Even If No Money Changes Hands, Bartering is a Taxable Transaction

During the COVID-19 pandemic, many small businesses are strapped for cash. They may find it beneficial to barter for goods and services instead of paying cash for them. If your business gets involved in bartering, remember that the fair [...]

By |2020-07-20T13:15:30-04:00July 20th, 2020|Categories: Blog, COVID-19, Small Business Services, Tax|Tags: , , , , |Comments Off on Even If No Money Changes Hands, Bartering is a Taxable Transaction

Good Records Are The Key To Tax Deductions And Trouble-Free IRS Audits

If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should carefully record your expenses in order to claim the full [...]

By |2020-06-15T13:00:32-04:00June 15th, 2020|Categories: Blog, Small Business Services, Tax|Tags: , , , |Comments Off on Good Records Are The Key To Tax Deductions And Trouble-Free IRS Audits

Rioting Damage At Your Business? You May Be Able To Claim Casualty Loss Deductions

The recent riots around the country have resulted in many storefronts, office buildings and business properties being destroyed. In the case of stores or other businesses with inventory, some of these businesses lost products after looters ransacked their property. [...]

By |2020-06-09T18:27:32-04:00June 8th, 2020|Categories: Blog, Small Business Services, Tax|Tags: , , , |Comments Off on Rioting Damage At Your Business? You May Be Able To Claim Casualty Loss Deductions

PPP Update: SBA Issues Loan Forgiveness Application

On Friday afternoon, the SBA released additional guidance on several key elements related to PPP forgiveness, as well as a PPP Loan Forgiveness Application. Some areas that have been better defined, include: Alternative Payroll Covered Period Added For payroll [...]

By |2020-05-16T15:17:45-04:00May 16th, 2020|Categories: Blog, Consulting, COVID-19, Frank Balestreri, Small Business Services|Tags: , , , , , , |Comments Off on PPP Update: SBA Issues Loan Forgiveness Application

PPP Loan Forgiveness Isn’t a Given

One of the most attractive elements of the Small Business Administration’s Paycheck Protection Program (PPP) is the potential forgiveness of funds advanced that small business owners use for payroll and other eligible expenses. Obtaining that forgiveness, however, may not [...]

By |2020-05-14T14:47:37-04:00May 8th, 2020|Categories: Blog, Consulting, COVID-19, Frank Balestreri, Small Business Services|Tags: , , , |Comments Off on PPP Loan Forgiveness Isn’t a Given

Paycheck Protection Program: Forgiveness Checklist

If you've secured funding from the Paycheck Protection Program – now is the time to get a head start on gathering the documents you'll need to apply for forgiveness. Our checklist provides: A quick overview of what to expect [...]

By |2020-05-14T14:48:55-04:00April 24th, 2020|Categories: Blog, Consulting, COVID-19, Frank Balestreri, Kevin Shives, Small Business Services|Tags: , , , , |Comments Off on Paycheck Protection Program: Forgiveness Checklist

The SBA EIDL and PPP Loans and Their Tax Implications

Among the many relief provisions passed by Congress in recent days are loans focused on small businesses. This isn't entirely new to the SBA, which has long been in the loan business, but recently passed laws supercharged the offerings. [...]

By |2020-04-02T21:34:01-04:00April 2nd, 2020|Categories: Blog, COVID-19, Small Business Services|Tags: , , , |Comments Off on The SBA EIDL and PPP Loans and Their Tax Implications

The CARES Act: Getting a Small Business Loan

The CARES Act — a collection of pandemic-related provisions — has good news for small businesses struggling to stay afloat during the COVID-19 pandemic: The act provides relief to U.S.-based businesses with (1) 500 or fewer employees that are [...]

By |2020-04-01T13:06:15-04:00March 30th, 2020|Categories: Blog, COVID-19, Small Business Services|Tags: , , , |Comments Off on The CARES Act: Getting a Small Business Loan

CFO Services – Adding Strength to Manufacturing and Distribution

For a lot of small to mid-size manufacturing and distribution businesses, there’s a conundrum looming over the accounting department. Often, these departments consist of just a few accountants, possibly a controller or accounting manager. Typically the business owner serves [...]

By |2020-03-23T14:07:52-04:00March 30th, 2020|Categories: Consulting, Food & Beverage, Frank Balestreri, Manufacturing & Distribution, Outsourced Accounting, Small Business Services, Uncategorized|Tags: , , , , , |Comments Off on CFO Services – Adding Strength to Manufacturing and Distribution

Numerous Tax Limits Affecting Businesses Have Increased For 2020

An array of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. Here are some that may be important to you and your business. Social Security tax The amount of employees’ earnings [...]

By |2020-02-04T14:21:02-05:00January 28th, 2020|Categories: Blog, Small Business Services, Tax|Comments Off on Numerous Tax Limits Affecting Businesses Have Increased For 2020