Tax season is just around the corner. Given recent tax changes, including the increase to the Child Tax Credits and COVID-related relief, many small businesses and individuals are more anxious than usual about their taxes. After all, nobody wants to … Continued
The Tax Code in the United States is notoriously difficult to understand. Our current tax laws are not one cohesive set of laws. Instead, they have been amended by adding and removing provisions throughout the decades. The result is a … Continued
Starting and owning a business is usually far more complex than most people realize. To do it well, you often need to be an expert in multiple areas, such as production, operations, leadership, accounting, tax laws, and human resources requirements. … Continued
A business plan may be the most important document you create as a business owner. As most experienced business owners and lenders will tell you, the first step on your journey to open a business is to write a business … Continued
According to the National Association of State Boards of Accountancy, there are over 658,000 licensed CPAs in the U.S., a figure larger than the population of Memphis! The accounting industry is growing, with new CPAs getting their licenses all the … Continued
The impacts of the COVID-19 pandemic were not limited to health risks. The business impacts of the pandemic were far-reaching. Between dramatic losses in revenue or needing to close for safety reasons, businesses had to reduce their employees, adapt their … Continued
There were several changes made by the IRS in 2020 that impacted 401(k) and other retirement savings plans that savers should keep in mind. These changes will carry forward into 2021, so having a strong understanding of what changed is … Continued
In late-September 2020, the IRS released the final regulations on the provisions passed in 2017’s Tax Cuts Jobs Act (TCJA). This Act eliminated business deductions for entertainment and recreation activities but still allows expenses related to food and beverages if … Continued
Divorces are filled with complex financial matters, which can be further complicated when they acrimonious. And even in cooperative divorces, finances are often intertwined in a way that can make it difficult to discern the fair and equitable distribution of … Continued
The President recently unveiled a memorandum authorizing employers to defer payroll taxes. This effort seeks to provide short-term economic relief for employees to mitigate the financial hardships brought on by the coronavirus pandemic. The policy allows employers to defer these … Continued