Hot Topics Blog
Our member accountants, tax specialists and practitioners are always looking for new ways to share their knowledge and help clients better understand the sometimes confusing world of small business finance.
Steps to Closing Your Business
Closing a business is never an easy decision, but the speed in which it can occur depends on your tactics. If you are a sole proprietor, you could close up shop without consulting any other parties. That’s not necessarily the wisest move, especially if you value your reputation both personally and professionally. Take the time to devise a closure plan that takes all aspects of the business into account. &nbs...More
Estimating Small Business Start-up Costs
No business ever starts with the problem of having too much money. Barring a lottery ticket win that spurs endless cash into a venture, most entrepreneurs take the leap into business ownership with a shoestring budget and gut determination. If you’ve ever sat down with a business advisor one of the first questions asked will be, “How much money do you have to start?” It’s a reasonable question that lea...More
Retirement Plannning for Small Business
Business owners, especially those born between 1946 and 1966, are at a higher risk of not saving for retirement. In fact, the 2016 Retirement Preparedness of the Boomer Generation by the Insured Retirement Institute showed that “American’s today are less prepared and less confident about their prospects for a comfortable retirement than ever before.” The issue isn’t a lack of wanting a retirement saving...More
New to Small Business?
If you started a new business in 2016, then April of 2017 is a first big milestone for your company. That’s the month when your first reported tax documentation is due to the IRS. Depending on your business type, you may be responsible for not only the business’ filings, but also other shareholders or partners involved in the enterprise. If you have employees, then you’ll have another layer of documentation such as W-2 ...More
Cash Flow Q&A for Start-ups
One of the most difficult balances to maintain in any business, but particularly small business, is the constant tug of war that happens between cash in and cash out. The nuances of how to keep enough cash on hand to pay expenses and cover the ebb and flow of sales seems more art than science. For small business start-ups who have little in the way of experience, and even less in savings and cash on hand, managing c...More
Tax Credits Just for Small Business
Tax credits are important for business. For each tax credit dollar, the tax payer will receive one dollar in tax reduction. There are certain tax credits earmarked specifically for small business use. Let’s review each one as well as the definition of small business as each credit may have different assumptions. 1. Research Credits – The IRS recently issued additional guidance (IR-2017-70, March 30, 2017...More
Your Computer has been Locked.
[av_textblock size='' font_color='' color=''] These dreadful words can mean not just a headache for your business, but thousands or even hundreds of thousands in order to retrieve your company’s most precious commodity, data. Ransomware attacks increased from one every two minutes to one every 40 seconds from January to September 2016 alone, says a report from security company, Kaspersky Lab. Further, the rese...More
What is PASBA?
PASBA stands for the Professional Association of Small Business Accountants. It was formerly known by the name of the National Association of Small Business Accountants. This organization was founded in 1982 with the idea of strategically organizing small business accountants and bookkeepers to operate in a more efficient manner. PASBA stands for the Professional Association of Small Business Accountants. It was formerly known ...More
Selecting the Right Accounting Firm
Owners of small businesses place much emphasis on fees when choosing their accounting firm. Fees are an important factor and need to be affordable. Often, however, business owners compare fees yet fail to scrutinize big picture issues such as: Qualifications, Expertise, Reputation, Reliability, Consulting and Communication Skills and Overall Performance.Like all businesses, professional firms develop a fee ...More
Why Do Businesses Fail?
Recent surveys show that the survival rate of new businesses average about 20% over a five-year period. In other words, if you start 100 new businesses today, 20 of them will still be in business five years from today. The other 80 will have gone out of business sometime during that five-year period. These are generally well-known statistics. What isn't as well known, however, is that of the 80% of new businesses that f...More