Menu
Blog

Credit and Debt Collection Strategies Your Business Can Implement

This article discusses and emphasizes the importance of having and implementing the most efficient debt collection process possible. Providing services to your client before payment is often a risky but necessary part of doing business. Implementing strategies such as invoice date, contact information, and obvious total invoice values can help ensure that your business gets …..

Estate Planning Techniques During COVID

This article discusses how the COVID-19 pandemic has resulted in low interest rates and depressed asset values, creating a very unique opportunity for estate planners. Specifically, this article outlines five different strategies to consider utilizing during this time. For example, annual gift tax exclusion, gifting interest, annuity trusts, and intra-family loans are all topics that …..

Keeping Your Company Grounded During a Crisis

This article discusses and emphasizes the need for all businesses to be able to adapt and pivot in the right direction, especially during a crisis like the Coronavirus pandemic. Some tips that are outlined are the ability to strategize quickly, supporting company morale, staying grounded, and preparing for a future crisis through risk management. No …..

Information on Individual Federal Income Tax Deadline

On March 17, 2021, the IRS released a statement indicating the April 15 deadline for individual taxpayers would be extended to May 17. The IRS statement can be found here. Unlike the July 15 extension provided last year, this extension only pertains to individual Form 1040 filings. It does not apply to 2021 first quarter estimates due by April …..

American Rescue Plan Act

The American Rescue Plan Act (ARPA) was passed by the Senate on Saturday, March 6 and in the House on Wednesday, March 10. The $1.9 trillion relief bill was signed into law on Thursday, March 11 by President Biden. Read on for details on the provisions included in the ARPA. Individual Stimulus Checks Estimated portion …..

Changes in the PPP Program Working Better This Time Around

This article discusses how the Small Business Administration has made significant changes when comparing the first round of the Paycheck Protection Program (PPP) and the most recent program. Specifically, the SBA stated that “The changes aim to speed up the flow of funds to PPP applicants while maintaining the integrity of the program.” These changes …..

Changes to the New PPP Attempt to Aid Small Businesses

This article discusses some of the key changes the Biden administration is making to the application process of the paycheck protection program. Specifically, Monday started a two-week period in which only businesses that have less than 20 employees are able to apply for the loan. Additionally, changes to the loan calculation formula are going to …..

Keys to Successful Change Management in Family Business

This article discusses how important family businesses are to the economy of the United States. However, “70% of family businesses last just one generation before they either fail or are sold.” Succession planning can be difficult at times, but implementing strategies such as narrowing your target, taking a step back, and measuring everything can prove …..

What is Business Identity Theft and How to Avoid It

This article dives deep into the concept of business identity theft, as well as preventive measures that you can take in order to reduce the potential fallout. For example, one piece of advice is to “hire forensic accountants to look at your books…and frequently.” Along with bringing on a forensic accountant, investing in security can …..

Things to Consider Before Applying for a PPP Loan

This article discusses and addresses the uncertain times that businesses are living through right now due to the coronavirus pandemic. With the passing of the Paycheck Protection Program, there are many things to consider when applying for this government aid. For example, knowing the guidelines are not set in stone, tax burdens, tax-deductibility, and a …..

Marketing Tips for Start-ups

This article outlines and then continues to dive into detail about seven marketing tips for your start-up business. As a start-up, funds can be limited, but tips such as solidifying your brand, staying true to yourself, clearly define your goals and metrics, budgeting, and social media usage can all benefit your business. Be sure to …..

Building a Lasting Family Business

This article acknowledges and discusses the portrayal that the media gives us of family businesses. Although this industry operates on the more risky side, the owners of family businesses possess a unique decision making power. Additionally, this article outlines the different types of models that you may want to incorporate inside your family business as …..

Trends Driving Small Business in 2021

This article discusses how the COVID-19 pandemic has changed the landscape on which most small businesses operate. However, trends such as digital footprint, virtual efficiency, workplace culture, and customer reviews are all set to be significant in the new year. No matter your specific industry, these trends apply to all small business leaders. To view …..

Succession Planning Trends to Watch

This article discusses some of the basics that you can capitalize on to ensure that the succession of your business is as easy and efficient as possible. For example, tips such as communicating early, defining goals, and establishing a talent development program are all important things to consider when handing your business over. Be sure …..

Processing Payroll in 8 Easy Steps

Although outsourcing payroll is an effective approach, completing payroll in-house can save your business time and money. You may think that completing payroll is a daunting task, but following tips such as determining overtime pay, calculating gross pay, and determining deductions before you start the payroll process can keep you in check. Additionally, keeping records …..

Income Tax Brackets for 2020 and 2021

This article discusses the importance of being educated on the latest income tax brackets and trends to best optimize your hard-earned savings. Each year the IRS adjusts the tax brackets and knowing exactly which one you and your business fall into and can be very beneficial. Be sure to check out this link to compare …..

Finding, Retaining, and Rewarding the Right Staff and Clients

This article discusses some of the best practices that you can incorporate into your startup or general business to keep adequate clients and customers surrounding your business. Whether it is superior customer service, being open and honest, and/or rewarding great work, these tips can set you apart from the competition. Be sure to check out …..

Deducting Losses – Current NOL Rules Related to the CARES Act

This article discusses how the coronavirus pandemic impacted many businesses in a negative way. Despite government funding programs such as the CARES Act and PPP Loan, many businesses are going to finish the year with a negative net operating loss. However, because of these losses, “It is critical for those businesses and especially their financial …..

Main Street Loans Opening Up for Smaller Businesses

This article discusses the most recent announcement from the Federal Reserve Board. This is significant for small businesses because the minimum loan amount went from $250,000 to $100,000 on three Main Street loan facilities. Additionally, they published a frequently asked clarification document that answers questions concerning the paycheck protection program. Be sure to check out …..

Why Hiring a Tax Accountant is Good for Small Business

This article discusses how, although hiring a CPA for your small business comes with a cost, the pros may outweigh the cons in this situation. For example, hiring a CPA will allow you to save precious time and can be used as a trusted source for support. Additionally, your accountant can help you with all …..