June 10, 2022
The IRS has increased the optional standard mileage rate by 4 cents per mile, its first mid-year mileage rate adjustment in 11 years.
April 6, 2022
Businesses and nonprofit groups are gradually adjusting to requirements of the new lease accounting standard, such as bringing most leases onto the balance sheet. Since ASC 842 can seem confusing, here’s a quick guide to ease the adjustment period.
February 24, 2022
Being fully prepared and organized can help your financial statement audit go smoothly and ultimately save your business or organization time, money, and headaches.
January 7, 2022
If you received a Child Tax Credit or third-round Economic Impact Payment in 2021, watch your mailbox for a letter from the IRS – it will include key dollar amounts that you’ll need to complete your 2021 federal tax returns.
December 10, 2021
The early end of the employee retention credit surprised employers who had been underpaying payroll taxes in anticipation of the tax break. But there’s a collective sigh of relief after news from the IRS.
December 3, 2021
Diversity, equity, and inclusion are buzzwords in modern strategic management. Here are some of the benefits that initiatives in these areas bring to public and private companies and how companies can showcase their progress in footnote disclosures and separate diversity, equity, and inclusion reports.
November 23, 2021
Tax laws could change significantly in the coming weeks, but a few reliable year-end strategies should be at the top of your list as you look for ways to minimize your tax bill.
November 16, 2021
Congress has passed the Infrastructure Investment and Jobs Act after months of debate and negotiation. Find out what tax-related provisions have been built into the new law.
October 13, 2021
The outcome of two big pieces of legislation remains uncertain as negotiations continue in Congress. Here’s a look at the proposed bills and the potential tax law changes that could affect you or your business.
October 12, 2021
The new lease accounting standards changed in 2019 for public companies. Calendar-year private companies that follow U.S. Generally Accepted Accounting Principles must comply with the updated lease rules in 2022.
October 11, 2021
During the COVID-19 pandemic, many audit procedures have been performed remotely, forcing auditors to rely more heavily on analytical procedures. It’s important to understand how auditors use analytical procedures to make audits more efficient and effective.
September 17, 2021
If your business hasn’t already claimed the Employee Retention Tax Credit, now is the time to check on your eligibility. The money can help with the costs you incur in hiring and retaining employees during the pandemic.
September 2, 2021
Have you taken a few minutes to really explore QuickBooks’ report center? It’s the best way to learn about the variety of reports available from one of QuickBooks’ most powerful components.
July 23, 2021
If you received a PPP loan, important forgiveness deadlines are approaching quickly. Are you prepared?
July 3, 2021
Tennessee offers a variety of tax-saving credits. Do you know what’s available and how they could help your business?
June 2, 2021
The estimated number of going concerns for the fiscal year 2019 fell to the lowest amount in 20 years, but the pandemic caused financial distress that could bring an end to this downward trend for the fiscal year 2020.
May 11, 2021
Cybercrime isn’t just an issue for big corporations. Your small business can be a target, too. Are you protecting your QuickBooks data?
April 30, 2021
What could President Biden’s tax proposals mean for you? Here’s a brief rundown of the American Families Plan.
April 7, 2021
The value of an internal audit is different for everyone and can change based on circumstances, but a solid framework can provide the conditions necessary to deliver value to you.
March 31, 2021
Eligible businesses affected by the COVID-19 pandemic now have until May 31 to apply for a PPP loan. Here’s the latest updates on the popular loan program.
March 25, 2021
The best choice of entity can affect your business in several ways, including the amount of your tax bill. Although S corporations can provide substantial tax advantages over C corporations in some cases, there are potential tax problems to assess before deciding to convert from C to S status.
March 22, 2021
Is your business taking full advantage of the Employee Retention Credit? Discover how you could make the most of the year-old ERC.
March 18, 2021
Did you resolve to pay bills on time in 2021? QuickBooks offers tools to help you enter, pay, and track them, so you can avoid late payments. Here’s how.
March 17, 2021
Because the new American Rescue Plan Act is such an expansive piece of legislation, it’s likely that you, your family, or your business can benefit from it.
March 12, 2021
The Internal Revenue Service has provided guidance for employers claiming the employee retention credit for 2020 and how it relates to eligibility for the Paycheck Protection Program.
March 11, 2021
The latest COVID-19-related stimulus bill, the American Rescue Plan Act, has passed and awaits signing by President Biden. What does this legislation mean for you individually or as an employer?
February 13, 2021
Tennessee business leaders say their outlook for 2021 has dropped significantly from 2020, according to the latest Tennessee Business Barometer. Although outlook had surged higher in October prior to the election, optimism for a brighter future has now faded.
January 25, 2021
Employee retention credits, PPP loans, business meal deductions, and deferred payroll taxes are just some of the provisions of the latest stimulus package that could affect your business.
January 25, 2021
Learn how provisions of the massive Consolidated Appropriations Act recently signed into law can benefit you and your family.
December 22, 2020
A massive new round of federal stimulus spending includes a PPP loan fix, new loan possibilities for small businesses, additional unemployment benefits, and $600 stimulus checks for individuals.
