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Knowledge & Intelligence

Must-Read Articles for Business Owners

TIps for your business. Practical guidance, federal compliance updates, and actionable accounting insights curated by Vanessa Smith to help Delaware entrepreneurs navigate complex financial decisions.

Tax Compliance & IRS

Crypto currency

IRS steps up efforts to target U.S. taxpayers who failed to report and pay taxes on cryptocurrency transactions. With mandatory digital asset questions front-and-center on federal Form 1040 and increased exchange 1099 reporting, taxpayers who trade, mine, stake, or accept crypto as commercial payment must maintain rigorous cost basis and gain/loss records.

Action Item for Business Owners:

Reconcile all wallet transfers and exchange disbursements before filing. Failure to disclose digital transactions triggers automatic CP2000 matching notices and severe civil accuracy penalties.

By Vanessa Smith
Business Conception

When should I contact an accountant?

As soon as you start to think about your business, an accountant can help you take the next steps. We can discuss your business's organization, tax purposes, and operations, along with target pricing and profit margins. Engaging early prevents cost-prohibitive structural missteps like operating as an improper default tax entity or mixing personal and commercial assets.

Key Early Decisions We Address:

  • Sole Proprietorship vs. Single-Member LLC vs. S-Corporation tax status
  • Delaware Registered Agent and state qualification requirements
  • Initial accounting software setup and chart of accounts structuring
By Vanessa Smith
Raising Capital

What are my options for raising money?

Get some impartial advice from an accountant before you consult the bank. A bank will want to see a strong business plan and organized records. Let us help you get ready for your business's next step! Whether you pursue SBA commercial loans, private debt financing, or angel/venture equity, institutional investors analyze debt-service coverage ratios (DSCR) and historical gross margins.

Commercial Bank Readiness Checklist:

  • Clean balance sheet free of unverified intercompany debt
  • Trailing 24-month profit & loss statements reconciled against tax returns
  • Defensible 3-year cash flow projections based on realistic acquisition costs
By Vanessa Smith
Choosing an Advisor

How can I know which accountant is right for me?

Does your accountant return your calls? Do you feel comfortable asking them a question? Do you feel heard? With the right accountant, the answers should be a resounding "Yes!" An accountant should never be an aloof once-a-year tax filer; they must be an accessible, action-oriented strategic advisor who actively alerts you to legislative changes and operational opportunities.

The Smith & Associates Standard:

Prompt communication, transparent explanations without dense jargon, proactive Delaware state franchise tax guidance, and strategic business consulting tailored to your enterprise's exact trajectory.

By Vanessa Smith
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