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Accurate month-end closings will lead to better planning, fewer adjustments, and less time rectifying costly mistakes. Your monthly financial statements provide key performance indicators that can help your company in decision making. Most companies have a routine month-end close process that can help stakeholders see the “big picture” through various financial reports. This key data is also important to maintain [...]
IRS introduces New Relief Options to Assist Taxpayers Impacted by COVID-19 Relief has been introduced by The Internal Revenue Service through various payment alternatives to assist taxpayers with no income or ability to pay their federal tax liabilities. The IRS has introduced a Currently-Not-Collectible program. The program is directed towards taxpayers without income or the ability to pay to request [...]
Election Day is November 3rd! Do you know about the Biden and Trump tax plans? Pop culture icons are even weighing in on Biden's and Trump's tax plans. The rapper 50 Cent has said he supports the Trump tax plan because he “doesn’t want to be 20 Cent.” Whereas, Dwayne “The Rock” Johnson is supporting Biden’s platform. In any event, [...]
Women-Owned Small Business Federal Contracting Program The goal of the SBA programs for Women-Owned Small Businesses (WOSBs) and Economically Disadvantaged WOSBs (EDWOSBs) is to award at least five percent of all federal contracting dollars to women-owned small business each year. These programs help provide a level playing field for women business owners. These contracts are for industries where women-owned small [...]
Business financing is one of the most challenging obstacles entrepreneurs will face at one time or another. During this period of economic uncertainty, this is an even greater need for many businesses. The best sources and structure of financing are based on a particular company's needs and can change based on a company's current operating environment. Assessing the length of [...]
Payroll Tax Deferral Memorandum - The Internal Revenue Service has issued Notice 2020-65 to provide guidance on the employment tax deferral regarding President Donald Trump’s August 8, 2020 Executive Order. Deferral Payroll Tax Period The executive memorandum is effective immediately and only applies for wages “paid” between 9/1/2020 and 12/31/2020. The deferral is only on the 6.2% social security income [...]
Forensic Accountants can uncover deceptive ledger entries. According to the FBI, business fraud consists of dishonest and illegal activities perpetrated by individuals or companies to provide an advantageous financial outcome to those persons or establishments. These schemes often appear under the guise of legitimate business practices. Why a Forensic Accountant? It is the job of a forensic accountant to discover [...]
The Paycheck Protection Small Business Forgiveness Act has been introduced by the Small Business and Entrepreneurship Committee to the Senate. The Paycheck Protection Small Business Forgiveness Act his act would allow small businesses who received a loan of $150,000 or less through the Paycheck Protection Program (PPP) will receive forgiveness. To apply for automatic forgiveness, the business owner submits a [...]
As a startup business owner, you work your plan and check off your mandatory tasks. Market research – check. Business plan – check. Brick & mortar or online – check. Business name – check. Great job! But there's more to do so your business succeeds, maximizes profit, and minimizes expenses. There are four areas that the initial decision will make [...]
