Tax Rules for Handling Large Cash Payments
The Internal Revenue Service is reminding businesses of their responsibility to file Form 8300, Report of Cash Payments Over $10,000, and encourages e-filing to help them file accurate, complete forms. Although many cash transactions are legitimate, information reported on Form 8300 can help stop those who evade taxes, profit from drug trading, engage in terrorist financing and […]
IRS Provides Additional Guidance on Food Deduction
The IRS has issued providing guidance under the Taxpayer Certainty and Disaster Relief Act of 2020. The Act added a temporary exception to the 50% limit on the amount that businesses may deduct for food or beverages. The temporary exception allows a 100% deduction for food or beverages from restaurants. Beginning Jan. 1, 2021, through Dec. […]
Steps to Business Profitability
Profitability is the ability of your business to earn a profit. A profit is what’s left of your generated revenue after you pay all your expenses, such as the ones involved in producing your product. So how do you analyze profitability? You want to generate enough revenue to more than cover the expenses you incur. […]
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 […]
