Tax and Financial Insights from Island Tides Accounting LLC

 Quick Answer: Selecting the optimal entity type for business success requires matching your corporate structure to the specific legal...

Quick Answer: The employer credit for family and medical leave provides small businesses a federal tax credit worth 12.5% to 25% of qualified...

 Quick Answer: Small business owners can minimize credit card processing fees by switching from a flat-rate provider to an...

Key TakeawaysPaid summer interns must be classified as W-2 temporary employees rather than 1099 independent contractors because they operate under...

*This guidance is based on CBP’s April 2026 CAPE/IEEPA refund guidance, current ACH refund enrollment rules, and general federal tax recovery...

Key TakeawaysAs of April 20, 2026, the Consolidated Administration and Processing of Entries (CAPE) tool is the exclusive electronic system for...

Key TakeawaysOnly the Importer of Record (IOR) or an authorized customs broker can claim a refund. If a carrier like UPS or FedEx is the IOR, you...

Key Takeaways Missing documentation shifts the burden of proof to you. Without a receipt or digital log, the IRS can legally disallow business...

 Key TakeawaysThe IRS business rate for 2026 is 72.5 cents per mile, a 2.5-cent increase from the previous year. To keep your options...