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While many businesses have been forced to close due to the COVID-19 pandemic, some entrepreneurs have started new small businesses. Many of these people start out operating as sole proprietors. Here are some tax rules and considerations involved in operating with that entity. The pass-through deduction To the extent your business generates qualified business income (QBI), you’re eligible to claim the pass-through or QBI deduction, subject to limitations.
A contractor is generally defined as someone who provides improvements to real property on a lump sum contract basis. From a sales and use tax perspective, there isn’t much of a difference between a subcontractor and a prime or general contractor. At first glance, the sales and use tax requirements for a contractor seem quite simple. Contractors are typically considered the end-user/consumer of all tangible personal property purchased and used by them in conjunction with the performance of a con
Why Accountants should Fully Optimize their Google My Business Listing. Every accountant can use some additional visibility to drive new business, and your Google My Business listing is the perfect place to start optimizing your local internet presence. Also known as your Business Profile, this highly-authoritative business listing is the internet gateway to your accounting firm, highlighting your services, staff, reviews, and NAP (name, address, phone) information.
Traditional budgeting and forecasting methods can no longer keep pace with today’s rapidly evolving business environment. Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty. To stay ahead, finance leaders must leverage a future-forward approach—one that leverages real-time data, predictive analytics, and continuous planning to drive smarter financial decisions.
If you’re approaching retirement, you probably want to ensure the money you’ve saved in retirement plans lasts as long as possible. If so, be aware that a law was recently enacted that makes significant changes to retirement accounts. The SECURE Act, which was signed into law in late 2019, made a number of changes of interest to those nearing retirement.
Companies that sell digital products in the U.S. should know about a relatively new kind of ta x – and tax obligation. Maryland has a n ew tax on digital advertising and has extended the state ’ s existing sales and use tax to the sale of such digital goods as digital code, streaming, music, ring tones, e-books and audio books, movies, online newspapers and cable, satellite and pay-per-view television programming.
Imagine a scenario where you get the opportunity to pitch your SaaS startup to a group of potential investors. How would you prove to them that your company can build Read More. The post Demystifying Revenue Modeling for SaaS Startups appeared first on Burkland.
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Imagine a scenario where you get the opportunity to pitch your SaaS startup to a group of potential investors. How would you prove to them that your company can build Read More. The post Demystifying Revenue Modeling for SaaS Startups appeared first on Burkland.
President Biden signed the $1.9 trillion American Rescue Plan Act (ARPA) on March 11. While the new law is best known for the provisions providing relief to individuals, there are also several tax breaks and financial benefits for businesses. Here are some of the business tax highlights of ARPA. The Employee Retention Credit (ERC) This valuable tax credit is extended from June 30 until December 31, 2021.
During a recent Vistage Executive Summit, a few points stood out to us when it came to positioning your business to stay ahead of the curve in 2021, and years to come. Alex Chausovsky of ITR Economics gave us the breakdown of some of these important points below.
Now that tax season is in full swing for many practitioners, you may find yourself questioning if this is the right time to break off and explore starting your own CPA firm. In this next chapter of Small Talk with Heather Walker , I am once again joined by Linda Forde, CPA and owner of The Forde Firm, and Nina Tross, Executive Director of the National Society of Tax Professionals (NSTP).
As businesses increasingly adopt automation, finance leaders must navigate the delicate balance between technology and human expertise. This webinar explores the critical role of human oversight in accounts payable (AP) automation and how a people-centric approach can drive better financial performance. Join us for an insightful discussion on how integrating human expertise into automated workflows enhances decision-making, reduces fraud risks, strengthens vendor relationships, and accelerates R
Fraud perpetrators are constantly altering their methods to evade detection. Nimble cybercriminals, for example, are why IT security companies update their software so frequently. The use of deepfakes (a word derived from “deep learning” and “fake”) is one of the latest threats to emerge. Deepfakes are enabled by artificial intelligence (AI) and they’re something your company needs to have on its radar because if you haven’t seen a deepfake yet, you will.
When you’ve got a problem in QuickBooks Online, the ‘easy fix’ is making a journal entry…right? As an accounting professional, you may have been trained to use journal entries liberally (I know I was), but in QBO there are some situations where journal entries help, and some where they can really mess up the books ! The key is knowing which is which and what goes on inside QBO when you create journal entries to make corrections.
Update- California PPP Tax Conformity Although it is no secret that California has yet to release information on whether or not it will partially conform state tax code to the current federal tax rules regarding forgiven Paycheck Protection Program (PPP) loans, CalCPA has shared why the delay is taking place. California’s governor and legislation were ready to legislatively conform to federal PPP.
Based off SkyStem's popular e-Book, the book of secrets to the month-end close will be revealed in this one-hour webinar. Learn leading practices when it comes to building a strong and sustainable month-end close that has room to grow and evolve. Learn about the power of precise estimates, why reconciliations are critical to closing the books, how and when to automate, and how the chart of accounts play into your close process.
