Tax/Accounting

Consultant’s Corner: Hiring Your First Employee

Updated January 2020 Question: I’m growing and am thinking about hiring my first employee. What should I do? When growing a business, entrepreneurs typically reach a point in the process where they must consider the prospect of adding staff. There are several important things to consider when hiring employees, which include: labor laws, compensation structure,…

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Are You Limiting Your Unemployment Tax Exposure?

State unemployment taxes are a little different from other taxes, in that businesses can take specific steps to limit their exposure. With proper research and preparation, a business can save substantial amounts of money. It’s important to understand your responsibilities, the obligations you have to government requests, and the actions you can take to put…

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Correcting Prior Year Tax Mistakes

Situation #1: You’re preparing your income tax return for the current year and notice that you forgot to claim a large charitable contribution. Situation #2: You prepared your tax return and filed it on time, then you receive a corrected Schedule K-1 from an LLC in which you are a member. What to do: In…

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2020 Trends in Accounting

2020 is almost here—what should you be looking for in the new year as a business owner? There are always new trends and innovations going on in every part of business, and accounting is no different. So what kinds of trends are likely to impact the accounting world in the next year? We’ve got a…

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Small Business Mythbusters: The Final Paycheck

Myth: All employers must provide final pay to employees on their last day on the job. Some business owners are required to provide a final paycheck on an employee’s last day with the company. Whether that is true depends on the state in which your employee is working. Under federal law, a final paycheck must…

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What_is_Involved_in_Forming_a_Non_Profit

What is Involved in Forming a Non-Profit Company?

If you’re looking to form a non-profit corporation, there are several important steps for you to follow. Incorporating a non-profit corporation is often similar to a for-profit corporation, but there are some differences to be aware of. Here are some general guidelines for incorporating a non-profit. Pre-Incorporation Matters Prior to incorporation, you should have a…

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Business_Entity_Selection

Consultant’s Corner: Business Entity Selection

Question: “How should I go about choosing a business entity type?” Many small businesses are structured as unincorporated sole proprietorships and General Partnerships due to their formation and maintenance simplicity and costs; however, the primary disadvantage with a sole proprietorship or General Partnership is that it is not a separate legal entity, even when it…

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Small Business Mythbusters: Direct Deposit vs. Paper Paychecks

Myth: Paper paychecks are for small businesses; direct deposits are for big companies. Your business may be small, with just a few employees, but that doesn’t mean you can’t mimic big companies when it comes to issuing paychecks. If you’re still distributing paper checks to your employees, you may want to consider the advantages of…

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Forming_A_General_Partnership

Consultant’s Corner: Forming a General Partnership

Question: I am ready to start a business with a partner. What steps should I take? You can review information for forming a General Partnership at state and legal websites; however, these are the general steps required for formation of this entity type: Choose a business name File a trade name Draft and sign a…

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