Category: Small Business
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Small business workload shock hits home
Managing my workload now as a small business service provider is unlike any challenge I’ve faced before in my work career. I hear the same from my accountant peers. Some days it seems like I just go from one life emergency to another life emergency, never even reaching normal work tasks. I find it almost…
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Update on PPP loan forgiveness
Many small businesses, including yours, obtained PPP loans through private lenders. The goal was to have the loans forgiven. Some lenders have been slow to communicate with borrowers on the process for loan forgiveness. This delay might be causing stress among some small business owners. This week the SBA opened its own direct online PPP…
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States That Don’t Allow Credit Card Surcharges
At this time there is only one US territory and four states that don’t allow credit card surcharges. In the following jurisdictions imposing a credit card surcharge is still illegal:Puerto RicoColoradoConnecticutKansasMassachusetts In the following states, anti-surcharging laws remain on the books but are unenforceable due to court decisions: CaliforniaFloridaMaineNew YorkOklahomaTexasUtah Anti-surcharging provisions may still exist…
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My request for local representation as SBA reconvenes the Council on Underserved Communities
Purpose: This post is created to provide more information surrounding my application to serve on the Small Business Administration’s Council on Underserved Communities in July 2021. Background: About the SBA Council on Underserved Communities: https://www.sba.gov/node/15667 Press release of SBA announcement (June 22, 2021) to reconvene the Council: https://www.sba.gov/article/2021/jun/22/sba-reconvenes-council-underserved-communities My story: I started my career in…
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What to do about bookkeeping?
We seem to be in the midst of a business bookkeeping crisis but until now, I haven’t taken the time to consider why that might be. A CPE course for CPAs that I took this week points out that the most common progression of career advancement in my field is: 1) Bookkeeping, 2) Accounting, 3)…
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My first business
A friend’s social media post caused me to reflect back to my days as a young farmer. I had a sweet corn farm in the 1970s, my first business, at age 16-18. It started with about 3 of dad’s acres and peaked at about 8 rented acres. Dad had a John Deere 2010 model tractor…
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Small business accounting updates
Advancing technology continues to change our small business accounting systems at an ever increasing rate of change. Here are two major recent items: PAYMENT SYSTEMS: Last year I set a goal of moving all payment systems to EFT ((Electronic Funds Transfer) and away from paper checks by postal mail. There are many advantages: improved speed,…
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Tax accounting for PPP loans in small S corporations
Income PPP loans are not taxable income but of course must be recorded in the company’s bookkeeping. The question is how to record these transactions for correct tax treatment. Their isn’t just one ‘correct’ way to do this but actually several options listed by AICPA under IAS20. (My information comes from third party coverage in…
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Pros and cons of an S-corporation vs. a single member LLC
An S-corporation and a single member LLC taxed as a “disregarded entity” share many things in common. The post focuses on some of the differences. What’s the best reason to consider S-corporation over single person LLC? Liability: Many people would say that it limits the owner’s legal liability. But that’s not supported by actual case…
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Four basic principles of small business bookkeeping
a quick look at the most basic legal and operational principles of modern bookkeeping.