THE GOVERNMENT ACTUALLY PUT OUT A SIMPLE PROGRAM: This program started with a simple idea and hopefully, the final guidance on the forgiveness will be as simple. The original program allowed businesses to borrow 10 weeks of gross wages plus state unemployment cost, related employee health insurance, and retirement contributions for those 10 weeks of wages. The goal was simple, give employers the money to keep their trained workforce on payroll so when the economy opened up the workforce…
8 Important Accounting Services That Will Help Your Small Business Succeed Every small business owner starts his/her enterprise with a desire to succeed. However, success doesn’t come overnight nor is it easy to achieve. As renowned architect Frank Lloyd Wright said, “I know the price of success: dedication, hard work and an unremitting devotion to the things you want to see happen.” Achieving success doesn’t mean doing everything yourself. Especially important to long-enduring business success is securing expert accountant…
Information is changing so rapidly that news is outdated almost as soon as it comes out. Here are some recent developments that will affect small business: Which payments you can extend to July 15: The IRS issued minimal clarification on their extension of tax payments. The wording on their website states “Taxpayers can also defer federal income tax payments due on April 15, 2020 to July 15, 2020, without penalties and interest.” Since this wording does not relate to any…
The IRS announcement on delaying 2019 taxes yesterday can cause some confusion. Here are a few things you should be aware of and some unanswered questions: 1. The announcement did not extend the time to file. It simply gave taxpayers another 90 days to pay the tax without additional interest or penalty during that 90 days. Your tax return is still due April 15. 2. It is not clear whether the IRS extension of payment for 2019 tax also extends the…
It’s time for those (sometimes) dreaded words: “It’s tax time.” Are you ready? There are plenty of jokes about paying taxes, but frankly, it’s no laughing matter. Meeting tax deadlines for a small business is serious business and lateness (or call it being “chronologically challenged”) shouldn’t be taken lightly. However, if your business is dealing with some financial challenges or some other issues causing a delay in tax payments, don’t panic. Your professional accounting service can work with the IRS…
No one should want to get in trouble with the IRS. But, there’s difficulty aplenty if contractor classifications are incorrect. Workers, be they employees or contractors, typically work hard for their compensation. They don’t want nor deserve difficulties with the IRS. Similarly, businesses large and small should want their payroll and tax functions to work flawlessly and without unwanted penalties. What’s an Employee? What’s a Contractor? An employee is a person who performs services for a company that…
Is it tax time? Frankly, it’s always time to pay attention to tax record-keeping, tax liabilities, and tax payments. To keep in the good graces of the IRS and to avoid penalties and unnecessary strain, it is important to know tax deadlines and comply with them exactly. Why is it Important to File on Time? From a practical standpoint, it’s important to file on-time to avoid last-minute scrambles with processing relevant documents, invoices and reports so that confusion and…
Payroll. It’s one of the most critical aspects of a business. For any business, payroll requires a lot of time and attention. For a small business, payroll processing can be a complicated responsibility, fraught with possible problems. Payroll is certainly critical to employee morale and to employees’ trust in the future of a company. And it is a key factor in motivating and retaining high-quality talent. To get payroll done right, many businesses choose a payroll outsource solution. …
Thinking of delaying your business tax planning? Here are two words of advice: don’t delay! Good tax planning should take place all year long to ensure accurate and effective tax preparation, a more pleasant and stress-free experience and a more positive financial outcome. Why is it Important to Keep Good Records? Financial record keeping is vital to the health and progress of every business. It allows a business owner to: Monitor the health and progress of a business. It…
There’s probably no topic under the sun that hasn’t provoked more joking comments than “taxes,” including this one by former radio and TV entertainer Arthur Godfrey: “I am proud to be paying taxes in the United States. The only thing is I could be just as proud for half of the money.” With the passage of the 2017 Tax Cuts and Jobs Act (TCJA), many changes were made to the tax code including changes to business meals expenses. So, if…
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