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While many businesses have been forced to close due to the COVID-19 pandemic, some entrepreneurs have started new small businesses. Many of these people start out operating as sole proprietors. Here are some tax rules and considerations involved in operating with that entity. The pass-through deduction To the extent your business generates qualified business income (QBI), you’re eligible to claim the pass-through or QBI deduction, subject to limitations.
A contractor is generally defined as someone who provides improvements to real property on a lump sum contract basis. From a sales and use tax perspective, there isn’t much of a difference between a subcontractor and a prime or general contractor. At first glance, the sales and use tax requirements for a contractor seem quite simple. Contractors are typically considered the end-user/consumer of all tangible personal property purchased and used by them in conjunction with the performance of a con
Why Accountants should Fully Optimize their Google My Business Listing. Every accountant can use some additional visibility to drive new business, and your Google My Business listing is the perfect place to start optimizing your local internet presence. Also known as your Business Profile, this highly-authoritative business listing is the internet gateway to your accounting firm, highlighting your services, staff, reviews, and NAP (name, address, phone) information.
In the climb from contributor to leader, the rules quietly change. But if you’re aiming for the summit, the air gets thinner, and what got you here won’t be enough to get you to the top. 🗻 What made you successful early in your finance career—technical accuracy, sharp analysis, flawless execution—won’t be what carries you to the next level. The higher you go, the more your effectiveness depends on how you connect, adapt, and communicate.
If you’re approaching retirement, you probably want to ensure the money you’ve saved in retirement plans lasts as long as possible. If so, be aware that a law was recently enacted that makes significant changes to retirement accounts. The SECURE Act, which was signed into law in late 2019, made a number of changes of interest to those nearing retirement.
Companies that sell digital products in the U.S. should know about a relatively new kind of ta x – and tax obligation. Maryland has a n ew tax on digital advertising and has extended the state ’ s existing sales and use tax to the sale of such digital goods as digital code, streaming, music, ring tones, e-books and audio books, movies, online newspapers and cable, satellite and pay-per-view television programming.
Imagine a scenario where you get the opportunity to pitch your SaaS startup to a group of potential investors. How would you prove to them that your company can build Read More. The post Demystifying Revenue Modeling for SaaS Startups appeared first on Burkland.
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Imagine a scenario where you get the opportunity to pitch your SaaS startup to a group of potential investors. How would you prove to them that your company can build Read More. The post Demystifying Revenue Modeling for SaaS Startups appeared first on Burkland.
Fraud perpetrators are constantly altering their methods to evade detection. Nimble cybercriminals, for example, are why IT security companies update their software so frequently. The use of deepfakes (a word derived from “deep learning” and “fake”) is one of the latest threats to emerge. Deepfakes are enabled by artificial intelligence (AI) and they’re something your company needs to have on its radar because if you haven’t seen a deepfake yet, you will.
5 min read. As your business grows, you inevitably have more fires to put out, issues to deal with. One of the worst is when you have cash flow or other financial problems. There’s a few reasons why that happens, but one thing we see so very often is the unfortunate effect of having an inefficient back office.
During a recent Vistage Executive Summit, a few points stood out to us when it came to positioning your business to stay ahead of the curve in 2021, and years to come. Alex Chausovsky of ITR Economics gave us the breakdown of some of these important points below.
The most overlooked, yet most critical, element of transformation is preparing people for change. Automation and AI aren't just technical upgrades, they’re cultural shifts which can challenge identities. That’s why change management isn’t a side project—it’s the foundation. In finance, where precision and process rule, navigating change can feel especially disruptive.
The American Rescue Plan Act, signed into law on March 11, provides a variety of tax and financial relief to help mitigate the effects of the COVID-19 pandemic. Among the many initiatives are direct payments that will be made to eligible individuals. And parents under certain income thresholds will also receive additional payments in the coming months through a greatly revised Child Tax Credit.
Now that tax season is in full swing for many practitioners, you may find yourself questioning if this is the right time to break off and explore starting your own CPA firm. In this next chapter of Small Talk with Heather Walker , I am once again joined by Linda Forde, CPA and owner of The Forde Firm, and Nina Tross, Executive Director of the National Society of Tax Professionals (NSTP).
When you’ve got a problem in QuickBooks Online, the ‘easy fix’ is making a journal entry…right? As an accounting professional, you may have been trained to use journal entries liberally (I know I was), but in QBO there are some situations where journal entries help, and some where they can really mess up the books ! The key is knowing which is which and what goes on inside QBO when you create journal entries to make corrections.
Finance used to be the function that counted, now it's the one that’s counted on. 📊 For accounting firms, controllers, and finance leaders, expectations are rising faster than headcount. Businesses want agile forecasts, granular analysis, seamless reporting, and smart automation—often without added resources while demanding uncompromised accuracy and compliance.
Update- California PPP Tax Conformity Although it is no secret that California has yet to release information on whether or not it will partially conform state tax code to the current federal tax rules regarding forgiven Paycheck Protection Program (PPP) loans, CalCPA has shared why the delay is taking place. California’s governor and legislation were ready to legislatively conform to federal PPP.
