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

Benchmarking: Why Normalizing Adjustments Are Essential

Financial statements aren’t particularly meaningful without a relevant basis of comparison. There are two types of “benchmarks” that a company’s financials can be compared to — its own historical performance and the performance of other comparable businesses. Before you [...]

By |2020-05-04T12:59:29-04:00May 4th, 2020|Categories: Audit, Blog, COVID-19|Tags: , , |Comments Off on Benchmarking: Why Normalizing Adjustments Are Essential

Hiring Independent Contractors? Make Sure They’re Properly Classified

As a result of the coronavirus (COVID-19) crisis, your business may be hiring independent contractors to keep costs low. But you should be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them [...]

By |2020-04-27T13:19:23-04:00April 27th, 2020|Categories: Blog, COVID-19, Tax|Tags: , , |Comments Off on Hiring Independent Contractors? Make Sure They’re Properly Classified

Small Businesses: Stay Clear of a Severe Payroll Tax Penalty

One of the most laborious tasks for small businesses is managing payroll. But it’s critical that you not only withhold the right amount of taxes from employees’ paychecks but also that you pay them over to the federal government [...]

By |2019-11-04T15:29:59-05:00November 4th, 2019|Categories: Blog, Tax|Tags: , , , |Comments Off on Small Businesses: Stay Clear of a Severe Payroll Tax Penalty

Budgeting is Key to a Successful Start-Up

More than half of recent college graduates plan to start a business someday, according to the results of a survey published in August by the American Institute of Certified Public Accountants (AICPA). Unfortunately, the AICPA estimates that only half [...]

By |2019-10-16T16:49:50-04:00September 13th, 2019|Categories: Blog, Tax, Uncategorized|Tags: , , |Comments Off on Budgeting is Key to a Successful Start-Up

Keep it SIMPLE: A Tax-Advantaged Retirement Plan Solution for Small Businesses

If your small business doesn’t offer its employees a retirement plan, you may want to consider a SIMPLE IRA. Offering a retirement plan can provide your business with valuable tax deductions and help you attract and retain employees. For [...]

By |2020-01-06T19:06:43-05:00August 27th, 2018|Categories: Blog, Tax|Tags: , , |Comments Off on Keep it SIMPLE: A Tax-Advantaged Retirement Plan Solution for Small Businesses

Change in Accounting Method Considerations Under the Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act provides a number of opportunities that may benefit small businesses. Taxpayers with gross receipts at or below the newly established requirements may be eligible for an automatic change to certain accounting methods. These include [...]

By |2018-07-27T14:38:06-04:00July 27th, 2018|Categories: Anna Baker, Blog, Tax|Tags: , , , , , |Comments Off on Change in Accounting Method Considerations Under the Tax Cuts and Jobs Act