The challenging economic environment continues to be fueled by the pandemic, and has left many businesses holding “bad debt” in the form of payments owed that will never be collected from customers. Why should a business manager worry about bad debt? The balance sheet is an accurate and fair indicator of the company’s financial position...
“Patience is not the ability to wait, but the ability to keep a good attitude while waiting.” Patience is a virtue when it comes to PPP loans and forgiveness applications, it needs to be done right and that takes time. Matters have been complicated by changing guidance and regulations that continue to be published weekly,...
The IRS announced it will increase audits of small businesses by 50%. This news is shocking after years of low examination rates, and couldn’t come at more inopportune time since COVID tax law changes, paid leave programs, PPP Loans, and closures etc., have made operating a small entity more difficult. Starting in February of 2021...
The IRS and Treasury have put partnerships and pass-through entities under a magnifying glass right now. The IRS confirmed in October that partnerships would need to report partners’ capital accounts on the tax basis. After previous delays, tax basis capital reporting will be required on all Forms 1065, Forms 8865 and Schedules K-1 starting with...
Interested in selling your business? The sale of a company you built from scratch is a major life change. It can either lay the foundation for your next endeavor or be the vehicle that transitions you to retirement to enjoy the fruits of their labor. Always check with a Certified Business Exit Planner to be...
