No matter the size or shape of a business, one really can’t overstate the importance of sound accounts receivable policies and procedures. Without a strong and steady inflow of cash, even the most wildly successful company will likely stumble and could even collapse. If your collections aren’t as efficient as you’d like, consider these five ways to improve them.
Are you just starting your business? Maybe you received the notice that QuickBooks Desktop/Intuit payroll will be retired after this year and wondering what your options are. Do you currently have QuickBooks Desktop and are wishing you could have multiple people access the data from other than your computer?
What you need to know now about the Employee Retention Credit
Since March 2020, many small business owners and their advisors have been focused primarily on Paycheck Protection Program Loans (PPP), PPP forgiveness, and Employee Retention Tax Credits (ERTC). That focus certainly has made sense; however, as you wrap up your PPP forgiveness and ERTC calculations, this is a brief reminder not to forget about the research and development (R&D) tax credit.
Most of us are taught from a young age never to assume anything. Why? Well, because when you assume, you make an … you probably know how the rest of the expression goes.
A dangerous assumption that many business owners make is that, if their companies are profitable, their cash flow must also be strong. But this isn’t always the case. Taking a closer look at the accounting involved can provide an explanation.
To help you make sure you don’t miss any important 2021 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them.
Cost segregation is a tax savings strategy that allows owners of commercial real estate to achieve significant cash flow savings by accelerating depreciation deductions and deferring federal and state tax obligations. This tool is extremely useful for entities that purchased, expanded, or remodeled real estate that is used in a trade or business.
To say that most small to midsize businesses have at least considered taking out a loan this year would probably be an understatement. The economic impact of the COVID-19 pandemic has lowered many companies’ revenue but may have also opened opportunities for others to expand or pivot into more profitable areas.
If your company needs working capital to grow, rather than simply survive, you might want to consider a mezzanine loan. These arrangements offer relatively quick access to substantial funding but with risks that you should fully understand before signing on the dotted line.
On May 23, the Small Business Administration (SBA) issued an interim final rule for the Paycheck Protection Program (PPP) that included the loan forgiveness application guidance released May 15, as well as other updated guidance.
The Small Business Administration (SBA) has released its long-awaited Paycheck Protection Program (PPP) forgiveness form for borrowers. The release on May 15 brought with it significant changes to the interpretation of some components of forgiveness that were not previously known.
The CARES Act allows all employers to defer the deposit and payment of the employer’s share of social security (SS) taxes (6.2%) and self-employed individuals to defer payment of certain self-employment taxes. The timing of the deferral will depend in whether or not the employer receives a loan under the Payroll Protection Program
Many companies have been significantly impacted by the downturn in the economy caused by the COVID-19 fallout. As such, the impact on your operation should be documented to support the need for the PPP loans.
On April 8, 2020, the Financial Accounting Standards Board voted to delay the effective date of ASC 842, Leases, an additional year.
It was announced on March 20 that Tax Day would be postponed from April 15 to July 15 to coincide with the delayed tax payment deadline at the direction of President Trump. Treasury Secretary Steven Mnuchin announced the postponement via Twitter, stating that all taxpayers and businesses will have until July 15 to file and make payments without interest or penalties.
Many states are still announcing their response to the deadline. Due to COVID-19, Minnesota is providing additional time until July 15, 2020, for taxpayers to file and pay 2019 Minnesota Individual Income Tax without any penalty and interest. Minnesota has not extended 2020 first and second quarter taxes. We know you have lots of questions. Below is a summary of the 10 most common questions and the IRS’s response.
Current market conditions around COVID-19 have reduced workload and forced difficult cost-saving decisions. In addition, heightened marketplace competition makes it critical that you understand what really drives your profits. A strategic cost review grounded in the knowledge of your cost structure, workflow and productivity measures can help managers focus on activities that bring the most value and allow you to align your pricing strategies to maximize profits.