November 24, 2020 by Staff
For states where you are not filing sales tax, review your 2020 sales into those states to determine if you are close to the Wayfair thresholds. You may have to register and begin collecting sales tax by the beginning of 2021. Most states’ thresholds are based on calendar year sales. ...
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November 13, 2020 by Staff
The TCJA limited the state and local tax (SALT) itemized deduction to $10,000, which essentially increased the federal income tax on many small business owners operating as passthrough entities (PTE) (i.e. partnerships and S corporations). For federal purposes, a PTE’s income is taxed on the individual income tax return and...
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As the seasons turn towards fall and tax deadlines begin to fade away, we have had an increased number of questions regarding accounting for loans made under the Paycheck Protection Program (PPP). The intention of this blog is not to discuss the loan program itself or related forgiveness process. Instead,...
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There comes a point in time when every business owner is ready to take a step back. Most business owners start their business with dreams of financial independence and a sense of freedom. Eventually those owners are ready to reap the benefits of all those years of hard work. Planning...
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September 9, 2020 by Staff
TOP 5 SECURITY CONCERNS FOR 2021 INTERNAL CONTROL FAILURES Issue: Businesses build policies and procedures to minimize risk and ensure high quality products and services. When an issue arises most of the time it is related to a control failure. Someone not following policies and procedures. Solution: Regularly audit your...
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