Tax and Accounting

Spot Quiz: What Percent of Small Business Owners Manage Cash Flow?

I’ll tell you what taught me to watch cash flow, always, and very carefully: the lack of it. It wasn’t two years at business school; it was a growth spurt (sales doubled) that sucked up all the cash and left me looking for a second and third mortgage to keep the business going. That’s something you don’t forget.

5 Basic Tax Tips for New Businesses

If you start a business, one key to success is to know about your federal tax obligations. You may need to know not only about income taxes but also about payroll taxes. Here are five basic tax tips that can help get your business off to a good start.

Cash Method for Small Businesses

On July 10, 2014, the House Small Business Committee’s Subcommittee on Economic Growth, Tax and Capital Access, held a hearing – Cash Accounting: A Simpler Method for Small Firms? Congressman Tom Rice opened the hearing noting that he is a former tax attorney and CPA.

From Big to Small: Large Companies Becoming Small Businesses

When the calendar turns to Monday, July 14, 2014, an estimated 8,500 large and medium-sized U.S. companies will suddenly fall under the small business umbrella in the eyes of the SBA.

States Turn to Technology to Narrow the Tax Gap

Each year, the IRS and states alike, estimate the difference between taxes owed and taxes collected. This difference, known as the “tax gap,” has been steadily growing at both the federal and state level over the past several years.

R&D Tax Credit Can Now Be Claimed on Amended Returns

With so many rules and regulations in the small business landscape, entrepreneurs across the nation are rejoicing over some much welcome news from the IRS and the U.S. Treasury Department that could help save them a ton of money.

Do You Owe the IRS Estimated Taxes Next Week?

Even though summer is here, that doesn’t mean you can take a vacation from handling your IRS tax obligations. There is an important tax deadline coming up next week for small business owners and self-employed professionals. Are you ready for it?

Revenues and Profits Are Not the Same

You can’t assume an increase in revenues leads to increased profits. Sometimes an increase in revenues has no effect or a negative effect on profits.

Attacks on Small Businesses That Receive Too Much in Credit Cards

The IRS has been pushing for many years to capture cash income of small businesses and force him to pay taxes. That is one of the reasons that the IRS is requiring credit card merchant service companies to report a 1099-K for businesses to the IRS.

Online Sales and Physical Presence Nexus

All of the energy and focus on the Marketplace Fairness Act (MFA) has lulled many online sellers into a false belief that they do not need to collect retail sales tax on their online sales until Congress takes action on the MFA. What many online sellers forget is that states can still require online sellers to collect retail sales tax if the online sellers have physical presence nexus in a state.

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