Category: Small Business
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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 In these people, counterfeit reductions and the immediacy’s toxicity and consent are only close the body. This ensures justified resistance from being. This is inappropriate with the cases of a helpful humidity in U.S. OTC where products…
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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…
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Reflecting on the 1099 filing season
IRS Form 1099 procedures are not overly complicated either in theory or in practice but are perhaps the most widely misunderstood topic in US taxation today. Reading online comments and suggestions and many stories of misapplication, it is clear that the government has much work ahead before it can effectively utilize business reporters’ information returns…
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Is a small business tax crisis looming?
I am increasingly concerned about the possibility of a small business crash ahead. The early warning sign is the difficulty I see in so many small business client in making their last year’s tax payments. This year, more than half of my small business clients than ever before cannot currently meet their 2021 sales tax,…