There are three financial statements that every company needs to understand, review and produce, on an annual basis, at a minimum. These consist of the Profit and Loss statement (P&L), Balance Sheet (BASH) and the Cash Flow statement. The profit and loss statement, also commonly known as the income statement, shows the changes in the […]
Tax and Accounting
Why Did I Receive a Payroll Tax Notice?
Letters from the IRS are never fun. What makes it worse is not knowing why you got one in the first place. When it comes to payroll tax payments and potential fees, you want to get to the heart of the issue ASAP. But first, take a deep breath… It’s likely that you missed a simple […]
The Truth About SaaS and Economic Nexus: 5 Myths Exposed
There are a lot of misconceptions when it comes to SaaS and economic nexus, especially following last year’s Wayfair decision. Although these technology companies generally aren’t selling a tangible product across state lines, many state online sales tax laws are written in a way that make these businesses liable for collecting and remitting state sales tax. Are you […]
What’s the Difference Between Cash Accounting and Accrual Accounting?
When businesses are formed and start filing taxes, they must pick a specific accounting method. Businesses generally choose between the cash accounting method (also called cash basis accounting) and the accrual accounting method (also called accrual basis accounting). Once a business chooses its accounting method, it has to use this accounting method for all years going forward. […]
What You Need to Know: States’ Online Sales Tax and Marketplace Facilitators
Across the country, states continue to update their sales tax laws in an effort to clarify provisions and increase state income. Of course, because company sales extend beyond state borders, it’s extremely important for your business to be aware of various multi-state tax issues and how they may affect your organization. One major trend we’re […]
Tax Deductions for Small Business Owners
If you own a small business, you know that every dollar can be important to the success of your business. One way to improve your odds for success is to make sure that you are taking all the tax deductions you’re entitled to. Especially if you’re just starting your business, you will want to claim […]
Right-Brain Finances: Tax Deductions for Creative Types
People who use the right side of their brains to work, day in and day out, are often referred to as creative types. These people include graphics designers, professional writers, commercial artists, movie makers, online content providers, flower arrangers, and others who produce original or inventive work. If you’re a creative individual who is self-employed, […]
Tax Reform’s Impact on Uber and Lyft Drivers
If you’re an Uber or Lyft driver, you may know that your taxes are changing in some pretty dramatic ways. The Tax Cuts and Jobs Act of 2017 ushered in a number of tax savings, as well as a few limitations that aren’t so beneficial to your tax situation. You should consider these changes when […]
Cash Versus Accrual Under the Tax Cuts and Jobs Act
The Tax Cuts and Jobs Act of 2017 has led to changes in the way companies choose to be taxed. Prior to the tax reform, many businesses were required to use the accrual method of accounting. But with the change in tax law, businesses with $25 million or less in annual revenue over the prior […]
Thinking About an Acquisition? What Are Your State Exposures?
Thinking About an Acquisition? What Are Your State Exposures? A Company may be in the process of either acquiring another company or are looking to be acquired themselves. In either case, the company wants to be aware of any potential state tax exposure areas, so they can move forward appropriately. Often however, the due diligence […]
