No company can afford to operate without the right accounting software. When considering whether to buy a new product or upgrade their current solutions, however, business owners often fall prey to some common mistakes. Here are five gaffes to avoid:… Read More
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More parents may owe “nanny tax” this year, due to COVID-19
In the COVID-19 era, many parents are hiring nannies and babysitters because their daycare centers and summer camps have closed. This may result in federal “nanny tax” obligations. Keep in mind that the nanny tax may apply to all household… Read More
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The possible tax consequences of PPP loans
If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential tax implications. PPP basics The Coronavirus Aid, Relief and Economic Security… Read More
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8 things to know about the audit evidence standard
8 things to know about the audit evidence standard https://bit.ly/3kjW2AF
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How to codify your nonprofit’s ethics
Does your not-for-profit have a code of ethical conduct? According to the Association of Certified Fraud Examiners, establishing and enforcing an ethical code is associated with 50% lower fraud losses. Codes of conduct aren’t just about fraud prevention, though. Holding… Read More
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Thoughtful onboarding is more important than ever
Although many businesses have had to reduce their workforces because of the COVID-19 pandemic, others are hiring or may start adding employees in the weeks or months ahead. A thoughtful onboarding program has become more important than ever in today’s… Read More
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The tax implications of employer-provided life insurance
Does your employer provide you with group term life insurance? If so, and if the coverage is higher than $50,000, this employee benefit may create undesirable income tax consequences for you. “Phantom income” The first $50,000 of group term life… Read More
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File cash transaction reports for your business — on paper or electronically
Does your business receive large amounts of cash or cash equivalents? You may be required to submit forms to the IRS to report these transactions. Filing requirements Each person engaged in a trade or business who, in the course of… Read More
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Simplified accounting rules issued for small businesses
Simplified accounting rules issued for small businesses https://bit.ly/2Pf6xXz
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Financial reporting for nonprofits that have teamed up
Not-for-profits sometimes team up with other entities to boost efficiency, save money and better serve both organizations’ constituencies. This can be a smart move — so long as your accounting staff knows how to report the activities of the two… Read More