Home Business? Qualify for Deductions!
If you run a business from home, you could qualify for home office deductions During the COVID-19 pandemic, many people are working from home. If you’re self-employed and run your…
Restricted Cash: How Transparent are You?
Restricted Cash Reporting Restricted cash on your company’s financial statements should be transparent. Are your reporting practices in compliance with the current accounting guidance? The basics Restricted cash is a…
Donations in 2020? Do you have substantiation?
Did you make donations in 2020? There’s still time to get substantiation. If you’re like many Americans, letters from your favorite charities may be appearing in your mailbox acknowledging your…
Restructuring your Company Debt
Restructuring Debt. Should my distressed company consider it? Many businesses have experienced severe cash flow problems during the COVID-19 pandemic. As a result, some may have delayed or missed loan…
Footnote disclosures: The story behind the numbers
Footnote disclosures basics The footnotes to your company’s financial statements give investors and lenders insight into account balances, accounting practices and potential risk factors — knowledge that’s vital to making…
2021 Individual Taxes: Answers to Your Questions
2021 individual taxes: Answers to your questions about limits Many people are more concerned about their 2020 tax bills right now than they are about their 2021 tax situations. That’s…
Tax Credit for Buying an Electric Vehicle
Tax Credit and No Gasoline Although electric vehicles (or EVs) are a small percentage of the cars on the road today. They’re increasing in popularity all the time. And if…
1099-NEC is New and Revised 1099-MISC
New and revised 1099 Forms are due to recipients soon There’s a new IRS Form 1099-NEC for business taxpayers that pay or receive certain types of non-employee compensation and it…