Starting and running a small business is a stressful, but rewarding job if you keep up on everything. The financial aspect of a business can seem overwhelming, and hiring an accountant may not be in the budget. However, there are tools and software available that will help any business owner keep their business on a […]
Tax and Accounting
Small Business Update: Trump’s Executive Order to Defer Payroll Taxes
On August 8, 2020, to provide temporary assistance to workers who are facing financial burdens due to the pandemic, President Trump issued an executive order to defer the withholding, deposit and payment of certain payroll taxes until Jan. 1, 2021. On August 28, 2020, the IRS issued Notice 2020-65 (“Notice”) to provide implementation guidance. What […]
Bookkeeping 101: A Crash Course in Record Keeping for Small Businesses
Bookkeeping often confuses many business owners. It is not typically associated with the idea of business operation. However, bookkeeping, recordkeeping, and their intricacies can yield significant benefits for small business owners. Here is what you should know about bookkeeping and recordkeeping, and why you may consider implementing both into your small business. What Is […]
IRS Warns Tax Pros to Be Alert to These Scams
Working Virtually: Avoid Phishing Scams The Internal Revenue Service and the Security Summit partners warned tax professionals to be alert to new phishing scams that try to take advantage of COVID-19, Economic Impact Payments and increased teleworking by practitioners. The IRS, state tax agencies and the nation’s tax industry urged tax firms to review and […]
Here’s What You Need to Know About the Home Office Deduction
The home office deduction allows qualifying taxpayers to deduct certain home expenses on their tax return. With more people working from home than ever before, some taxpayers may be wondering if they can claim a home office deduction when they file their 2020 tax return next year. Understanding the home office deduction • Employees are not eligible […]
An economics lesson for growing companies
Catching up from past insights Growing companies usually require more working capital during their periods of rapid growth. In past insights we have calculated the amount of additional capital needed for a business as it grows, and the additional capital required is often surprisingly large. In this insight, we need to speak of the sources […]
Helpful Tips for Any Small Business to Prepare for ASC 606
On December 15, 2018, all small businesses were instructed to implement Accounting Standard Codification to file their 2019 income taxes. This change requires some preparation because it completely revamps the current revenue reporting guidelines. The new standards are used for accounting revenue from customer contracts across all industries. However, it does not apply to financial […]
10 Facts Employers Need to Know About Payroll Tax Incentives
Recent Covid-19 legislation creates new payroll tax incentives for employers, which fall into two main categories: Payroll Credits and Tax Deferral. All these relief measures were established by the Families First Coronavirus Response Act (Families First Act), enacted March 18, 2020 and the Coronavirus Aid, Relief, and Economic Security (CARES) Act, enacted March 27, 2020. […]
5 Great Things to Know About Rental Income and Taxes
Rental income can be a lucrative industry for landlords. It is a fast-paced industry with many moving parts, such as interviewing potential tenants, managing current tenants, and maintaining property quality. Income tax and deduction for rental properties may not be the first thing on a landlord’s mind, but there are tax benefits that may be […]
IRS Unclaimed Refunds Waiting For Taxpayers Face July 15 Deadline
Unclaimed income tax refunds worth more than $1.5 billion await an estimated 1.4 million individual taxpayers who did not file a 2016 federal income tax return, according to the Internal Revenue Service. “The IRS wants to help taxpayers who are owed refunds but haven’t filed their 2016 tax returns yet,” said IRS Commissioner Chuck Rettig. […]
