How to Value a Professional Dental Practice
Anyone who owns a professional services practice sometimes wonders what their business is worth. They may have a specific reason, such as a prospective merger or acquisition, near-term retirement plans, estate and gift tax planning, or pending litigation. Often, practice owners think they know their practice’s value because they have used a rule-of-thumb method. Rules […]
Is This Your Situation: Considering Outsourcing Bookkeeping
Accurate and up-to-date financial records play an important part in your business’s success, but the daily tasks required to maintain these records fall to the bottom of your to-do list. That’s understandable — you didn’t go into business to become a bookkeeper. Wading through managing employees, paying bills, making long-term decisions and analyzing costs take […]
IRS Turbocharges the Employee Retention Tax Credit
Preview in new tab Did you know about the employee retention credit? It’s still around–and better than ever. The second relief bill, passed at the end of 2020, contains updates to the employee retention credit, a refundable payroll tax credit. Each option has its own rules and regulations for first- and second-round funding. The act […]
How Nonprofits Should Handle Tax Form 990
Form 990, Return of Organization Exempt From Income Tax, is the IRS’ method of evaluation to make sure your nonprofit is financially honest and legitimate. The form is required for tax-exempt organizations to file each year to remain compliant with the regulations and requirements set by the IRS. Form 990 requires expenses to be separated […]
IRS Introduces the New Form 1099-NEC
The IRS has introduced a new Form 1099-NEC, Nonemployee Compensation. It’s a sibling to Form 1099-MISC and replaces it for certain purposes. You must file it for each person in the course of your business to whom you have paid at least $600 during the year for the following: Services performed by someone who is […]
Is This Your Situation: Keeping Track of Inventory
Let’s start with the basics of the processes in a manufacturing setting. Whether your company is building something large, such as a car, or something small, such as a toy car, every piece of material needed to make these items must be accounted for, as do the hours it takes to build the product. To […]