Let’s face it: Health insurance is expensive. The average employer health insurance premium contribution—per employee—is nearly $6,000 (single) and nearly $15,000 (family) annually. It’s natural to weigh your options, but skipping the benefit altogether? Nearly 90% of employees value health insurance. And with 69% of private industry workers having access to medical benefits, you could […] READ MORE.
The American Rescue Plan Act, signed into law on March 11, provides a variety of tax and financial relief to help mitigate the effects of the COVID-19 pandemic. Among the many initiatives are direct payments that will be made to eligible individuals. And parents under certain income thresholds will also receive additional payments in the coming months through a greatly revised Child Tax Credit.
If you own or manage a business, you have to decide whether it is better to outsource your accounting projects or handle them in-house. Though handling accounting projects in-house with your own employees certainly has its benefits, there are more advantages to outsourcing the work to a group of accounting specialists. Chief amongst the reasons to outsource is the team approach implemented by an entire group of professional accounting specialists.
Strategies and tips to help you prepare for the next tax season. This past tax season was one for the record books. Tax professionals strove valiantly to match pace with constant business and regulatory changes while adopting new remote work and collaboration processes on the fly. Now that you’ve successfully closed the books on a difficult tax year, it’s time to prepare for the next tax season and a successful year-end close.
AI is reshaping industries, yet finance remains one of the slowest adopters. Concerns over compliance, legacy systems, and data silos have made finance teams hesitant to embrace AI-driven transformation. But delaying adoption isn’t just about efficiency—it’s about staying competitive in a rapidly evolving landscape. How can finance leaders overcome these challenges and start leveraging AI effectively?
5 min read. As your business grows, you inevitably have more fires to put out, issues to deal with. One of the worst is when you have cash flow or other financial problems. There’s a few reasons why that happens, but one thing we see so very often is the unfortunate effect of having an inefficient back office.
QuickBooks isn’t the latest and greatest accounting software yet it is certainly useful. Countless businesses use QuickBooks at their offices, meaning job-seekers and those looking to advance their career should have in-depth knowledge of this important computing tool. Take full advantage of QuickBooks and you will find it helps your business in several important ways.
April 15, Tax Day in the U.S., is just around the bend. So, I thought you might need a reminder about how The Coronavirus Aid, Relief, and Economic Security (CARES) Act changed the charitable deduction rules. Don’t worry! You’ll probably like these changes. Changes for 2020 charitable deduction rules that won’t last forever. The CARES Act changed charitable deductions in 2020, anticipating a decline in revenues for philanthropic organizations.
Is your tech stack working for you—or are you working for it ? 🤖 In today’s world of automation and AI, technology should simplify workflows—not add complexity. Seamless integration and interconnectivity are key to maximizing productivity, optimizing workflows, and improving collaboration. Join expert Joe Wroblewski for a practical and insightful session on how you can build a smarter, more connected tech stack that drives efficiency and long-term success!
I organized many of my Non Business blogs into a file that I could send you.should you want it. These have been posted since February 2012 and cover the following topics with the number of blogs in that section.
8 min read. “ Who are my most profitable clients? “Am I pricing my jobs right? ” “ Why am I losing money on some jobs?”. Sound familiar? If you don’t know the answer to those questions, it’s important you take time to really understand job costing.
A notable takeaway from the Vistage Executive Summit in Boise, ID comes from guest speaker Joe Galvin, Chief Research Officer of Vistage Worldwide, Inc. Joe discussed how technology is one of the top areas CEOs will look towards for investments throughout 2021. The TOP Strategy provides some guidance to how these investments will be made.
Bookkeepers and bookkeeping services can be a small business owner’s best investment. Bookkeepers save small businesses money by keeping their books in order and providing accurate financial reports – giving the small business owner more time to do what they do best. . Bookkeepers handle a wide range of duties, including recording financial transactions, maintaining accurate records, and balancing the books of a business.
Finance isn’t just about the numbers. It’s about the people behind them. In a world of constant disruption, resilient finance teams aren’t just operationally efficient. They are adaptable, engaged, and deeply connected to a strong organizational culture. Success lies at the intersection of people, culture, adaptability, and resilience. Finance leaders who master this balance will build teams that thrive through uncertainty and drive long-term business impact.
As an accounting firm, we get asked all the time. “What should my business entity be? I heard that I should have an LLC.” Well, the truth is, sometimes you need an LLC, and guys, sometimes you don’t. So in this post, we want to set the record straight, eliminate the confusion, and breakdown who needs an LLC and who doesn’t. Let’s get into it!
With Xendoo’s bookkeeping services you can easily find the plan you need and work with our expert financial team to gain insight and make smart business decisions. Xendoo doesn’t use its own proprietary software, but instead, we partner with Quickbooks Online and Xero, so your books are yours throughout any changes and transitions. Your books are up to date with your dedicated financial team, financial insight is at your fingertips, and you are always tax-ready.
Is your finance team bogged down by endless data requests and disorganized spreadsheets during the month-end close? It’s time to consider a better option – automate with ART! SkyStem’s solution works alongside your ERP to transform the close and account reconciliation process and speed up month-end work. Explore SkyStem’s ART - the award-winning account reconciliation automation platform - and receive a $100 Amazon gift card as a thank you for your time.
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