/Business Advice

Is your hobby providing you profit during COVID-19?

By |2020-08-23T14:59:17+00:00August 24th, 2020|Categories: Business Advice, COVID 19, Creative, Tax Cuts and Jobs Act|Tags: , , , , |

Today, many people sell homemade products online or work on some unincorporated sideline venture outside of their regular day jobs. Such activities can generate extra spending money. This can be especially helpful for retired people, stay-at-home parents and those who have been laid off or taken a pay cut during the COVID-19 crisis. For example, [...]

Businesses should be aware of the potential tax implications of PPP loans

By |2020-08-21T22:52:37+00:00August 21st, 2020|Categories: Business Advice, CARES Act, COVID 19, Paycheck Protection Program, Tax Planning|Tags: , , , |

Understanding CARES Act and PPP If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential tax implications. The Coronavirus Aid, Relief and Economic Security (CARES) Act, which was enacted on March 27, 2020, is designed to [...]

School expenses may be tax deductible for teachers

By |2020-07-30T21:34:26+00:00July 30th, 2020|Categories: Articles, Business Advice, COVID 19, Tax Planning|Tags: , , |

Although the school may look a little different this year, the IRS is advising eligible teachers and other educators that they can still deduct certain unreimbursed expenses on their tax return next year. IRS: Educator Expense Deduction, Topic Number 458. Who is considered an eligible educator: The taxpayer must be a kindergarten through grade 12 [...]

Thorough business records are important for tax deductions and painless IRS audits

By |2020-06-17T23:45:12+00:00June 17th, 2020|Categories: Audit & Accounting, Business Advice, Tax Planning|Tags: , , , , |

Small businesses: take a proactive approach to recordkeeping 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 amount of the tax deductions to which you’re [...]

Auditing remotely during the pandemic

By |2020-06-15T21:32:03+00:00June 15th, 2020|Categories: Audit & Accounting, Business Advice, COVID 19|Tags: , , , , , |

During the novel coronavirus (COVID-19) pandemic, many people have been working from home, including most accounting professionals. These remote working conditions have altered the traditional audit process. Benefits of technology for remote auditing Fortunately, in recent years, many accounting firms have been transitioning to remote auditing for certain procedures. Specifically, they’ve invested in staff training [...]

Your “brand” has commercial value and is taxable

By |2020-06-05T18:53:14+00:00July 23rd, 2019|Categories: Business Advice, Tax Planning|Tags: , , |

Federal Tax News Your Brand Generally, income generated by a self-employed taxpayer's trade or business is subject to self-employment tax. One successful author received royalty income from publishing contracts for her writing, her name and her likeness. She claimed that amounts received for her name and likeness (her "brand") were investment income, and [...]

Outsourcing payroll might be beneficial to your business

By |2017-09-20T19:36:54+00:00September 20th, 2017|Categories: Business Advice|Tags: , , , , , , |

Payroll reporting doesn’t have to be a laborious process- consider using an outside company to manage this function. There are outsourcing payroll pros and cons... here’s why payroll outsourcing may be beneficial and how a service audit can provide assurance about your payroll provider’s internal controls. Rewards and risks Payroll can be an administrative nightmare [...]

“Ghosting”— Another form of identity theft

By |2020-06-05T18:58:11+00:00January 5th, 2017|Categories: Business Advice|Tags: , , , , , |

Criminals are taking identity theft to the next level by exploiting the identities of the deceased and leaving their families to deal with the consequences. The tactic is called “ghosting”. Each year, thieves steal the identities of nearly 2.5 million deceased Americans to fraudulently open credit card accounts, obtain loans and tax refunds, and get [...]

Millennial employees might be more interested in a Roth 401(k)

By |2017-05-24T13:42:04+00:00December 5th, 2016|Categories: Business Advice|Tags: , , , , , , |

Could your company’s benefits package use a bit of an upgrade? If so, one idea to consider is adding an option for employees to convert their regular 401(k)s to Roth 401(k)s. Under a Roth 401(k), participants make after-tax contributions to a qualified plan and receive tax-free distributions, provided the funds are in the plan for [...]

Counting Seasonal Workers Under the ACA

By |2016-11-23T02:09:17+00:00November 23rd, 2016|Categories: Business Advice|Tags: , , , |

As an employer, your size – for purposes of the Affordable Care Act –  is determined by the number of your employees. If you hire seasonal or holiday workers, you should know how these employees are counted under the health care law. Employer benefits, opportunities and requirements are dependent upon your organization’s size and the [...]

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