Godbold, Romanov & Love CPAs

10/20/2026

New IRS-approved “per diem” rates took effect on Oct. 1, 2026. Learn how these rates can simplify expense reporting and help you manage business travel costs.

Many businesses use federal “per diem” rates to reimburse employees for out-of-pocket travel expenses. In Notice 2026-60, the IRS announced special per diem rates that are effective for the federal government’s fiscal year of October 1, 2026, through September 30, 2027. Taxpayers can use the...

10/12/2026

If your business is booming, congratulations! Higher profits are great news, but don’t overlook your 2026 income tax obligations. Let’s explore ways to lower taxes and avoid tax-filing surprises.

For most small business owners, strong revenue growth is something to celebrate. But a profitable year can also significantly increase your income tax liability. If your business is on track for a banner year, now is the time to evaluate tax-reduction strategies. Here’s some guidance for sole prop...

09/28/2026

If you’re planning to sell your business, receiving the purchase price over time may allow you to spread your gain — and the related tax — over several years. Let’s review the pros and cons of installment sales.

09/21/2026

Got crypto? Small business owners should beware of tax surprises when dealing with cryptocurrencies.

09/15/2026

Dividends aren’t the only way to take cash out of your C corporation. Here are some more tax-efficient alternatives to think about before year end.

If you own a closely held C corporation, you might be looking for ways to withdraw cash from your business. Paying yourself a dividend can be a straightforward option — but it comes at a tax cost. Corporate distributions are generally taxable to you to the extent of your company’s “earnings an...

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...