It’s a dilemma that’s been in the news and on business owners’ minds for a while now. The COVID-19 pandemic, along with other world events, have strained supply chains challenges both global and national. And, throwing gasoline on the fire, cyberattacks have threatened to further disrupt the smooth flow of materials, products and fuel. Supply … Continue reading “Supply Chain Software Can Help Digitize The Dilemma”
Month: May 2022
Businesses: Prepare for the Lower 1099-K Filing Threshold
Businesses should be aware that they may be responsible for issuing more information reporting forms for 2022 because more workers may fall into the required range of income to be reported. Beginning this year, the threshold has dropped significantly for the filing of Form 1099-K, “Payment Card and Third-Party Network Transactions.” Businesses and workers in … Continue reading “Businesses: Prepare for the Lower 1099-K Filing Threshold”
Could Your Business Benefit From A PEO?
:Keeping up with employment regulations and health care benefits can be a struggle for many small to midsize businesses. One potential solution is engaging a professional employer organization (PEO). PEOs employ experts who understand the minutiae of many HR functions. Moreover, these firms can handle difficult, recurring tasks such as managing employment taxes and administering … Continue reading “Could Your Business Benefit From A PEO?”
Inflation Enhances the 2023 Amounts for Health Savings Accounts
The IRS recently released guidance providing the 2023 inflation-adjusted amounts for Health Savings Accounts (HSAs). High inflation rates will result in the increase of next year’s amounts more than they have been in recent years. HSA Basics Establishing an HSA is a trust exclusively for the purpose of paying the “qualified medical expenses” of an … Continue reading “Inflation Enhances the 2023 Amounts for Health Savings Accounts”
Tighten Up Billing & Collections To Mitigate Economic Uncertainties
Managing cash flow starts with tight accounts receivable management. Regardless of what the economy is doing, billing and collections is one area where small businesses consistently leave money on the table. If you haven’t revisited your accounts receivable management processes recently, now is a good time to tighten things up. Resolve Issues Quickly The quality … Continue reading “Tighten Up Billing & Collections To Mitigate Economic Uncertainties”
Businesses May Receive Notices About Information Returns That Don’t Match IRS Records
If your business received a CP2100 notice from the IRS, don’t panic — but don’t ignore it either. The IRS sends CP2100 and CP2100A notices to businesses that filed information returns with missing or incorrect Taxpayer Identification Numbers. Here’s what you need to know. These CP2100 and CP2100A notices are sent by the IRS twice … Continue reading “Businesses May Receive Notices About Information Returns That Don’t Match IRS Records”
No Parking: Unused Compensation Reductions Can’t Go To Health FSA
Among the many lasting effects of the pandemic is that some businesses are allowing employees to continue working from home. This is even now that the most acute phases of the public health crisis seem to be over in some places. This decision is raising some interesting questions about fringe benefits, including unused compensation reductions. … Continue reading “No Parking: Unused Compensation Reductions Can’t Go To Health FSA”