Penalty Relief for Taxpayers Filing 2019, 2020 Returns

The IRS is providing penalty relief to certain taxpayers who filed their 2019 and/or 2020 tax returns late. The penalty relief also extends to certain domestic and international information return filers. Under  Notice 2022-36 released by the IRS, the Internal Revenue Service is providing penalty relief to most individual and business taxpayers who filed their […]

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Adjusting OKRs and KPIs for the next new normal

In every business, metrics and analytics are claiming center stage. Sales, marketing, performance and productivity are all measured through your Objectives and Key Results and your Key Performance Indicators. Keep in mind that OKRs and KPIs are not the same thing. OKRs are a framework for setting measurable goals for performance. KPIs are used to assess […]

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You Need Accurate Monthly Financials

Monthly financial reporting helps owners, managers and potential lenders get a better understanding of a company’s current and future financial status. You can see financial trends when you examine daily, weekly and monthly financial reports. You’ll be able to manage long-term profitability by improving internal business performance while staying updated on significant progress or changes […]

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Is This Your Situation: You’re Spending Too Much on Bookkeeping

Wondering what your options are to reduce spending and increase income? Here are some tips: Organizing your finances is the foundation for financial success. Receipts scattered? Can’t keep up with payments that are due? Missed payments result in late fees and interest charges, and all those do are increase the overall amount to be paid […]

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Do You Need an Economic Injury Disaster Loan?

Even before the pandemic, the Small Business Administration offered Economic Injury Disaster Loans for “losses not covered by insurance or funding from the Federal Emergency Management Agency (FEMA) for both personal and business” expenses and for “business operating expenses that could have been met had the disaster not occurred.” The SBA has also been offering […]

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Repaying Deferred Payroll Taxes

IRS Notice 2020-65 allowed employers to defer withholding and payment of the employee’s Social Security taxes. This deferral applied to those with less than $4,000 in wages every two weeks, or an equivalent amount for other pay periods. It was optional for most employers, although mandatory for federal employees and military service members. It’s time […]

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Can the COVID-19 Vaccine Be Mandatory

As COVID-19 vaccines become available, employers may require vaccines before employees return to the worksite if the employer believes that failure to be vaccinated constitutes a direct threat to other employees. Employees wonder whether they’ll be required to get a COVID-19 vaccination if they want to keep their jobs. Basically, employers can set working conditions, […]

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2020 Year End Tax Planning for Individuals, Businesses & Business Owners

Year-end planning for 2020 takes place during the COVID-19 pandemic, which in addition to its devastating health and mortality impact has widely affected personal and business finances. New tax rules have been enacted to help mitigate the financial impact of the disease, some of which should be considered as part of this years’ planning, most […]

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By the Numbers: The Key Adjustments for 2021

What will 2021 bring us? After a year of turmoil and surprises, no one has a clear crystal ball. But there are some certainties, and one is that the federal government is changing a variety of number affecting the finances of businesses and individuals. First, any individual or business that received government funds this year […]

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Understanding Sales Tax

Sales tax is inherent in almost all small businesses. No matter how remote or small your business, you are liable for collecting sales tax within your footprint. Until recently, it had long been the rule that states cannot collect sales tax from vendors that sell products in their state, unless the vendor had a physical […]

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