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Understanding Form 1120: U.S. Corporation Income Tax
By: Sonia Lee Ng, CPA Date: September 15, 2025 Introduction to Form 1120 Form 1120 U.S. Corporation Income Tax Return, is essential for all C Corporations, including LLCs taxed as corporations. This form reports gross income, deductions, and credits. It also calculates the corporate income tax owed. Additionally, it provides the IRS with vital financial information about corporate operations. Key Dates for Form 1120 Original Due Date: April 15 for calendar year corporations
Sonia Lee
Sep 15, 20253 min read
Understanding Form 1065: Partnership Income Tax Return
What is Form 1065? Form 1065 is an information return that partnerships file to report their income, gains, losses, deductions, credits, and other items. Partnerships do not pay federal income tax. Instead, these items are "passed through" to partners, who report them on their personal tax returns. Who Must File? General Partnerships Limited Partnerships Limited Liability Partnerships Due Date The due date for filing Form 1065 is March 15. If this date falls on a weekend or h
Sonia Lee
Sep 8, 20253 min read
S Corporations Income Tax Return
Summary of Tax Form 1120-S for S Corporations
Sonia Lee
Sep 1, 20254 min read
Get your Small Business Accounting Tax-Ready for 2025
By: Sonia Lee Ng, CPA Date: August 27, 2025 Introduction In this article we summarize accounting aspects that small businesses should consider geting the accounting records ready for tax preparation for year 2025. Here are the most common business expenses. Business Expenses Most individuals and sole proprietors with no inventory use the cash method since it is easier for recordkeeping. Under the cash method, in general, you deduct expenses in the year you actually paid the
Sonia Lee
Aug 27, 20256 min read
Business Taxes
Date: August 26, 2024 By: Sonia Lee Ng, CPA Depending on how your business entity is structured to operate determines how it is taxed....
Sonia Lee
Aug 26, 20255 min read
Highlights About the One Big Beautiful Bill Act (OBBBA)
Date: August 7, 2025 By: Sonia Lee Ng, CPA This Bill was signed into law on July 4th, 2025. Public Law 119-21 Disclaimer The information...
Sonia Lee
Aug 25, 20256 min read
Need Accounting Books Cleanup?
Date: November 18, 2024 Cleanup By: Sonia Lee Ng, CPA Many small business owners prefer to do their own bookkeeping, but sometimes if done by inadequate personnel, it may lead to inaccurate financial records and or errors that may result in incorrect taxes, late filing of tax returns, leading to penalties and interests. If you discovered that your accounting records are incomplete, inaccurate, or not ready to support financial statements for tax filings, you may need to do th
Sonia Lee
Nov 18, 20242 min read
Bank Reconciliation Process
Date: March 4, 2024 by: Sonia Lee Ng, CPA bank document Bank reconciliation is considered a detective internal control since it verifies...
Sonia Lee
Mar 4, 20243 min read
Internal Controls for Small Businesses
Date: February 26, 2024 By: Sonia Lee Ng, CPA Even though the Sarbanes-Oxley Act of 2002 only applies to publicly traded companies, it has influenced all other companies to focus on the importance of internal controls over financial reporting. The implementation of effective internal controls is crucial for small businesses to safeguard assets, prevent fraud, ensure accurate financial reporting, and promote operational efficiency of a company. Key Internal Controls for Small
Sonia Lee
Feb 26, 20244 min read
Corporate Transparency Act — Beneficial Ownership Information Reporting Requirement
Date: November 14, 2023 By: Sonia Lee Ng, CPA Starting January 1, 2024, a significant number of businesses will be required to comply...
Sonia Lee
Feb 24, 20243 min read
Navigating the Waters of Personal Finances: A Guide to Home Buying
Keys for a new house Date: January 19, 2024 By: Sonia Lee Ng, CPA, CPFC® In the journey of life, one of the significant milestones for...
Sonia Lee
Jan 19, 20242 min read
Impuestos de Individuos: Credito del Ahorrador 2023 (Forma 8880)
Fecha: 25 de noviembre de 2023 Crédito tributario por realizar aportaciones elegibles a su cuenta IRA o plan de jubilación patrocinado...
Sonia Lee
Nov 25, 20231 min read
How to Prepare a Statement of Cash Flows
By: Sonia Lee Ng Published: July 3, 2023 The Statement of Cash Flows The Statement of Cash Flows is a financial report that details the cash inflows and cash outflows of a business during a certain period. Preparing a statement of cash flows is an essential part of the financial reporting of a business. It provides valuable information about a company's cash inflows and outflows during a specific period that is used for decision making. Here is a guide to help you in prepari
Sonia Lee
Oct 4, 20233 min read
Business Structures
Updated: August 19, 2025 Depending on the nature and business or entity structure, entrepreneurs should become familiar with federal, state, and local regulations before establishing their business. It is recommended to seek legal, tax and financial advice before starting a business or entity. Considerations when electing a business structure Capital Investment Regulations Permits y licenses Complexity Flexibility Control Tax Treatment Responsibility 1. Sole Proprietor Doin
Sonia Lee
Jun 28, 20239 min read
Herramientas de Contabilidad y mucho más para su negocio
Herramientas de Contabilidad para empresas
22 de mayo de 2019
Sonia Lee
Jun 28, 20235 min read
The Importance of Savings for Financial Stability
By: Sonia Lee Ng, CPA, CPFC ® Updated: 8/19/2025 Many people overlook the importance of saving. Saving is paying ourselves. "Don't save what you have left over after spending... Spend what you have left over after saving" - Warren Buffet Saving is very important if we want to achieve financial independece. If we save, we can have money for a downpayment on a car, a down payment on a house, cover for unexpected expenses, an emergency, funds to survive for a reasonable time in
Sonia Lee
May 21, 20215 min read
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