Most people know that CPAs are known for helping people prepare and file taxes. Small business owners who work with CPA firms probably also know that CPAs are in a great position to help with bookkeeping and accounting as well. If you’re new to business (or have...
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The New Stimulus Bill And You—Here’s What You Need To Know
On Sunday evening, President Donald Trump unexpectedly signed the $900+ billion stimulus bill that renews benefits that were already starting to expire. The new law also sends a second stimulus check for up to $600 to qualifying adults and their dependent children...
Changes to the Payroll Protection Program (PPP)
On Friday, June 5, 2020, President Trump signed into law changes to the CARES Act, specifically, the PPP. These changes could make loan forgiveness more attainable for certain business owners. Here are the highlights Borrowers can extend the eight week...
3 Important Record Types You Need to Secure PPP Loan Forgiveness
The Payroll Protection Program (PPP) brought great relief to many American workers and small business owners when it was passed last month. Millions of people have been benefiting from the program and will continue to over the coming months. But did you know...
Payroll Protection Program—What Strings Are Attached?
In the midst of the economic shutdown brought about by the pandemic of COVID-19, small businesses got some good news in the form of the Payroll Protection Program (PPP). According to U.S. Treasury, the PPP initially authorized “up to $349 billion in forgivable...
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How to Prep For A Business Audit (And Streamline Your Company)
The mere mention of the word “audit” is enough to cause some business owners to break into a cold sweat. They’ve either been through one before and it wasn’t a pleasant experience or they know that their records are in such a mess that they aren’t prepared for one.In...
Understanding The Basics of Inventory Accounting (A Guide For Small Business)
The goal of any business is to make a profit…usually, as much as possible. To do that, you have to generate revenue. And to do that, you have to move some inventory. This post will help you understand how your inventory accounting impacts your business so you can...
Unraveling Nonprofit Financial Statements To Help Your Organization Do Even More Good
When you run a nonprofit, you have to make every dollar count. Nonprofit financial statements help you stay on top of your income and expenses in a way that shows how you are responsibly using donors’ money. In this post, we’ll unpack what makes nonprofit financial...
The Minumum Acreage For Farm Tax Purposes (And Other Ways To Know If You’re Running A Real Farm)
Do you know the minimum acreage for farm tax purposes? Or what it takes to really be considered a “farm” in the eyes of the government? If you’re not sure, this post is for you. Minimum Acreage For Farm Tax Purposes We recently did a post on “How to Qualify for Farm...
Understanding The New Corporate Transparency Act (And What You Need To Do About It)
The U.S. government has passed legislation that now affects millions of businesses nationwide. If you own a small company, you need to know all about it since failure to comply can result in significant fines and penalties including imprisonment. Effective January 1...