Category: Small Business
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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,…
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Simple overview of tax options for LLCs
If you operate a business as a Limited Liability Company (LLC), the. you have some choice in how to have your business earnings taxed. There are protocols and restrictions that are not covered here in this post. This short post overviews the most common options, advantages and limitations of tax options available to LLCs. Sole…
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Sample accounting services engagement agreement 2022
In our practice, each client service agreement is unique and customized to the specific situation. It helps, however, to have a listing of the best practices based on past experience as the basis for our work agreement. This is a sample only, dated 1/18/2022. Thank you for choosing me to help you with your accounting…
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“My accountant disappeared”
Preface: For years industry observers have warned about the aging of existing CPA professionals, the growing portion that were working beyond intended retirement age, the mass exodus of middle level producers at larger firms, and the lack of younger accountants coming into the public accounting industry. Yet none of that predicted the accounting industry crisis…
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After the fact payroll and defined contribution plans: the late December rush to save taxes
The two hottest small business tax planning topics in these final days of any year are: after-the-fact payroll, and defined contribution employee benefits. What this means is that simply by dating and documenting actions taken before December 31, the business and business owner can lock in valuable tax benefits. While some corrective or mediating action may…