry is controlling cash. First, we want to make sure that you don’t have an employee with sticky fingers. Second, if your cash … Continue reading
Controlling inventory in the grocery and convenience store industry
Controlling inventory can be difficult if not impossible. The problem is that it is not just one problem, but many. At face value, people always think that it should be simple. If you put a dozen cans of coffee on … Continue reading
Unfiled or unpaid payroll tax returns in the grocery and convenience store industry
One of the major reasons that Grocery and Convenience Stores fail in the United States is the failure to file and pay payroll taxes. This mistake is more common than most would suspect. You have a weekly payroll, and weekly … Continue reading
Income tax audits in the grocery and convenience store industry of Chicagoland
It seems as if Federal and State Income Tax Audits of professionals involved in The Grocery and Convenience Store Industry are on the rise. Numbers published by the Internal Revenue Service, showing the results of their enforcement activities, prove that … Continue reading
Sales tax audits in the grocery and convenience store industry of Chicago
Because of the cash that is involved in your business, the Grocery and Convenience Store Industry of Chicago has always been a target for sales tax auditing. As a top rated accountant in Chicago, we are constantly being referred into … Continue reading
The offer and compromise system and the grocery and convenience store industry
So what does one do if we owe a lot of tax, and simply can’t pay it? If you are a professional involved in the Grocery and Convenience Store Industry of Chicagoland, then you probably make more money than the … Continue reading
Handling penalties and interest in the grocery and convenience store industry
As a member of the Grocery and Convenience Store Industry, penalties and interest can become a difficulty. One of the most common problems presented to Public Accounting Firms in Chicago by newer customers is the issue of penalties and interest. … Continue reading
