According to research, most Americans don’t have enough money saved to retire. Fortunately, by taking these steps as early as possible, you can help change that. Here are 13 tips to help you afford the retirement you deserve. Work Longer: Assuming your employer permits it, it’s the obvious choice. Each additional year shortens retirement while adding a year for additional … Read More
SBA has simplified the loan forgiveness process
Good news for borrowers with PPP loans of $50,000 or less: The SBA has simplified the loan forgiveness application process. Now you just need to fill out a 1-page application, provide supporting documentation, and certify that funds were used for approved purposes in order to qualify for forgiveness. Documents Required: 3rd Party payroll reports (Gusto, ADP, Paychex, etc.) or self-generated … Read More
How Firms Can Take Advantage of New Technology and Resources
During this last year, we have learned so much about managing our remote workforce, rethinking the scope and delivery of our services, and about new and new-to-us resources and tools that have helped us transition and adapt. There is no argument that established, virtual firms had a leg up on the competition. Although it may seem that we have made … Read More
Remote workers may provide tax savings for employers
Working remotely during the pandemic may become routine, as both companies and workers come to appreciate the convenience and savings available. There are also many opportunities to save on taxes imposed by local jurisdictions on the business entity. A number of local jurisdictions — and the list is growing — impose local taxes on business entities. In some cases, such … Read More
4 ways to overcome resistance towards a new process or tool at your firm
New ideas can help you and your firm save time, money, and increase the number of clients you serve. But any idea — whether it’s a tool, system, process, or just a new way to do things — requires change. And people resist change. If you’re part of a firm, and you’ve identified a need for change, how do you … Read More
Q&A: Tax Code Changes for Individuals in 2020
The year 2020 has been filled with change, and the tax code is no exception to this. Recently, yet another occurred: Taxpayers are now temporarily allowed to deduct charitable contributions. The tax code allows individuals to deduct donations to charities only if they itemize on Form 1040’s Schedule A. They can’t claim contributions when they use the standard deduction amounts … Read More
Why Automation Will Change the Way Your Firm Does Business
You must prepare for the future — today. Automation isn’t about replacing people with machines. It’s simply the next step in the accounting evolution. Automation is: Fast. It allows accountants to spend their time using data to create a value-focused firm. More accurate. No more transposition errors or other costly human errors. Automation is a cut-and-paste action rather than transposing. … Read More
Turning off the always-on economy: How to take back control of your time, work, and sanity.
Just a few years ago, people saw technology as exciting and filled with possibilities. But the constant notifications, alerts, and reminders are taking a serious toll on our productivity, our social lives, and our mental health. You can see this epidemic first-hand in coffee shops worldwide. Workers have one eye on Slack, one eye on email, and no eyes left … Read More
Form 1099-NEC Officially Replaces 1099-MISC for Reporting Payments to Nonemployees
In case you haven’t heard, there’s a new tax form on the block for business filers for the 2020 tax year. Form 1099-NEC, Nonemployee Compensation, will be used instead of Form 1099-MISC to report amounts paid by businesses to independent contractors and others who provide services. In actuality, the new Form 1099-NEC isn’t entirely “new.” It’s an updated version of … Read More
Your Best Defense Against Ransomware
Not too long ago, the WannaCry ransomware attack was all over the news, infecting over 400,000 computers. The threat was fairly straightforward: Pay us or we’ll erase your files. Ransomware, like the WannaCry attack, works by encrypting your files to prevent you from using or accessing them. After your files are compromised, the hackers behind the attack then pop up … Read More