While owning, operating, and overseeing a small business can be challenging in many aspects, financial management is often uniquely complex. Despite how a basic understanding of financial management and bookkeeping may bring an entrepreneur through the first stages of business development, over time you will need a more comprehensive understanding. Are you looking for a […]

For the upcoming tax season, I bet the search term that gets the most traffic will be “home office tax breaks.” Who qualifies and what is deductible gets confusing in any year, and I’m guessing the pandemic is only making it worse. Let’s sort through the issues. Sorry, W2s. Still no-go. First, let’s address the […]

Whilst this has been a tough year for many businesses there are some people who decided that this year was as good a time as any to set up a business.  Some people will have found the time to think and plan what they really want to do whilst they had more time on their […]

The IRS issued final regulations implementing changes to Sec. 274 that disallow a deduction for the expense of any Sec. 132(f) qualified transportation fringe (QTF) provided to an employee, effective for amounts paid or incurred after Dec. 31, 2017 (T.D. 9939). The changes were enacted in the law known as the Tax Cuts and Jobs […]

The IRS issued final regulations implementing changes to Sec. 274 that disallow a deduction for the expense of any Sec. 132(f) qualified transportation fringe (QTF) provided to an employee, effective for amounts paid or incurred after Dec. 31, 2017 (T.D. 9939). The changes were enacted in the law known as the Tax Cuts and Jobs […]

Over the 14 years I have owned a bookkeeping service you can imagine that I’ve seen a lot of different sets of books; the good, the bad, and the incredibly ugly. To be honest, more often than not the books are pretty bad. It’s little things here and there, that just compound to make up […]

News Procedure & Administration By Alistair M. Nevius, J.D. During a busy and historic year — with a global pandemic, disruptions to the economy, and postponements of normal tax deadlines — practitioners may have missed that many tax provisions are scheduled to expire at the end of the year. And while the annual expiration of […]

In T.D. 9937, the IRS finalized proposed rules addressing the amendments to Sec. 401(c) by Section 13613 of the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, which provides an extended rollover period for a qualified plan loan offset. The final regulations adopt the proposed regulations issued in August (REG-116475-19) with […]

Businesses who deferred their VAT payment which was due to be paid between 20 March and 30 June now have 3 options for payment. 1. You can pay the deferred amount in full by 31 March 2021 2. You can opt in to the VAT deferral payment scheme when it launches in early 2021 3. […]

How many ways can an accountant help your business? Most people automatically think of tax-related ways. What if I shared 17 reasons that will alleviate the stress of being the boss and managing your team? If you’ve been reluctant to work with an accountant before, perhaps this list will make you reconsider. When you’re just […]