Category: Small Business
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Head’s Up on New Pennsylvania Charity Reporting Requirements
Executive Summary: Smaller Pennsylvania charities face revised state requirements for their submitted financial statements that may require additional advance planning. May 16, 2018 is the IRS filing deadline for filing 2017 information with the federal government for most nonprofit organizations. Some organizations haven’t had a need to focus on the details of recent legal changes affecting…
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Questions about a QSEHRA?
(This inform is not updated to reflect 2019 proposed regulations so should be presumed to be partially obsolete). Yesterday I was hired for a single consultation engagement for a small business in Silicon Valley to answer a few simple questions about setting up a Qualified Small Employer Health Reimbursement Arrangement (QSEHRA). This is a simple,…
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Husband and wife partnerships are complicated
I’m talking taxes here, not relationship advice. I’m the last person who should be giving advice on marital relationships. Unfortunately, I might not be much help on the tax and legal issues either. The best I hope to accomplish in this blog post is to list some of the issues, in bullet format, that should be…
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Quickbooks pricing revisited
The pricing information in this post is now of of date. I can save businesses $500+. But should I? Quickbooks remains by far the most popular small business accounting platform capturing about 4 in 5 businesses in this market. The services I most commonly work with – accounting, taxes, banking services, financial planning, payroll and…
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Payroll taxes unresolved?
Do you have payroll reporting requirements for the first time in 2018? Or do you have existing payroll but are not happy with the reporting services? Good news: We can offer payroll takeover retroactive to 1/1/2018 with no setup fees and no takeover fees. That’s the best payroll service deal that you will see all…
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More Q&As on the Qualified Small Employer Health Reimbursement Arrangement (QSERHA)
(This inform is not updated to reflect 2019 proposed regulations so should be presumed to be partially obsolete). I normally offer a free mini-consultation by telephone for prospective clients1. This allows us to get to know each other, prove that value provided will exceed the costs incurred, and lower risks of misunderstanding and miscommunication. But…
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Five reasons to not extend your business tax return due date
As a tax planner and an advocate of automated accounting systems, I’ve said many times that preparation of the tax return is the least important and certainly least valuable service that I provide. I’ve used the phrasing, even over the objections of tax preparers, that the business tax return should almost effortlessly “fall out” of…
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Alternative Investments: Now More Than Ever
I’m convinced that most people don’t know about vast array of alternative investment options available to them including through tax-advantaged individual retirement accounts. Consider the broad environment of alternative investments that we face today: We’ve been brainwashed1 to think that alternative investments are not safe while investments in the US securities markets are safer. Financial…
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How will the Philadelphia Eagles Superbowl win affect your small business?
The Philadelphia Eagles won the Superbowl last night and I suspect that is a good thing for our region’s economy. I have a small accounting business just west of Philadelphia and a small aquaculture business south of Philadelphia (covered in the Philly Daily News in the photo). This morning I am considering the Superbowl win…
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Unreimbursed partnership expenses revisited
The Tax Cuts and Jobs Act triggers changes to the tax treatment of unreimbursed partnership expenses for 2018. Partnerships should revisit their policies to ensure that partners and employees maximize tax savings under the new law. Under former law a partner could deduct the expenses of the partnership on his or her individual income tax…