Godbold, Romanov & Love CPAs

09/08/2026

Small business owners may be unsure about the proper tax classification of equipment repairs, facility renovations and replacements of worn building components. As you plan for the end of the 2026 tax year, it’s important to review the rules.

08/31/2026

Payroll tax compliance involves more than calculating paychecks. Learn which areas deserve closer attention and how to respond when something goes wrong.

How to avoid and correct common payroll tax mistakes Payroll administration can be challenging for small business owners — and mistakes can create problems for both employers and employees. Incorrect paychecks can frustrate employees and require time and resources to fix. Errors involving tax with...

08/25/2026

The tax rules for several fringe benefits have recently changed. See what’s new for 2026 and what to consider as you fine-tune your benefits package for 2027.

To attract and retain skilled workers, your small business needs to offer more than competitive pay. Your benefits package matters, too — and benefits with favorable tax treatment can be even more valuable to prospective and existing employees. Open enrollment is right around the corner for many b...

08/17/2026

Bartering can be a viable way to conduct business, especially if you’re strapped for cash. But you can’t escape tax obligations.

08/11/2026

Sole proprietors: Are you on top of your federal tax obligations? Even if your business is small, tax compliance and planning are a big deal.

Tax essentials for sole proprietors Many small businesses start out as sole proprietorships. This structure is simple and inexpensive to establish and maintain — and it gives the owner direct access to profits without having to take formal distributions. But it also makes your taxes more complicat...

08/04/2026

The New Markets Tax Credit may provide tax savings to investors and financing opportunities to qualifying businesses in low-income communities. Here’s how the program works.

Businesses in economically distressed communities often have difficulty obtaining capital for expansion, equipment, facilities and other investments. The New Markets Tax Credit (NMTC) encourages private investment in these underserved areas by offering federal income tax credits to qualifying invest...

07/28/2026

How closely should your business review employees’ withholding information? Find out when you must take action — and when these matters should be left to the employee or the IRS.

Your employees use Form W-4, “Employee’s Withholding Certificate,” to tell you how much federal income tax to withhold from their pay. Most forms are routine, but an altered certificate, unusual accompanying statement or IRS lock-in letter may require special handling. Knowing how to respond c...

07/20/2026

Small business owners: New tax rules may significantly reduce the cost of providing child care to your employees. But how much can you claim, and which arrangements qualify? Here’s what you need to know.

Offering a broad menu of employee benefits can help your business attract and retain skilled workers. One benefit that’s popular among employees with families is employer-provided child care. Although this option hasn’t been financially feasible for many small businesses, recent tax law changes ...

07/14/2026

IRS or state tax problems don’t have to derail your business. Learn what steps you can take to make tax resolution feel more manageable and keep your business moving full speed ahead.

Tax problems can happen to even the most organized small business owners. A cash flow crunch, an unexpected tax notice, a missed filing deadline or a payroll tax oversight can be stressful — especially when penalties and interest begin to add up. Fortunately, businesses can get back on track by ad...

07/09/2026

Certain “small” businesses have a choice of using cash or accrual accounting for tax purposes. If you’re one of them, which route should you take?

Small business owners must answer an important question: Should we use the cash or accrual accounting method for federal income tax purposes? Larger entities are required to use the accrual method. But certain small businesses can elect to use the cash method. You may want to consider this option if...