Category: Small Business
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My social media experience in 2023
A summary of my own social media experience in 2023:1) Twitter has degenerated to a cesspool. I use it only to read comments from one specific small group of tax professional users.2) Facebook is blocking exposure of my posts on certain topics , especially the role of social media in politics.3) My star is rising…
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Small business advisory services
1. Financing and Building the Business 2. Building Sales and Operations 3. Save Money by Cutting Costs 4. Protect What You’ve Earned
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Small business FinCEN compliance for 2024
This post details the compliance procedure that we will use for our own businesses, affiliates and clients under our control. Others may use a different procedure. If you own, operate or control a small business corporation or a limited liability company, you may need to file a new report with the federal government this coming…
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Qualified immunity revisited: a small business perspective
The legal doctrine of qualified immunity, originating decades ago, serves as a safeguard for government officials facing lawsuits alleging violations of constitutional rights. Initially, the Supreme Court emphasized that this doctrine should not be a “license to lawless conduct.” However, state courts have frequently interpreted qualified immunity in a manner that allows officials to evade…
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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 I understand this level of openness is considered outdated in the current business climate.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…
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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…