Most business owners would likely agree that strategic planning is important. Yet many companies rarely engage in active measures to gather and discuss strategy. Sometimes strategic planning is tacked on to a meeting about something else; other times it occurs only at the annual company retreat when employees may feel out of their element and … Continue reading “Get Serious About Your Strategic Planning Meetings”
Month: July 2021
Starting A New Business? How Start-Up Business Expenses Are Handled On Your Tax Return
Despite the COVID-19 pandemic, government officials are seeing a large increase in individuals starting new businesses. From June 2020 through June 2021, the U.S. Census Bureau reports that business applications are up 18.6%. The Bureau measures this by the number of businesses applying for an Employer Identification Number. Entrepreneurs often don’t know that many of … Continue reading “Starting A New Business? How Start-Up Business Expenses Are Handled On Your Tax Return”
5 Ways To Take Action On Accounts Receivable
No matter the size or shape of a business, one really can’t overstate the importance of sound accounts receivable policies and procedures. Without a strong and steady inflow of cash, even the most wildly successful company will likely stumble and could even collapse. If your collections aren’t as efficient as you’d like, consider these five … Continue reading “5 Ways To Take Action On Accounts Receivable”
Who In A Small Business Can Be Hit With The IRS Trust Fund Recovery Penalty?
There’s a harsh tax penalty that you could be at risk for paying personally if you own or manage a business with employees. It’s called the IRS Trust Fund Recovery Penalty and it applies to the Social Security and income taxes required to be withheld by a business from its employees’ wages. Because taxes are … Continue reading “Who In A Small Business Can Be Hit With The IRS Trust Fund Recovery Penalty?”
IRS Extends Administrative Relief for 401(k) Plans
As mitigation measures related to COVID-19 ease, it will be interesting to see which practices and regulatory changes taken in response to the pandemic remain in place long-term. One of them might be relief from a sometimes-inconvenient requirement related to the administration of 401(k) plans. Remote Notarization: A Virtual Solution In IRS Notice 2021-40, the … Continue reading “IRS Extends Administrative Relief for 401(k) Plans”
Critical Path Method Can Propel IT Projects
Among the only certainties of business technology is that it will continue changing. One consequence of this is a regular need for companies to undertake IT projects such as developing custom software or upgrading network infrastructure. Much like a physical construction job, IT projects often look eminently feasible on “paper”. However, the hinderance of many … Continue reading “Critical Path Method Can Propel IT Projects”
Eligible Businesses: Claim the Employee Retention Tax Credit
The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA), enacted in March of 2021. Here’s a rundown of the rules. Background Back in March of 2020, Congress originally enacted the ERTC in the CARES Act to encourage employers to hire and … Continue reading “Eligible Businesses: Claim the Employee Retention Tax Credit”