2025 Payroll Compliance Strategies: Navigate IRS Shifts
The IRS workforce reductions in 2024 are set to disrupt payroll compliance in 2025. Longer response times, delayed guidance, and aggressive automation mean businesses must act now to avoid costly penalties. In this post, we’ll break down the risks of IRS staffing changes and share actionable strategies to stay compliant—including how partnering with experts like...
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Federal E-Payment Compliance
The U.S. federal government is phasing out paper checks by September 30, 2025, as mandated by an executive order to streamline payments and reduce costs. This shift to electronic transactions impacts millions of taxpayers, businesses, and financial professionals. For organizations and individuals navigating this transition, Cove Professional Services offers tailored solutions to ensure compliance, optimize...
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What Does Full-Service Bookkeeping Include? A Comprehensive Guide
Running a business involves juggling countless responsibilities, and managing finances is at the heart of it all. Without accurate bookkeeping, even the most promising ventures can stumble. But what exactly does full-service bookkeeping entail? At Cove Professional Services, we specialize in comprehensive bookkeeping services designed to streamline your financial operations and empower your business growth....
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Budgeting Best Practices for Small Businesses 101
Effective budgeting is the cornerstone of financial health for any business, regardless of its size. For small businesses, in particular, a well-crafted budget helps you plan for the future, manage cash flow, and make informed decisions. In our experience, however, many of our small business clients find the process daunting or don’t know where to...
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10 Reasons Why Your Small Business Needs a Bookkeeper
When it comes to running a small business, we realize that your budget is critically important. That’s why most small business owners are so careful about expenses and reluctant to spend on products or services they really don’t need. While that logic makes sense, there are some corners that really shouldn’t be cut when it...
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Is your business prepared for year-end?
It's coming down to the wire. The year has already passed us by as fast as the last one—well, maybe not that fast when you're stuck at home all year long, but it's still been fast. And your financial services professionals at Cove Professional Services understand that many businesses haven't begun to fully prepare for...
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Some of the Most Significant Tax Law Changes for 2021 to Know Before Your File
As the year is coming to a close, it means that we’re all that much closer to tax preparation and filing time. Don’t you love to hear that?! At Cove Professional Services, we’re always staying on top of the most critical tax law changes to ensure our clients are always in the know. Here are...
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How the Simplified Employee Pension Plan can Benefit Your Business
If you're in business for yourself, either self-employed or you’ve started an actual Sole Proprietorship, it’s essential to find ways to save money on your taxes. After all, you’re in business by yourself, and chances are you may not have any taxes reduced from your income during the course of the year. The Simplified Employee...
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Update On the SBA COVID Disaster Loan Extension
At Cove Professional Services, we're constantly staying up to date on the latest news and changes to tax law and other government agencies that impact your business. And with the newest announcement from the Small Business Administration on the COVID Disaster loan extension, we wanted to take a moment and give you some key highlights...
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