Does your business receive large amounts of cash or cash equivalents? Read on to find out if you are required to submit forms to the IRS and how. Filing requirements Each person engaged in a trade or business who, in the course of operating, receives more than $10,000 in cash in one transaction, or in […]

Management of your company’s supply chain is always a concern. The COVID-19 crisis has only exacerbated this concern for many of us. Concentration of your supply chain in one area is a massive danger to your company. To guard against this risk, you’ve got to maintain a constant awareness of the state of your supply […]

College may look very different this coming semester with our continuing adaptation to COVID-19. However, many students will be returning or just starting their collegiate journey’s. If your child earned themselves a scholarship, first and foremost, celebrate! Second, let’s make sure this scholarship does not turn into tax burden for them or yourself. Scholarships (and […]

Have you even wondered why the income reported on your tax return for your partnership doesn’t really correlate with the cash you were distributed throughout the tax year? Why is this? The answer lies in the way partnerships and partners are taxed. Unlike regular corporations, partnerships aren’t subject to income tax. Instead, each partner is […]

As regulations and restrictions change, many business owners are seeking ways they can reopen and work towards normalcy once again. However, there are a variety of things to consider to avoid withdrawing the growth you have slowly started to build back. A widely circulated article about the COVID-19 pandemic, written by author Tomas Pueyo in […]

When receiving an inheritance, or planning for your estate, it is important to make sure you have the correct “cost” or “basis” for the assets involved. This will allow for a fair estimate of income or loss while also eliminating unnecessary taxes. If you’re planning your estate, or you’ve recently inherited assets, you may be […]

By bartering, you can keep the cash you have and offer a service or good which you have. Although it seems simple, there are tax implications despite the absence of cash in the exchange. Here’s how to keep your taxes in check. These difficult times have has forced many of us to adapt and to […]

A common mistake that some businesses will make is spending all their time and energy on their weaknesses and not capitalizing on their strengths. One way to focus on your strengths is to identify and explicate your unique selling proposition (USP). Give it some thought In a nutshell, a USP states why customers should buy […]

Were you met with the unexpected surprise of owing money on your 2019 tax return? You might want to change your withholding so that this doesn’t happen next year. You might even want to do that if you received a big refund. Receiving a tax refund essentially means you’re giving the government an interest-free loan.

Do you pay Nonemployee Compensation for your business? There is a new IRS form to keep on your radar. Beginning with tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation, to report any payment of $600 or more to a payee. Why the new form? Prior to 2020, Form 1099-MISC was filed to report […]