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.
Review Your Healthcare Options – Now.
There are over 27 million self-employed entrepreneurs and micro-businesses in the United States. If your small business is anything like the other 27 million, you're probably struggling with the constant upheaval in the health insurance market. Now is the time to review your small business health insurance. What should you be looking for in small business healthcare coverage? If you are insuring your...More
Profit versus Cash Flow
Every small business financial advisor has heard it before, “If my business is profitable why don’t I have any money?” The way cash flows in and out of your business is a lynchpin for understanding business finance. There is also a huge difference between making money and managing it. So often entrepreneurs start a business because they love creating a new widget, or offering a leading-edge service, but they have lit...More
IRS Tax Notices Explained
You filed your taxes, processed all of your W-2s and 1099-Cs and think your federal reporting is in great shape – until you receive the dreaded IRS tax letter. Your stomach knots, your mouth goes dry and suddenly a clammy panic takes hold. “Be calm!” says Appletree Business Services owner Steven Feinberg, CPA. “There are all kinds of notices and letters the IRS can send, so take a deep breath and review the letter c...More
Generational Shifts in the Workplace
Baby Boomers are delaying retirement and continuing to stay in the workforce. This trend in postponed retirement can have substantial impact on other generations within the workforce seeking advancement and career changes. According to the ADP Workforce Vitality Report released in June 2017, "[the boomer] age group experienced 4.8 percent job growth during the first quarter of 2017, more than any other ag...More
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