Cash flow is the money that is moving in and out of your business. Positive cash flow—when more money is coming in than going out—is a sign of financial health and efficient management. While a lack of cash is almost certainly a periodic reality for small businesses,...
For Businesses
Small Business Owners Should Be Aware of These Tax Audit Triggers
Operating a small business is difficult enough without the worry of facing a potential tax audit. Not only can you minimize your risk by filing accurately and on time, but there are some red flags that the IRS looks for when determining who to investigate. Below we’ll...
SBA Changes for Independent Contractors and Sole Proprietors
The Small Business Administration (SBA) recently implemented changes to the Paycheck Protection Program (PPP) that affect self-employed individuals who applied for the loan. Sole proprietors and independent contractors have the ability to take advantage of full...
Extensions of the Employee Retention Tax Credit in 2021
The Consolidated Appropriations Act, 2021 (the Act), which was signed into law in late December of 2020, created more opportunities for using the Employee Retention Tax Credit (ERC). Originally a provision of the Coronavirus Aid, Relief and Economic Security Act...
New Business Tax Changes and Extenders in Most Recent Stimulus Package
The Consolidated Appropriations Act, 2021 (Act) was passed by Congress on December 21, 2020, and signed by President Trump on December 27, 2020, granting further Covid-19 relief. This article highlights some of the tax changes and extenders that will be of interest to...
Year-End Tax Tips for Small Businesses in 2020
With just a couple of weeks left in 2020, time is running out to take proactive steps to lower your 2020 tax bill. Even if you plan to file an extension, most tax-saving moves need to be made before Jan. 1, 2021. Here are some last-minute tax strategies small business...
Small Business Recordkeeping: To Toss or Not to Toss (and When)
Any business owner knows that good business recordkeeping is critical for the administrative tasks that keep your business running day to day, but the Internal Revenue Service (IRS) also requires you to keep certain financial records for your business for specific...
