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ATTENTION S CORP SHAREHOLDERS!! Anyone remember when the Tax Cuts and Jobs Act(TCJA) was first enacted? Or, even know what it is, lol? If you don't remember, it was the biggest rewrite of the tax code in decades. One of the fallouts from the TCJA is the increased scrutiny by the IRS of S Corporations and their shareholders. The IRS has been especially interested in several tax liability issues regarding distributions, officer loan rep...
Small businesses are constantly concerned with cash flow. One of the areas that can have a negative impact on your cash flow, is undermanaging the seemingly “little” expenses. Here are some areas you should keep an eye on throughout the year. Although it may seem like pennies on the dollar, saving on these expenses can make a difference in how successful your year is. Credit Card Fees Have you reviewed what you are paying in c...
A Beginner's Guide to Bookkeeping No one enjoys bookkeeping. Unless you are an accountant. There’s nothing better than shouting, “I’m in balance!” after doing a bank reconciliation. But I digress. Although bookkeeping may be about as fun as a root canal, as a small business owner, one of your essential jobs is learning to keep accurate books. If you want to have a successful business, having your books in order is a must. In...
Are you confused about what rules currently apply to meals and entertainment expenses? I don't blame you. The tax treatment of these business-related expenses has had shifting requirements over the last few years. The Consolidated Appropriations Act(CAA), which became law at the end of last year, included a taxpayer-friendly change in these requirements. The law stated that you can write off 100% of the cost of business-related food a...
The Relief Act of 2021 As we told you in our last blog, Governor Hogan recently signed the bipartisan RELIEF Act of 2021, which will provide more than $1 billion in tax relief and economic stimulus funds to Maryland residents, small businesses, and unemployed workers. We talked about how the Act will help small businesses by allowing them to keep the sales tax they collect during March, April, and May - up to $3000 per month. In additio...
ATTENTION S CORP SHAREHOLDERS!! Anyone remember wh...
Small businesses are constantly concerned with cas...
A Beginner's Guide to Bookkeeping No one enjoys bo...
Are you confused about what rules currently apply ...
The Relief Act of 2021 As we told you in our last ...