In the time of Covid-19 and the resulting economic downturn, it’s more important than ever to engage with Business Continuity and develop a comprehensive plan that accurately reflects the challenges your business could face. The ultimate goal of Business Continuity is to enable an organization to resume normal operations as quickly as possible following a disaster…
4 Accounting Tips for Real Estate Agents
Successfully managing bookkeeping and accounting as a real estate agent is a crucial part of keeping your business profitable. Whether you’re an independent contractor as part of a large brokerage or an independent, streamlining your monthly workflow is important so that you can manage your time, track large payments and expenses, and prepare to meet your tax obligations…
New PPP Loan Forgiveness Application as of June 17, 2020
Changes to PPP Loan Forgiveness Requirements
On June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act of 2020. The Act was the result of roadblocks faced by borrowers as they attempted to comply with the requirements of the program while also navigating a new, challenging business environment and the reality of the “new normal”….
COVID-19 Legislation for Individuals and Businesses: A Toolkit
A COVID-19 Update as of 3/27/2020
Legal and Regulatory Requirements of Running a Business
There are many decisions to make and tasks to complete when you start your own business. From dreaming up your long term goals to making your first official sale, there are many fine details in between. You’ll need to create a business plan, choose a business entity, and make sure you adhere to the legal and regulatory requirements associated with your new responsibilities….
How to Structure Your Business
When you’re ready to make the important transition from self-employed entrepreneur to a full-fledged business owner, it’s crucial that you choose a business structure that serves you and your business goals. There are four main types of business structures to choose from, including a sole proprietorship, partnership, limited liability company (LLC), and corporation. Each business structure offers its own set of benefits and limitations, but choosing one will allow you to assign a blueprint to your new venture….
Standard vs. Itemized Deductions: What's the Best Tax Strategy?
With tax season quickly approaching, it’s a great time to take a look at your projected tax return and decide on a tax strategy that fits your personal situation. Choosing the right deductions is one way taxpayers can plan for their federal income tax liability to reduce taxable income and, potentially, achieve a larger return…
What is Cost Accounting and Why Does It Matter?
At its core, cost accounting takes a granular look at the fixed and variable expenses that are unique to a specific business. These expenses are compared to production rates and associated profit margins in order to provide management with options when it comes to product opportunities, employee productivity, divisions of labor, and the overall effectiveness of operations and tasks…