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Small Business

The President’s action to defer payroll taxes: What does it mean for your business?

(CARES ACT), COVID-19, Employees, Payroll Tax, Small Business, Social Security, Tax, U.S. Treasury Department /

On August 8, President Trump signed four executive actions, including a Presidential Memorandum to defer the employee’s portion of Social Security taxes for some people. These actions were taken in an effort to offer more relief due to the COVID-19 pandemic. The action only defers the taxes, which means they’ll have to be paid in […]

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5 common accounting software mistakes to avoid

Accounting, Small Business, Software /

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: 1. Relying on a generic solution. Some companies rush into buying an accounting system without

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The possible tax consequences of PPP loans

(CARES ACT), COVID-19, Income Tax, Internal Revenue Service (IRS), Paycheck Protection Program, Small Business, Small Businesses Administration /

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 (CARES) Act, which was enacted on March 27, 2020, is designed to provide financial assistance

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Thoughtful onboarding is more important than ever

Employees, Human Resources, Small Business /

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 anxious environment of safety concerns and compliance challenges.   Crucial opportunity  Onboarding refers to “[a formal]

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Strengthen your supply chain with constant risk awareness

Small Business, Supply Chains /

When the COVID-19 crisis exploded in March, among the many concerns was the state of the nation’s supply chains. Business owners are no strangers to such worry. It’s long been known that, if too much of a company’s supply chain is concentrated (that is, dependent) on one thing, that business is in danger. The pandemic

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Does your business have a unique selling proposition?

Marketing, Small Business, Unique Selling Proposition (USP) /

Many business owners — particularly those who own smaller companies — spend so much time trying to eliminate weaknesses that they never fully capitalize on their strengths. One way to do so is to identify and explicate your unique selling proposition (USP). Give it some thought In a nutshell, a USP states why customers should

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Reopening concepts: What business owners should consider

COVID-19, Employees, Small Business, Strategic Business Planning /

A widely circulated article about the COVID-19 pandemic, written by author Tomas Pueyo in March, described efforts to cope with the crisis as “the hammer and the dance.” The hammer was the abrupt shutdown of most businesses and institutions; the dance is the slow reopening of them — figuratively tiptoeing out to see whether day-to-day

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Even if no money changes hands, bartering is a taxable transaction

Bartering, Form 1099-B, Small Business, Tax /

During the COVID-19 pandemic, many small businesses are strapped for cash. They may find it beneficial to barter for goods and services instead of paying cash for them. If your business gets involved in bartering, remember that the fair market value of goods that you receive in bartering is taxable income. And if you exchange

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6 key IT questions to ask in the new normal

Information Technology (IT), Small Business /

The sudden shutdown of the economy in March because of the COVID-19 pandemic forced many businesses to rely more heavily on technology. Some companies fared better than others. Many businesses that had been taking an informal approach to IT strategy discovered their systems weren’t as robust and scalable as they’d hoped. Some may have lost

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