How to reduce small business labor costs (without paying employees less)

Posted Leave a commentPosted in Employee Benefits, self-employed, Small Business

This blog post uses examples of real current small business clients. I’m taking this opportunity to reinforce that the stories and examples that I use in frequent public posts are never presented in a way that compromises the privacy or identity of the business or individual. Small business owners feel the financial pressure of overhead […]

New Jersey small business survey

Posted Leave a commentPosted in New Jersey, Small Business

The voice and thoughts of small business owners should be heard, and we are asking you to participate in a research group of 1,000 small business owners throughout New Jersey to respond to key public policy issues. The research will be conducted by the Fairleigh Dickinson University (FDU) Rothman Institute of Entrepreneurship and FDU Poll, […]

Tax preparers in trouble with IRS

Posted Leave a commentPosted in IRS, Taxes

How do tax preparers get into trouble with the IRS? In 2018 the Office of Professional Responsibility, under the Internal Revenue Service, investigated over 2,600 cases of tax preparer misconduct. According to the Office’s latest report, the three most common problems were: Claiming false credentials on Form 2848 (Power of Attorney) or using that power […]

Two tips for new nonprofit organizations

Posted Leave a commentPosted in Accounting, nonprofit

There are more than a million nonprofit businesses in the U.S. with more every day. Most are small volunteer-driven businesses with small budgets. They still need to make smart business management decisions, beginning with the business start-up. Starting out right can pay off in immediate savings of time and money. 1. Understand tax exemption requirements […]

Accounting for volunteer services provided to a nonprofit organization

Posted Leave a commentPosted in Accounting, nonprofit, Taxes

The accounting treatment of services donated to a nonprofit frequently comes up in conversation. This blog post is meant to simplify three of the most common scenarios if those discussions: Should a nonprofit include the value of donated services in its reported revenue? No, unless the contributed service either: 1) creates a new non-financial asset, […]