Category: Business Owners

Business Owners

How Can Individuals Prepare for the Start of Tax Season? by Rick D. Bazzani, CPA


Posted on January 16, 2020 by Rick Bazzani

The 2020 tax season officially begins on January 27, when the IRS will begin accepting and processing individuals’ electronically filed tax returns for 2019. With the federal filing deadline on Wednesday, April 15, taxpayers have just two-and-a-half months to gather important documents, meet with their tax advisors and pay any outstanding tax liabilities from 2019. […]

Strong Passwords, Two-Factor Authentication Are Critical to Identity-Theft Protection by Jeffrey M. Mutnik, CPA/PFS


Posted on January 14, 2020 by Jeffrey Mutnik

Two of the easiest steps you can take to protect yourself from identity theft, cyberthreats and loss of personal information and/or money is to 1) use strong passwords and 2) rely on multi-factor authentication when logging into their online accounts. With the start of the 2020 tax season and the proliferation of scams targeting taxpayers […]

Employers Face Looming Payroll-Tax Filing Deadline by Jack Winter, CPA/PFS, CFP


Posted on December 30, 2019 by Jack Winter

Businesses have until January 31, 2020, to file employee wage statements and non-employee compensation forms with the federal government for tax year 2019. Failure to correctly and timely file this information may result in penalties and back wages and back taxes. The Forms to File Employers must provide IRS Forms W-2, Wage and Tax Statement, […]

Businesses Can Simplify Expense Reporting with Affordable Mobile Apps by Debra Sears, CPA


Posted on December 27, 2019 by Debra Sears

Forward-thinking businesses are embracing technology and the convenience of mobile apps to improve the efficiency of routine administrative tasks, including expense reporting. Not much has changed over the past decade in the way in which employees submit expense reports. Workers are responsible for tracking their expenditures, recording them as line-items on Excel spreadsheets and saving […]

Costly Tax Errors for Owners of Small Businesses by Cherry Laufenberg, CPA


Posted on December 18, 2019 by Cherry Laufenberg

For many small business owners, taxes are a once-a-year chore that requires them to dig through files of paper and pull together all of the documents required by their tax preparers to file their annual returns. Truth be told, maintaining tax compliance and minimizing one’s annual tax bill is a year-round process that demands constant […]

Private Businesses Have More Time to Adopt New Accounting Standards for Leases, Credit Losses by Hector E. Aguililla, CPA


Posted on December 10, 2019 by Hector Aguililla

The Financial Accounting Standards Board (FASB) recently issued ASU 2019-10, extending the deadline for privately held businesses and not-for-profit organizations to comply with new accounting standards for recognizing leases and credit losses. Both standards were introduced in 2016 in an effort to improve financial reporting transparency and to provide readers of financial statements with a […]

Numbers Taxpayers Need to Know for 2020 by Jeffrey M. Mutnik, CPA/PFS


Posted on December 03, 2019 by Jeffrey Mutnik

The IRS recently announced the annual inflation adjustments to various provisions of the tax code for 2020. Taxpayers should consider these changes very carefully as they plan for tax efficiency in 2020 and when they prepare to file their 2020 tax returns in 2021. It is also for taxpayers to keep in mind that these […]

Florida Again Reduces State Sales Tax on Commercial Real Estate Leases in 2020 by Karen A. Lake, CPA, CFST


Posted on November 12, 2019 by Karen Lake

The Florida legislature recently voted to again reduce the sales tax that commercial real estate owners charge and receive from tenants to 5.5 percent in 2020 from its current rate of 5.7 percent. Real property rentals subject to the reduced rate include commercial office space, retail, warehouses and certain self-storage units, excluding storage for motor […]