November 5, 2020
New SBA questionnaires request information related not only to the economic condition of the borrower at the time it received the PPP loan but also about its economic experience after receiving the loan.
September 18, 2020
Are you self-employed and operate your business from home or perform certain functions at home that are related to your business? You might be able to claim home office deductions on your tax return.
September 2, 2020
The Internal Revenue Service has issued guidance to help businesses implement the Presidential Memorandum issued August 8. The order allows employers to defer withholding and payment of the employee’s portion of the Social Security tax if the employee’s wages are below a certain amount, but it left questions and concerns when it was announced.
August 7, 2020
A meticulous approach to keeping business records can protect your tax deductions and help make an audit much less painful.
July 2, 2020
A last-minute extension means small businesses have until August 8 to apply for Paycheck Protection Program funds.
July 1, 2020
Business owners will receive notification starting this week regarding eligibility for financial relief as part of the Tennessee Business Relief Program.
June 19, 2020
The Treasury Department and Small Business Administration have posted new “borrower-friendly” applications for loan forgiveness under the Paycheck Protection Program.
June 18, 2020
If you have to drive for work during the pandemic, let QuickBooks Online make sure you’re recording all of your deductible mileage.
June 16, 2020
The Tennessee Department of Revenue will issue business relief payments through the Tennessee Business Relief Program to small businesses for costs incurred as a result of mandatory business closures.
June 9, 2020
A change to Section 2302 of the CARES Act removes the exception for business owners who wish to use the tax deferral of the employer’s portion of Social Security taxes.
June 5, 2020
Business owners who received a forgivable loan through the Paycheck Protection Program could get more leeway on how to spend those funds as a result of legislation passed by the Senate and House.
May 27, 2020
Two new interim final rules build upon loan forgiveness application and instruction, but they don’t make changes to the eight-week period during which PPP funds must be spent or the rule requiring PPP borrowers to spend at least 75% of the funds on payroll costs.
May 19, 2020
New guidance helps clear up calculation methods, definitions of forgivable expenses, and the documents that must be submitted with the forgiveness request.
May 14, 2020
The Small Business Administration has taken another step to allow employers more flexibility in repaying their loans under the Paycheck Protection Program.
May 13, 2020
The Small Business Administration’s newest announcement offers relief for some employers whose Paycheck Protection Program loans amounted to less than $2 million.
May 1, 2020
New guidance from the IRS says that normally deductible business expenses will not be deductible as a way to prevent a “double tax benefit.”
April 24, 2020
The just-passed $484 billion Interim Stimulus Plan, among other things, replenishes Paycheck Protection Program funds.
April 20, 2020
Congress provided $349 billion for PPP funds, but that money ran out late last week amid high levels of demand as the coronavirus has forced businesses to scale back or close altogether.
April 8, 2020
Loans are now available for eligible small businesses through the Small Business Administration’s Paycheck Protection Program. Here are the details about the loan qualifications and terms.
March 21, 2020
The Families First Coronavirus Response Act was signed into law as a response to the growing health and economic crises with provisions for paid sick leave and expanded unemployment benefits.
November 14, 2019
Equity-based compensation awards can help companies attract skilled workers and boost performance, although at a costly price. A rule change could bring welcome relief.
July 23, 2019
Starting a new business is an exciting but often expensive journey. Fortunately, many start-up expenses can be deducted on your tax return, but some may have to be amortized over time instead of being taken right away.
March 12, 2019
The third-year survey gives manufacturers and financial leaders insight into the business climate so they have a better idea of what’s to come.
February 1, 2019
Final IRS regulations on the qualified business income deduction are out. How will they affect your 2018 taxes?
January 9, 2019
With the new year comes the need for small business owners to begin filing their 2018 income tax returns. The TCJA could significantly alter your tax liability compared to previous years. Refresh yourself now on its major provisions.
December 11, 2018
U.S. companies should pay close attention to a narrow section of the Tax Cuts and Jobs Act that requires businesses to recognize revenue for tax purposes no later than when it’s recognized for financial reporting purposes.
December 10, 2018
Recently proposed IRS regulations on business interest expense deductions help provide clarity after TCJA changes.
August 23, 2018
Small business owners will see changes as a result of the U.S. Supreme Court’s ruling on online sales taxes. And despite some uncertainties, now is the time to prepare.
August 20, 2018
The IRS has shared its new highly anticipated and complex regulations for the new deduction of up to 20 percent of qualified business income from pass-through entities. Here’s an overview of the biggest issues and changes.
July 3, 2018
The U.S. Supreme Court’s decision in South Dakota vs. Wayfair Inc. has cleared the way for states such as Tennessee to collect sales tax on out-of-state online sales. State and local governments have joined brick-and-mortar retailers in welcoming the change.
July 14, 2017
Income and losses from investment real estate or rental property are passive by definition — unless you’re a real estate professional. Why does this distinction matter?
May 30, 2017
Retention guidelines help determine whether to keep or destroy tax records.
March 7, 2016
Today it’s becoming increasingly common to work from home. But just because you have a home office space doesn’t mean you can deduct expenses associated with it.