One of the most popular business structures is the S corporation because of its liability protection and tax benefits. Could it work for you?
Blog
Dashboard software helps you keep your eyes on the prize
August 15th, 2019 by Douglas Freeman
Posted in Artificial Intelligence (AI), Key Performance Indicator (KPIs), Small Business
Tags: Business Dashboard, Cloud Based
A “business dashboard” is a type of software that allows you to create a customized view of your chosen KPIs in the form of pie charts, bar graphs, and other graphic elements.
“Innocent spouses” may get relief from tax liability
August 13th, 2019 by Douglas Freeman
Posted in Civil Fraud, Federal Income Tax, Federal Income Tax Filing, Income Tax, Individual Income Tax, Internal Revenue Service, IRS Audit, Tax, Tax Audits, Tax Deficiency
Tags: Innocent Spouse, Joint Tax Return, Jointly and Severely Liability, Limit Liability, Married Couple
When a married couple files a joint tax return, each spouse is liable for the full amount of tax on the couple’s combined income.
What to do if your business receives a “no-match” letter
August 12th, 2019 by Douglas Freeman
Posted in Documentation, Employees, No-Match Letters, Social Security
Tags: Form W2, Immigration, Social Security Number (SSN), Undocumented Workers
If you receive a no-match letter, check to see if your information matches the name and SSN on the employee’s Social Security card.
Is it time to hire a CFO or controller?
August 8th, 2019 by Douglas Freeman
Posted in Bookkeeping, CFO, Controller, Financial Statements
Tags: Acquisition, Cash Management Practices, Financial Oversight, Internal Control, Interpretation of Data, Operating Expenses, Tax and Cash Flow
If you spend the day managing your company’s finances instead of strategically running the business, a CFO or controller might be a good hire.
The tax implications of being a winner
August 7th, 2019 by Douglas Freeman
Posted in Deductions, Documentation, Doucment Retention, Federal Income Tax, Gambling Taxation, Income Tax, Individual Income Tax, Internal Revenue Service, Itemized Deduction, Tax, Tax Deduction, Tax Planning, Tax Record Retention
Tags: Estate Planning, Form 1040, Form W-2G, Lottery Winnings, Professional Gambler
You must report 100% of your winnings as taxable income. If you itemize deductions, you can deduct losses but only up to a certain amount.
The IRS is targeting business transactions in bitcoin and other virtual currencies
August 6th, 2019 by Douglas Freeman
Posted in Bitcoin, Federal Income Tax, Form 1099-Misc, Internal Revenue Service, Virtual Currency
Tags: Bitcoin Wallet, Goods & Services, Virtual, W-2, Wages
More businesses are accepting bitcoin and other virtual currency payments, and the IRS is taking notice
Taking a long-term approach to certain insurance documentation
August 1st, 2019 by Douglas Freeman
Posted in Employment Practices Liability Insurance (EPLI), Insurance, Occurrence-based Insurance, Small Business
Tags: Commercial auto, Commercial Crime & Theft, Document Retention, Embezzlement, General Liability, Insurance Policies, Umbrella liability
How long should I retain Insurance Documentation? Retain documents permanently (or as long as your business is operating)
Run your strategic-planning meetings like they really matter
July 31st, 2019 by Douglas Freeman
Posted in Small Business, Strategic Planning Meetings
Tags: Actionable Plans, Agenda, Strategic Goals
Many businesses struggle to turn abstract strategic planning ideas into concrete, actionable plans. Involve everyone in the agenda-setting process.
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