As it has been stated broadly, the Tax Cut and Jobs Act of 2017 (TCJA) was the largest overhaul of the U.S. tax code in more than 30 years, changing many deductions and adding some complexity to the treatment of business meals and entertainment expenses. Due to this...
Here are two business truths: (1) Every business needs to manage cash, pay its employees, keep its financial records, pay its bills and process its taxes; and (2) Every business needs to have someone who will handle all the critical accounting functions. The...
You’ve probably heard this statement written by Benjamin Franklin in 1789: “In this world, nothing can be said to be certain, except death and taxes.” Well, even taxes aren’t totally certain because Congress changes the tax code periodically....
Ed Koch, the outspoken former mayor of New York, reportedly walked the streets of the city asking, “How am I doing?” As a business owner, you want the same kind of insights for your enterprise: “How is my business doing?” The Income Statement...
One word that might strike fear into the heart of a business owner: “audit.” But, don’t run screaming from the room. There are several types of audits and they should not be feared, including the IRS-conducted business audit. Both the benefit...
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