Let’s face it: Health insurance is expensive. The average employer health insurance premium contribution—per employee—is nearly $6,000 (single) and nearly $15,000 (family) annually. It’s natural to weigh your options, but skipping the benefit altogether? Nearly 90% of employees value health insurance. And with 69% of private industry workers having access to medical benefits, you could […] READ MORE.
8 min read. “ Who are my most profitable clients? “Am I pricing my jobs right? ” “ Why am I losing money on some jobs?”. Sound familiar? If you don’t know the answer to those questions, it’s important you take time to really understand job costing.
If you own or manage a business, you have to decide whether it is better to outsource your accounting projects or handle them in-house. Though handling accounting projects in-house with your own employees certainly has its benefits, there are more advantages to outsourcing the work to a group of accounting specialists. Chief amongst the reasons to outsource is the team approach implemented by an entire group of professional accounting specialists.
Great leadership development is the key to sustainable business growth. Are you ready to design an effective program? HR can use Paycor’s framework to: Set achievable goals. Align employee and company needs. Support different learning styles. Empower the next generation of leaders. Invest in your company’s future with a strong leadership development program.
April 15, Tax Day in the U.S., is just around the bend. So, I thought you might need a reminder about how The Coronavirus Aid, Relief, and Economic Security (CARES) Act changed the charitable deduction rules. Don’t worry! You’ll probably like these changes. Changes for 2020 charitable deduction rules that won’t last forever. The CARES Act changed charitable deductions in 2020, anticipating a decline in revenues for philanthropic organizations.
Bookkeepers and bookkeeping services can be a small business owner’s best investment. Bookkeepers save small businesses money by keeping their books in order and providing accurate financial reports – giving the small business owner more time to do what they do best. . Bookkeepers handle a wide range of duties, including recording financial transactions, maintaining accurate records, and balancing the books of a business.
QuickBooks isn’t the latest and greatest accounting software yet it is certainly useful. Countless businesses use QuickBooks at their offices, meaning job-seekers and those looking to advance their career should have in-depth knowledge of this important computing tool. Take full advantage of QuickBooks and you will find it helps your business in several important ways.
Distributed finance teams are rewriting how the back-office runs, and attackers are taking notes. Disconnected workflows, process blind spots, and rising cyber threats are more than just growing pains—they’re liabilities. The challenge isn’t just going remote. It’s building resilient systems that protect accuracy, control, and speed across every transaction and touchpoint.
I organized many of my Non Business blogs into a file that I could send you.should you want it. These have been posted since February 2012 and cover the following topics with the number of blogs in that section.
With Xendoo’s bookkeeping services you can easily find the plan you need and work with our expert financial team to gain insight and make smart business decisions. Xendoo doesn’t use its own proprietary software, but instead, we partner with Quickbooks Online and Xero, so your books are yours throughout any changes and transitions. Your books are up to date with your dedicated financial team, financial insight is at your fingertips, and you are always tax-ready.
A notable takeaway from the Vistage Executive Summit in Boise, ID comes from guest speaker Joe Galvin, Chief Research Officer of Vistage Worldwide, Inc. Joe discussed how technology is one of the top areas CEOs will look towards for investments throughout 2021. The TOP Strategy provides some guidance to how these investments will be made.
Documents are the backbone of enterprise operations, but they are also a common source of inefficiency. From buried insights to manual handoffs, document-based workflows can quietly stall decision-making and drain resources. For large, complex organizations, legacy systems and siloed processes create friction that AI is uniquely positioned to resolve.
As an accounting firm, we get asked all the time. “What should my business entity be? I heard that I should have an LLC.” Well, the truth is, sometimes you need an LLC, and guys, sometimes you don’t. So in this post, we want to set the record straight, eliminate the confusion, and breakdown who needs an LLC and who doesn’t. Let’s get into it!
Roth IRAs are owned by 19 percent of all U.S. households. If you are younger than age 50, you can contribute a maximum of $6,000 per year. If you are age 50 or older, you can contribute up to $7,000 per year. Advantages of a Roth IRA: No required minimum distributions Tax-free withdrawals Can contribute […]. The post Tax Free Growth with a Roth IRA appeared first on certifiedtaxcoach.
QUESTION: Our company has 60 employees, all of whom are eligible for our fully insured medical plan and our health FSA. This year, 40 employees have enrolled in our medical plan and health FSA. Does our health FSA, which we administer in-house, qualify for the exclusion from the HIPAA privacy and security rules for self-administered health plans with fewer than 50 participants?
Speaker: Claire Grosjean, Global Finance & Operations Executive
Finance teams are drowning in data—but is it actually helping them spend smarter? Without the right approach, excess spending, inefficiencies, and missed opportunities continue to drain profitability. While analytics offers powerful insights, financial intelligence requires more than just numbers—it takes the right blend of automation, strategy, and human expertise.
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