All small business owners should have a set of books that record the business’s financial position, operating results, and cash inflows/outflows. For very small and extremely simple businesses, a spreadsheet might work. However, for the overwhelming majority of my small business clients (especially those organized as LLC’s and corporations) a spreadsheet will not cut it…. [Read More].
In the past two or three years (which interestingly coincides with the Covid pandemic), I have received more frequent inquiries from clients seeking legal and tax advice regarding problematic situations among owners of multi-member LLCs. Though the specifics of these scenarios differ greatly, typically a well-drafted operating agreement could have prevented much of the dissatisfaction… [Read More].
Because the vast majority of small businesses operate on the cash basis of accounting (meaning that expenses are deducted when paid), it can be critical from a tax standpoint whether a transaction occurs on December 31 versus January 1. Generally, a transaction that occurs on December 31 (i.e. before the calendar year closes) is reportable… [Read More].
Summer is the most common season for relocation. Given the prevalence of interstate moves in recent years, many small business owners are curious about some of the impacts that moving to a new state can have on a small business that they own. I have received several requests for consultations on this topic recently and… [Read More].
Year-end can be one of the most stressful times of year for small business owners. Most people experience some amount of stress during the holiday season, but for small business owners, there are additional bookkeeping, accounting, and tax planning concerns. Much of this stress is caused by the fact that options decrease when the year… [Read More].
Most small businesses require the services of more than one person to operate effectively. Even sole proprietors may need support from a virtual assistant, a webmaster, an accountant, or an attorney to help the business thrive. However, in some cases, a business owner may seek outside services on an ongoing basis, from these or other… [Read More].
Small business owners may not know that fall is a pivotal season in which several tax considerations need to be made. Here are some questions that small business owners should consider now that we are beyond Labor Day and the end of the year is approaching. Did You File Your Taxes? While the typical income… [Read More].
Let’s be honest—most taxpayers do not want to pay higher taxes. However, recent polls show that Americans want the government to do more, such as implementing long-overdue improvements to infrastructure (i.e., roads, bridges, and water systems), providing a living wage to federal employees/contractors, improving our immigration process, establishing better security at our borders, and ensuring… [Read More].
We are now officially one year into the Covid-19 pandemic, as declared by the World Health Organization on March 11, 2020. As tragic as this pandemic has been (and continues to be), as a CPA and Attorney for small business clients, this period has been one of the most interesting and enlightening of my career…. [Read More].