Nancy McClelland, LLC

AUGUST 21, 2023

There have been rumblings in the news for quite some time now about small businesses being required to provide retirement plans for their employees — but most owners seem to be turning a deaf ear, presuming that their small size exempts them from the requirement. Why Is Illinois Making Small Business Owners Do This?

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Nancy McClelland, LLC

AUGUST 21, 2023

There have been rumblings in the news for quite some time now about small businesses being required to provide retirement plans for their employees — but most owners seem to be turning a deaf ear, presuming that their small size exempts them from the requirement. Why Is Illinois Making Small Business Owners Do This?

Illinois 52

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ThomsonReuters

AUGUST 5, 2021

On August 4, 2021, the IRS released Notice 2021-49 that provides additional guidance regarding claiming the Employee Retention Credit (ERC) for employers who pay qualified wages after June 30, 2021, and before January 1, 2022 [IR 2021-165,?Notice The Employee Retention Credit is a refundable tax?credit Notice 2021-49]. ARPA also: .

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Nancy McClelland, LLC

MARCH 9, 2023

A substitute Restaurant Revitalization Tax Credit bill is currently languishing.) The great news for most businesses was that if all the RRF funds were allocated to eligible costs before the first reporting date, no additional reporting was required. At this point, most restaurants have (hopefully) already submitted their final report.

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LyfeAccounting

APRIL 22, 2021

And while most businesses were paying their fair share of taxes, in 2018, Amazon received a rebate of $129 million. Amazon uses credits. See, credits provide a dollar-for-dollar reduction of your income tax and are given by the government to reward certain types of behavior that benefit the US economy. Employer Retention Credit.

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Ronika Khanna CPA,CA

APRIL 14, 2022

Being a small business owner comes with challenges, not the least of which is doing your taxes. While most Canadian taxpayers have relatively simple tax returns that can easily be completed using software, small business owners have the additional burden of reporting details relating to their businesses.

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LyfeAccounting

OCTOBER 14, 2020

Today, I’ll be deep-diving into the bookkeeping basics for small business. You see, here at LYFE Accounting, we handle the books for small business owners everyday and have a time-tested 6-step process that helps small businesses make better financial decisions that lead to greater profitability.

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ThomsonReuters

JUNE 28, 2021

Although it is possible to automate payroll systems to account for these minimum wage increases, it is a good idea for payroll professionals to be aware of these changes to avoid the possibility of underpaying employees. There may also be adjustments to consider for the tip credit and other factors depending on the jurisdiction.

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ThomsonReuters

FEBRUARY 9, 2022

Part 1 of this blogpost explains how prevalent payroll is in our daily lives with a focus on key issues in 2022, including worker classification, COVID-19 vaccine mandates, and wage and hour. Read part 2 for more 2022 payroll trends. Worker classification is a big issue for businesses. There may be more changes in 2022.

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ThomsonReuters

JUNE 10, 2021

Summertime Tax Tips. This is welcoming news for many businesses looking to make up for lost ground since last summer – in particular hotels, restaurants, bars, and other service-related businesses. Let’s go over a few summertime tax tips for payroll professionals this season: 1) Interns. Also, 12 U.S.

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Ryan Lazanis

APRIL 4, 2022

Do you want to know how to start a bookkeeping business or accounting firm in 2022? In fact, these are the very steps that I followed to help take my heavily bookkeeping-focused accounting business from scratch to sale in only 5 years. In this guide, you’ll learn: How to set up a strategic business plan. Table of Contents.

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ThomsonReuters

JANUARY 9, 2024

Setting up your business as a C corporation (C corp) has many benefits, including greater ownership flexibility and more growth potential than an S corporation (S corp) or a Limited Liability Company (LLC). If a C corp business uses a fiscal year, its taxes are due on the 15th of the fourth month after the end of its fiscal year.

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ThomsonReuters

FEBRUARY 10, 2021

Here’s a rundown of what you need to know about the CAA as you prepare 2020 business and individual tax returns. The CAA provides for “additional 2020 recovery rebates,” which are refundable tax credits that may be taken on the taxpayer’s 2020 return. Child tax credit and earned income credit. Individual Returns.

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inDinero Accounting

JANUARY 9, 2023

Accountants’ specialized knowledge can support your startup business in many ways. Even if you think youn’t aren’t ready for investors – you still may need a bank, a line of credit, even a credit card – and you are going to need to produce industry standard (and correct) sets of financial metrics. To go public.

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inDinero Accounting

JANUARY 9, 2023

Becoming a certified public accountant (CPA) takes years of higher education (150 credit hours) and success in an exam as well as continuing education requirements. Accountants’ specialized knowledge can support your startup business in many ways. The numbers are just small. Growth Focused: Big Businesses in Infancy.

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ThomsonReuters

FEBRUARY 8, 2024

Managing an LLC As a business structure, the primary purpose of an LLC is to protect the owners’ personal assets from debt collection and lawsuits aimed at the LLC. However, LLCs also enjoy certain tax advantages that make them popular, especially for small business owners. How can an LLC reduce its taxes? How are LLCs taxed?

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LyfeAccounting

JULY 12, 2021

According to the IRS, you are self-employed if: You carry on a trade or business as a sole proprietor or an independent contractor. You are a member of a partnership that carries on a trade or business. You are otherwise in business for yourself (including a part-time business). The income is considered passive.

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Snyder

JUNE 20, 2022

Small business owners often have to deal with every facet of business to ensure its success. It makes sense to delegate some of the management tasks because it’s hard to keep track of everything yourself without hampering your business in the long run. What is small business accounting? Contents: 1.

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ThomsonReuters

DECEMBER 3, 2020

The draft addresses issues such as qualified leave wages for 2020 paid in 2021, the impact of the 2020 COVID-19 related tax credits on the 2021 look-back period and provides further clarification on lock-in letters and invalid W-4 forms. Background. The Families First Coronavirus Response Act (FFCRA, P.L. What’s New.

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