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…
One Reason to File Your 2020 Tax Return Early
Lots of Reasons to File Early – Here are Some of Them The IRS announced it is opening the 2020 individual income tax return filing season on February 12. (This…
Corporation choice: Should you convert from a C to an S?
Should you convert from a C to an S corporation? The best choice of entity can affect your business in several ways, including the amount of your tax bill. In…
401(k) Plan: Maximize it to Save for Retirement
Your 401(k) and Your Retirement Contributing to a tax-advantaged retirement plan can help you reduce taxes and save for retirement. If your employer offers a 401(k) or Roth 401(k) plan,…
Small businesses: Cash in on depreciation tax savers
Depreciation for Your Business As we approach the end of the year, it’s a good time to think about whether your business needs to buy business equipment and other depreciable…
Inventory Management is Especially Important This Year
The importance of sound inventory management As year-end draws near, many businesses will be not only be generating their fourth quarter financial statements. But also looking back on the entire…
Risk Management and Your Business
How effectively does your business manage risk? From natural disasters and government shutdowns to cyberattacks and fraud. Risks abound in today’s volatile, uncertain marketplace. While some level of risk is…
Remote Audit in the Age of COVID-19
Preparing for the possibility of a remote audit This audit season might be much different than seasons of yore. As many companies continue to operate remotely during the COVID-19 pandemic,…
Your Disaster Response Plan in 2020
Reviewing your disaster response plan in a tumultuous year It’s been a year like no other. The sudden impact of the COVID-19 pandemic in March forced every business owner —…
Nonfinancial Assets: Gifts in kind
Nonfinancial assets, new reporting requirements for nonprofits On September 17, the Financial Accounting Standards Board (FASB) issued an accounting rule that will provide more detailed information about nonfinancial assets. Or…