1099 Filings: Upcoming Deadlines and Important Changes for Businesses

As a CPA firm, we prepare 1099 forms for many of our clients, and as the deadlines for these filings approach, we thought it would be beneficial to provide an overview of the 1099 process and upcoming deadlines, as well as some important changes that take effect this year.

3 Insurance Considerations for Employers with a Remote Workforce

As businesses have navigated the COVID-19 pandemic over the course of 2020, many were forced to shift to a remote workforce temporarily. As the pandemic continues, employers and employees have adjusted to this new way of working, and many companies are now considering shifting to this model permanently. This change can provide many benefits, including reduced overhead, increased communication, improved employee satisfaction, and reduced carbon footprint. However, there are impacts to risk exposure as well.

Key Considerations for Tax Planning in Light of Biden’s Proposed Tax Plan

With the election behind us, and tax season ahead of us, tax planning is at the forefront of the minds of many. Although President Elect Joe Biden has shared his proposed tax plan, much is still up in the air as we await the January runoff elections to determine control of the US Senate.

Impacts of Your PPP Loan on Year End Tax Planning

Since the inception of the Paycheck Protection Program (PPP), there have been many questions around the taxability of loan proceeds. As we approach the end of the year, it is imperative to consider the details of your PPP loan in regard to year-end tax planning.

2 Ways FASB’s New Lease Accounting Standard May Impact Banks

The Financial Accounting Standard Board (FASB) recently released a new lease accounting standard, which took effect for public firms on January 1, 2020, and will take effect for private firms on January 1, 2021.

The new lease accounting standard will require companies to record operating leases as both liabilities and assets on their balance sheets to give a more complete picture of a company’s financial obligations.

Navigating the New Normal: Payroll Recordkeeping

The subject of payroll has been top-of-mind for business owners this year. The COVID-19 pandemic triggered economic changes that caused considerable fluctuations in the size of many companies’ workforces. Employees have been laid off, furloughed and, in some cases, rehired. There has also been crisis relief for eligible businesses, including the Paycheck Protection Program and the payroll tax credit.

5 KPIs Contractors Need in Their Management Toolkit

What gets measured, gets done. KPIs—or Key Performance Indicators—are an essential measurement tool used by successful businesses across all industries to track performance against benchmarks and achieve short- and long-term goals. For contractors, incorporating the right KPIs into your management toolkit can improve both your business and your bonding capacity.

3 Ways Staffing Firms Can Use Technology to Increase ROI

3 Ways Staffing Firms Can Use Technology to Increase ROI

In today’s technology-driven world, successful businesses across all industries must constantly be adapting to and utilizing new solutions and technologies to stay ahead of the curve. In the staffing industry, agencies are using internet-based solutions to boost the reach of their job postings and meet with candidates wherever they are online. Never has this been more obvious or important than in 2020, when virtual interviews have become the norm.

4 Reasons Your Financial Planner and CPA Should Be Working Together

Are your financial planner and CPA working together as a team on your behalf? For many people, this isn’t the case—but it should be. By incorporating tax planning into your investment strategy, you can make better informed decisions to maximize your dividends while maintaining tax efficiency.

IRS Announces Updated Per Diem Rates for Business Travel

The IRS recently announced per diem rates that can be used to substantiate the amount of business expenses incurred for travel away from home on or after October 1, 2020. Employers using these rates to set per diem allowances can treat the amount of certain categories of travel expenses as substantiated without requiring that employees prove the actual amount spent. However, employees must still substantiate the time, place and business purposes of their travel expenses.