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From the Blog

07.31.2020 02:13

Why Do Partners Sometimes Report More Income On Tax Returns Than They Receive In Cash?

partnership tax return k-1

If you’re a partner in a business, you may have come across a situation that gave you pause. In a given year, you may be taxed on more partnership income than was distributed to you from the partnership in which...

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07.29.2020 02:20

Reopening Concepts: What Business Owners Should Consider

reopening post covid

A widely circulated article about the COVID-19 pandemic, written by author Tomas Pueyo in March, described efforts to cope with the crisis as “the hammer and the dance.” The hammer was the abrupt shutdown of most businesses and institutions; the...

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07.24.2020 02:13

Even if no money changes hands, bartering is a taxable transaction

Bartering by Exchanging Services with another Business

During the COVID-19 pandemic, many small businesses are strapped for cash. They may find it beneficial to barter for goods and services instead of paying cash for them. If your business gets involved in bartering, remember that the fair market...

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07.22.2020 02:20

Does Your Business Have A Unique Selling Proposition?

setting up you business with a unique selling proposition

Many business owners — particularly those who own smaller companies — spend so much time trying to stay competitive in business by focusing on eliminating weaknesses. Doing such, they never fully capitalize on their strengths. One way to do so...

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07.17.2020 02:13

Businesses: Get ready for the new Form 1099-NEC

Tax Filing with Form 1099-NEC for Non-employee Compensation

There’s a new IRS form for business taxpayers that pay or receive non-employee compensation. Beginning with tax year 2020, payers must complete Form 1099-NEC, Non-employee Compensation. Payers are to report any payment of $600 or more to a payee. Why...

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07.15.2020 02:20

6 Key IT Questions To Ask In The New Normal

Information Technology with the new normal post covid-19

The sudden shutdown of the economy in March because of the COVID-19 pandemic forced many businesses to rely more heavily on technology. Some companies fared better than others with improving IT systems. Many businesses that are taking an informal approach...

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07.10.2020 02:13

Steer Clear of the Trust Fund Recovery Penalty

Social Security and income taxes required to be withheld by a business from its employees’ wages

If you own or manage a business with employees, you may be at risk for a severe tax penalty. This is known as the “Trust Fund Recovery Penalty:” it applies to the requirement of businesses to withhold Social Security and...

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07.08.2020 02:20

Assessing Work Productivity As You Cope With The Pandemic

The COVID-19 crisis is affecting not only the way many businesses operate, but also in assessing work productivity. How can you tell whether you’re getting enough done when so much has changed? There’s no easy, one-size-fits-all answer, but business owners...

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