Looking into affordable video chat and voice calling options for your small business? Here are the alternatives for online meetings. These four popular, user-friendly alternatives to Skype will help you connect seamlessly with team members, colleagues, and customers. Read on for a breakdown of each app’s features to decide on the best fit for […]
Difference between Bookkeepers and Accountants
There is often a misconception that bookkeeping and accounting are the same thing. While they both work to assist you with your finances, there are some important distinctions between the tasks of a bookkeeper and an accountant. From the outset, it is important to understand that both bookkeepers and accountants are integral parts of your […]
Remote Coaching for Accounting and Bookkeeping Tasks: Top 5 Benefits
Business owners consistently fight for increased efficiency and profitability when delegating business tasks. At times, personally taking on a task is the most effective option. Other times, outsourcing is the answer. Choosing between both paths is always a cause for deliberation. When should a small business owner pursue a remote, outsourced solution to a task […]
IRS provides details on April 15 postponement
On Monday, the IRS issued guidance with details on its postponement of the April 15 tax deadline for individuals (Notice 2021-21). The IRS had announced in a news release on March 17 that it was delaying the April 15 deadline for individuals until May 17, 2021. Monday’s notice clarifies and adds details about the postponement. […]
IRS Will Audit More Small Businesses this Year
Yes, it’s true. The IRS plans to increase its audits of smaller businesses and their investors. And yes, the audits come on top of a year of pandemic-related tax changes. My advice: instead of panicking, put a solid plan in place to eliminate mistakes and be prepared for a review. Who is targeted? The expected surge […]
Amounts paid for personal protective equipment qualify for medical deduction
News Expenses & Deductions By Sally P. Schreiber, J.D. The IRS said on Friday that amounts paid for personal protective equipment (PPE), including masks, hand sanitizer, and sanitizing wipes, for the primary purpose of preventing the spread of COVID-19 can be treated as amounts paid for medical care under Sec. 213(d) (Announcement 2021-7). As a […]
Using journal entries in a QBO cleanup without messing up the books
When you’ve got a problem in QuickBooks Online, the ‘easy fix’ is making a journal entry…right? As an accounting professional, you may have been trained to use journal entries liberally (I know I was), but in QBO there are some situations where journal entries help, and some where they can really mess up the books! […]
Tax filing postponement doesn’t go far enough, AICPA says
The AICPA welcomed the IRS’s postponement of the April 15 income tax filing and payment deadline to May 17 but said the measure falls far short of needed taxpayer relief. After IRS Commissioner Charles Rettig, in a congressional hearing Thursday, sought to justify the Service’s limited postponement, AICPA President and CEO Barry Melancon pushed back, […]
Tax filing postponement doesn’t go far enough, AICPA says
The AICPA welcomed the IRS’s postponement of the April 15 income tax filing and payment deadline to May 17 but said the measure falls far short of needed taxpayer relief. After IRS Commissioner Charles Rettig, in a congressional hearing Thursday, sought to justify the Service’s limited postponement, AICPA President and CEO Barry Melancon pushed back, […]
Loss of a Job: How to Survive the Emotional and Financial Devastation
The loss of a job is one of the most devastating things a person can go through. The results of a job loss can be long lasting and the implications go far beyond the financial. While losing your job will most likely put your financial life at risk, the emotional consequences can be just as […]