New 1099 Reporting Requirements for Payments to Independent Contractors/Nonemployee Compensation

As the new year starts, it’s important to note that the IRS recently made some changes to common year end forms and updated filing deadlines that are quickly approaching. As a result of the Protecting Americans from Tax Hikes (PATH) Act,  Form 1099-NEC is being introduced for the 2020 tax year and is relevant for businesses who have nonemployee compensation and make payments to independent contractors.

Communicating During a Pandemic

Most small business owners will face a time in their career when they have to communicate about topics that may be uncomfortable. COVID-19 has put small business owners in the position to have many stressful conversations about topics they may not want to discuss.

Smart Money Tips for Business Owners

Most smart business owners have a firm understanding of the importance of saving money. They know that one day, their savings could come in handy, especially during slower seasons.

Manufacturers Should Adopt the New Revenue Recognition Standards

Like many businesses, you may have put off implementing the necessary changes required to align your business with the new revenue recognition accounting standards. These standards, set by the Financial Accounting Standards Board (FASB), became effective this year for annual reporting periods, and in 2020 for interim periods.

Four Questions You Should Ask Your Accountant

Ideally, you and your accountant are more than just “advisor” and “client”.With your combined skills, expertise and shared mission to support a thriving business, you’re more like strategic partners.

Benefits of QuickBooks Online

Many of our small business clients have converted their financial records to the Cloud. In days past, small businesses maintained their financial records in-house requiring the owner to commit their time or hire a full-time employee to maintain the records. We believe migrating to QuickBooks Online (QBO) from QuickBooks Desktop provides small business owners numerous benefits and greater flexibility.

3 Reasons Recurring Revenue is a Good Idea

What is recurring revenue? It’s the revenue you can depend on generating, year after year, with a high degree of certainty. It’s the repeat business or long-term contracts you’ve established with clients who know and trust your business.

ASC 606 – The Early Results are In!

ASC 606, the long awaited and much debated new accounting standard for revenue recognition in the United States has now become reality for most public companies.  Adoption of this new standard was required for calendar-year public companies effective January 1, 2018, and the results of adoption have now become public with the earnings releases and 10-Q filings for the first quarter ending March 31, 2018.

Is Bitcoin Worth Considering as a Payment Method?

For many small business owners, the offer of low payment fees is a very attractive proposition. Bitcoin – a digital currency that allows low-cost peer to peer payments – offers an interesting alternative to traditional payment methods.

5 Common Bookkeeping Pitfalls — and How to Avoid Them

Although most entrepreneurs recognize the importance of careful financial management, few want to spend their time dealing with numbers. Unfortunately, not keeping a close eye on your income and expenses can be very costly for your business.

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