Category: Small Business
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Theft of Service Concern Increased by PayPal Policy
I am increasingly concerned about theft of services where a buyer makes a claim that the vendor cannot disprove. This statement comes from PayPal’s most recent change of Policy Updates page update this month:“We are revising the User Agreement to indicate the payment a seller receives from a buyer may be invalidated and reversed if…
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CPA’s reliance on Google business listing led to a business crash
I have been consistently open about talking about my own successes and failures, strengths and weaknesses, within my small businesses and career over time and this story is meant to share a recent weakness. I understand this level of openness is considered outdated in the current business climate. Yet I still believe that it serves…
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Traditional Accounting vs. Collaborative Accounting
Traditional vs. Collaborative Accounting I have a history of collaborative work with small businesses in several different industries, so it is natural for me to take the same approach to small business accounting engagements. This post is meant to describe the unique characteristics of collaborative accounting. Defining engagements Traditional A core principle of an accountant’s…
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401(k) investment choices
The CFO is individually named as defendant in this class action lawsuit for his choice of investment offerings in company’s 401(k) plan. Contrast this story to other news of employees pressuring employers to add a range of non-traditional investments like real estate, partnerships, private company stock and cryptocurrency. The risk to employers and employees is…
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Best practices for the future of small business accounting
I woke today to find an email notice of another five star review from a small business client. I am grateful for the willingness of over 50 clients to share their comments on one of the various online business rating services. It’s pretty humbling, actually, that they are all organic five star reviews that they…
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Significant small business tax news: Alliantgroup
IRS sent subpoenas to CPAs who referred clients to a tax shelter seller Alliantgroup regarding R&D tax credits, cost segregation, and IRC Sec 179D, (all are aggressive tax strategies) taken by their business clients from January 1, 2011 to present. The IRS subpoena reportedly clarifies that Alliantgroup and not the individual business taxpayers who took…
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How the change in abortion law affects small business accountants
I’ve spent almost four decades dealing with small business owner resistance and noncompliance with employee benefit tax laws. This makes me think that I can predict the outcome of the recent SCOTUS ruling that has divided the nation; at least it’s result within our industry. Looking back in time, we observed the effect of business…
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Head’s up to New Jersey small contracting businesses
NJ Department of Revenue ramped up audits of small contracting businesses. This week I’ve seen or heard of more than a dozen audits case notices. The actions started last month. The initial audit notice is for sales tax. But my concern is that sales tax is not the real risk for these businesses. Many of…
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Five steps of pricing
1) First, look at the customer- the ability and willingness to pay. 2) Next, look at the offer – what is available and what you are willing to provide. 3) Then consider value – assign a number to economic value to the offer. 4) Do a marketplace check – look at price alignment with others…
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Start your own nonprofit business
I start more than a dozen new nonprofits of various types at the request of clients each year. It has become a specialization niche. Last week I received a referral from as far as rural Kentucky. A few of these startups have wound up as multimillion transformative organizations. One was cited by the president on…