ACCOUNTING FOR RESTAURANTS Operating a restaurant is a dream for many, but there is a lot more to it than meets the eye. There are far more restaurants that fail than succeed, and that’s frequently because entrepreneurs spend more…
The President’s action to defer payroll taxes: What does it mean? Stay up to date on payroll tax and deferments! President Trump issued a memo regarding deferring payroll tax obligations on August 8, 2020. This memorandum directs the Treasury Secretary…
March 27, 2020 Small Business Disaster Loans and Unemployment Insurance SBA Disaster Loans Receive low interest SBA disaster loans to businesses and private nonprofits Available for current and future disaster assistance declarations related to Coronavirus Approved up to $2 million in assistance to small…
401(k) contribution limit increases The contribution limit for any employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan increases from $19,000 to $19,500. The catch-up contribution limit for employees aged 50 and over…
Open An Flexible Spending Account (FSA) For Your Small Business Did you know, a small business can set up a Flexible Spending Account for individual employees’ medical expenses. FSA plans are established and offered through an employer for the benefit…
Double Check Your Paychecks With This Tax Withholding Estimator All taxpayers should use the new Tax Withholding Estimator to do a Paycheck Checkup. This tool helps people make sure their employers are taking out the right amount of tax from the employee’s paychecks….
What You Should Know About Filing A 1099-MISC Form If you recieve payments as a trade or business from other people or entities, that payment amount is reported to you and the IRS if they total a certain amount for…
There are two new directives, first for the fast reaction mechanism aimed towards preventing VAT fraud. Second one is for the optional and temporary application of the reverse charge mechanism in relation to supplies of certain goods and services. Quick Reaction…
Fundamental accounting refers to the basic principles of accounting. Financial statements are prepared according to agreed upon guidelines. In order to understand these guidelines, it helps to understand the objectives of financial reporting. The objectives of financial reporting, as discussed…
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