While many facets of the economy have improved this year, the rising cost of living and other economic factors have caused many businesses to close their doors. If this is your situation, we can help you, including taking care of various tax responsibilities. To start with, a business must file a final federal income tax … Continue reading “Closing a business involves a number of tax responsibilities”
Month: July 2024
Strategic planning for businesses needs to include innovation
When the leadership teams of many companies engage in strategic planning, they may be inclined to play it safe. And that’s understandable; sticking to strengths and slow, measured growth are often safe pathways to success. But substantial growth — and, in some industries, just staying competitive — calls for innovation. That’s why, as your business … Continue reading “Strategic planning for businesses needs to include innovation”
If your business has co-owners, you probably need a buy-sell agreement
Are you buying a business that will have one or more co-owners? Or do you already own one fitting that description? If so, consider installing a buy-sell agreement. A well-drafted agreement can do these valuable things: Transform your business ownership interest into a more liquid asset, Prevent unwanted ownership changes, and Avoid hassles with the … Continue reading “If your business has co-owners, you probably need a buy-sell agreement”
How to Prepare for a Business Audit: Accounting Best Practices
The term “tax audit” usually refers to a government examination of specific items, divisions, or years when errors or fraud are suspected. On the other hand, a business audit involves an unbiased assessment by a third-party auditor of an organization’s financial statements and internal controls. This type of audit thoroughly examines overall operations, internal controls, … Continue reading “How to Prepare for a Business Audit: Accounting Best Practices”
Vroom vroom: What businesses should know about sales velocity
Owning and running a company tends to test one’s patience. You wait for strategies to play out. You wait for materials, supplies or equipment to arrive. You wait for key positions to be filled. But, when it comes to sales, how patient should you be? A widely used metric called “sales velocity” can help you decide. … Continue reading “Vroom vroom: What businesses should know about sales velocity”
Be aware of the tax consequences of selling business property
If you’re selling property used in your trade or business, you should understand the tax implications. There are many complex rules that can potentially apply. To simplify this discussion, let’s assume that the property you want to sell is land or depreciable property used in your business, and has been held by you for more … Continue reading “Be aware of the tax consequences of selling business property”
The Top Bookkeeping and Accounting Trends for 2024
Business leaders and accounting professionals have found themselves in a completely new world as the future of accounting technology dawns over the past few years. Innovative technologies such as artificial intelligence (AI), machine learning, and blockchain are being widely adopted and integrated into accounting software and business applications. Plus, businesses are increasingly changing their approach … Continue reading “The Top Bookkeeping and Accounting Trends for 2024”