The President’s action to defer payroll taxes: What does it mean for your business?
September 18, 2020
On August 8, President Trump signed four executive actions, including a Presidential Memorandum to defer the employee’s portion of…
5 common accounting software mistakes to avoid
September 18, 2020
No company can afford to operate without the right accounting software. When considering whether to buy a new product or upgrade their…
More parents may owe “nanny tax” this year, due to COVID-19
September 17, 2020
In the COVID-19 era, many parents are hiring nannies and babysitters because their daycare centers and summer camps have closed. This may…
The possible tax consequences of PPP loans
September 17, 2020
If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis,…
Thoughtful onboarding is more important than ever
September 16, 2020
Although many businesses have had to reduce their workforces because of the COVID-19 pandemic, others are hiring or may start adding…
The tax implications of employer-provided life insurance
September 16, 2020
Does your employer provide you with group term life insurance? If so, and if the coverage is higher than $50,000, this employee benefit…
File cash transaction reports for your business — on paper or electronically
September 15, 2020
Does your business receive large amounts of cash or cash equivalents? You may be required to submit forms to the IRS to report these…
Strengthen your supply chain with constant risk awareness
September 15, 2020
When the COVID-19 crisis exploded in March, among the many concerns was the state of the nation’s supply chains. Business owners are no…
Are scholarships tax-free or taxable?
September 14, 2020
COVID-19 is changing the landscape for many schools this fall. But many children and young adults are going back, even if it’s just for…
Why do partners sometimes report more income on tax returns than they receive in cash?
September 14, 2020
If you’re a partner in a business, you may have come across a situation that gave you pause. In a given year, you may be taxed on more…
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Reopening concepts: What business owners should consider
September 11, 2020
A widely circulated article about the COVID-19 pandemic, written by author Tomas Pueyo in March, described efforts to cope with the crisis…
Take advantage of a “stepped-up basis” when you inherit property
September 11, 2020
If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. Fair…
Even if no money changes hands, bartering is a taxable transaction
September 10, 2020
During the COVID-19 pandemic, many small businesses are strapped for cash. They may find it beneficial to barter for goods and services…
Does your business have a unique selling proposition?
September 10, 2020
Many business owners — particularly those who own smaller companies — spend so much time trying to eliminate weaknesses that they never…
Conduct a “paycheck checkup” to make sure your withholding is adequate
September 9, 2020
Did you recently file your federal tax return and were surprised to find you owed money? You might want to change your withholding so that…
Businesses: Get ready for the new Form 1099-NEC
September 9, 2020
There’s a new IRS form for business taxpayers that pay or receive nonemployee compensation. Beginning with tax year 2020, payers must…
6 key IT questions to ask in the new normal
September 8, 2020
The sudden shutdown of the economy in March because of the COVID-19 pandemic forced many businesses to rely more heavily on technology.…
What qualifies as a “coronavirus-related distribution” from a retirement plan?
July 17, 2020
As you may have heard, the Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain…
Launching a business? How to treat start-up expenses on your tax return
July 17, 2020
While the COVID-19 crisis has devastated many existing businesses, the pandemic has also created opportunities for entrepreneurs to launch…
Some people are required to return Economic Impact Payments that were sent erroneously
July 8, 2020
The IRS and the U.S. Treasury had disbursed 160.4 million Economic Impact Payments (EIPs) as of May 31, 2020, according to a new report.…
Assessing productivity as you cope with the pandemic
July 7, 2020
The COVID-19 crisis is affecting not only the way many businesses operate, but also how they assess productivity. How can you tell whether…
Steer clear of the Trust Fund Recovery Penalty
July 7, 2020
If you own or manage a business with employees, you may be at risk for a severe tax penalty. It’s called the “Trust Fund Recovery……
After you file your tax return: 3 issues to consider
July 7, 2020
The tax filing deadline for 2019 tax returns has been extended until July 15 this year, due to the COVID-19 pandemic. After your 2019 tax…
Re-evaluate your company’s competitiveness in a changed economy
June 22, 2020
Just about every business owner’s strategic plans for 2020 look far different now than they did heading into the year. The COVID-19…