The Key Benefits of Business Valuation
Understanding your business’s value is crucial for making informed decisions. Consider the elderly widow who inherits a business from her husband. She receives an offer from a buyer. Is it a fair market price offer? She may not know but our independent valuation will tell her plus will give her credibility with the buyer justifying […]
Signs You Need Catch-Up Bookkeeping
Before we discuss the signs that you need catch-up bookkeeping, let’s first define it. Catch-up bookkeeping involves reviewing, organizing, and updating past financial records to clearly understand your business’s financial health. This process includes filling in missing information, categorizing transactions into the correct accounts, reconciling bank and credit card statements, and ensuring compliance with state […]
Why Should You Send a 1099 Form?
1. IRS Compliance The IRS requires businesses to report certain payments made to contractors or service providers. Sending 1099s ensures compliance with IRS regulations. 2. Avoid Penalties Failing to file or send 1099 forms can lead to penalties. The fines range from $50 to $290 per form (or more for intentional disregard). 3. Help Contractors […]
Who Should Receive a 1099 Form?
Who Should Receive a 1099 Form? Independent Contractors and Freelancers Send a Form 1099-NEC (Nonemployee Compensation) to anyone who provided services (not goods) to your business and was paid $600 or more during the tax year. This applies to individuals, sole proprietors, partnerships, and LLCs, but not to corporations (unless specific rules apply). Examples: Freelance […]
File your Beneficial Ownership Information Report
The Corporate Transparency Act Expanded anti-money laundering laws created new reporting requirements for small business in the US (beginning in 2024). The rules and exemptions might apply depending on your business structure and operations. Own 25% or more of the company = beneficial ownership information (BOI) Exercise substantial control of the company a top executive or […]
Does CTA requirements apply to my business?
The Corporate Transparency Act (signed into law on January 1, 2021) expanded anti-money laundering laws and created new reporting requirements for certain companies doing business in the US Beginning in 2024) and applies to many small businesses, but there are specific rules and exemptions that might apply depending on your business’s structure and operations. Who […]
5 Essential Tips for Streamlining Your Bookkeeping Process
Running a business is no easy feat, and keeping track of your finances can sometimes feel overwhelming. Whether you’re a small business owner or an established company, efficient bookkeeping is key to staying on top of your financial health. As a bookkeeping business, we’ve seen the positive impact of good bookkeeping habits firsthand. Here are […]
Managing Remote Employees’ Pay During Internet Outages: A Comprehensive Guide for Employers
The shift to remote work has transformed the way businesses operate, offering flexibility and convenience to both employers and employees. However, it also brings unique challenges, one of which is managing pay when employees experience technical difficulties, such as internet outages. A common question among employers is: Should remote employees be paid for a full […]
The Ultimate Guide to Efficient Bookkeeping for Small Businesses
Bookkeeping is the backbone of any successful small business. It involves recording and organizing financial transactions, which is essential for making informed decisions, maintaining compliance with tax laws, and ensuring the financial health of your business. Whether you’re just starting or looking to improve your bookkeeping practices, this guide will help you streamline your processes […]
SALARY HISTORY BANS
In Massachusetts where we are headquartered, all employers are banned from asking for salary history information. They can, however, confirm prior history if volunteered by the applicant or if an offer has been extended. However, if known, previous pay cannot be a defense to a pay discrimination claim. Currently, 21 other states have similar statewide […]