How The New BOI Reporting Impacts Business Owners
The Corporate Transparency Act (CTA) was enacted as part of the National Defense Act for Fiscal Year 2021. The CTA mandates that millions of entities report their beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN). This resource is meant to provide a preliminary overview of the provisions in the CTA. Please […]
Demystifying Depreciation: Understanding the True Value of Assets
Depreciation is a concept that plays a vital role in the world of finance, accounting, and business. It’s a term that often creeps up in financial discussions and is crucial for understanding the actual value of assets. What exactly does depreciation mean, and why is it so important? Let’s delve into this fundamental financial concept. […]
ERC Mills Keep Pushing—But the IRS is Pushing Back!
The IRS has stopped processing new claims for the Employee Retention Credit due to the number of filings by aggressive “ERC mills” luring ineligible businesses to file bogus claims. Along with this moratorium on the ERC, which will last at least through the end of this year, the IRS strongly encourages companies to work with […]
6 Month-End Bookkeeping Tips: Start The Year Off Right
Each January you might be writing your goals for the year. How about putting month-end bookkeeping on your list? It’s important to make sure your company’s money records are well-organized. 6 Month-End Bookkeeping Tips So, here are some simple tips to help you. Match Your Bank Records: First, make sure that what your bank says […]
The Top 5 KPIs Business Owners Should Know
As a growing business, monitoring and tracking various Key Performance Indicators (KPIs) is essential. KPIs are quantifiable measures of performance over time for a specific objective. They help to provide practical goals and milestones to gauge progress, providing insights to help managers make better decisions. What KPIs should I track? While there are various KPIs […]
Let’s Be Reasonable…
Has your CPA had a compensation discussion with you recently? Did they infer that your compensation is “unreasonable”? Don’t take offense. It’s not personal. But as a business owner, paying yourself a salary that aligns with the general marketplace is essential. After all, if your compensation is deemed out of line, the IRS could get […]
Minimum Wage Changes Impact You in 2023
For employers with employees in multiple states, keeping up with numerous minimum wage rate changes can be a daunting task. While some states are on a schedule for annual increases to reach $15 an hour eventually, 12 states still adhere to the federal minimum. A significant influence regarding the adjustments has been the increased rate […]
Maximize Business Deductions Before Year End
Save on Your Tax Liability We’ve almost made it to the end of another year. Pretty soon, it’ll be tax season. And, while you might not want to worry about taxes before you have to, now is the perfect time to position yourself to pay a little less to the government. Here are several end-of-the-year […]
Accounting Method Changes for Small Business Taxpayers
Recently, the IRS and Treasury released two revenue procedures on accounting method changes for small business taxpayers. Rev. Procs. 2022-9 and 2022-14 enable small business taxpayers, not a tax shelter, to obtain automatic consent to change to simplified methods of accounting, i.e., the cash method of accounting. These changes: Modify existing automatic method changes; Add several new automatic […]
How to Change 1099 Contractors to W2 Employees
It’s the age-old tale of the 1099 and W2. You may have heard the long and gruesome story told by business owners who have been assessed thousands of dollars in back payroll taxes, interest, and penalties because they classified a worker as a contractor (1099) rather than an employee (W2). Could it happen to you? […]
