Posted on May 4, 2021
Your Bookkeeper Is Costing You a Bundle
Retailers, car wash businesses, and other companies are paying too much to their bookkeepers. A smarter way forward is outsourcing full accounting functions to a trusted provider.
Posted on April 19, 2021
The Best Small Businesses are in the Cloud
If you’re running your small business’ accounting functions on a desktop, you’re running out of time. Cloud-based accounting solutions offer better scalability, as well as real-time visibility, and other features that give your business room to grow.
Posted on April 13, 2021
Tax Newsletter: April 2021
BST's tax newsletter. In this issue: Which Start-Up Costs Are Deductible for Federal Tax Purposes, Employee Retention Credit: New Angles for Nonprofits, Tax Breaks for Green Manufacturers Are Expanded, PPP Application Deadline Extended in New Law, COVID-19 Relief: Overview of the New American Rescue Plan Act, and Employees Now Enjoy Even Greater Flexibility with FSAs.
Posted on April 6, 2021
Why You Need Fractional Accounting
With fractional accounting, businesses pay only for the services they need from experienced finance professionals, which can help businesses reduce costs, scale with ease, and remain focused on core competencies.
Posted on March 31, 2021
PPP Application Deadline Extended in New Law
On March 30, 2021, President Biden signed legislation to extend the application period of the popular Paycheck Protection Program (PPP) through May 31, 2021. This followed a bipartisan 92-7 vote in the U.S. Senate to pass the Paycheck Protection Program Extension Act of 2021.
Posted on March 29, 2021
Which Start-Up Costs Are Deductible for Federal Tax Purposes?
Many people started businesses in 2020, and many others plan to launch new ventures in 2021. Entrepreneurs often have questions about whether business expenses for a start-up can be deducted in the year they're incurred or paid — or whether they must be capitalized and deducted over time. Here's some guidance.
Posted on March 22, 2021
Postponement of 2020 Individual Tax Return Deadline
The Internal Revenue Service and the New York State Department of Taxation and Finance have announced that the individual income tax filing deadline for 2020 tax returns is automatically postponed from April 15, 2021, to Monday, May 17, 2021.
Posted on March 18, 2021
Get Rid of Tax Season Struggles
Every hour businesses spend doing taxes is an hour not spent moving the business forward. Outsourcing accounting and tax preparation can end the tax season scramble and help businesses save money, reduce errors, and devote more time to business-forward initiatives.
Posted on March 1, 2021
CAA Offers Tax Breaks for Manufacturers
The Consolidated Appropriations Act (CAA) — the massive spending package passed in December 2020 — includes many provisions designed to help small businesses that have been struggling during the COVID-19 pandemic. Specifically, the new law contains the following seven tax-related provisions that may be of particular interest to manufacturers.
Posted on February 25, 2021
BST's Timely Tax Tidbits
BST's tax newsletter. In this issue: 5 Valuable Tax Credits for 2020 Individual Returns, Nonprofits Need to Educate Donors About New Tax Benefits, CAA Offers Tax Breaks for Manufacturers, Is It Time for a Roth Conversion? and more.
Posted on January 13, 2021
Paycheck Protection Program Second Draw Loans – What You Need to Know
While we all celebrated the end of 2020 with renewed hope for what 2021 will bring, it is clear that at least the beginning of this year still has its challenges for many. Fortunately, The Economic Aid Act provides for a second stimulus program for businesses, not for profits and other types of organizations.
Posted on January 7, 2021
COVID-19 Relief Act opens back door to Employee Retention Credit (ERC) and loan forgiveness under the PPP
In the recent COVID-19 Relief Act the government provided an opportunity for businesses to retroactively qualify for certain employee retention credits (“ERC”) even if they utilized the PPP loan program.
Posted on December 23, 2020
From Congress to PPP Borrowers
As so many small businesses hoped for, on Sunday, December 27th, President Trump signed the Consolidated Appropriations Act of Fiscal Year 2021 which confirms the relief that was originally intended by the CARES Act: expenses funded with proceeds from forgiven PPP loans are deductible!
Posted on December 16, 2020
Divorce and Income Taxes – End of Year Considerations
It’s that time of year when your mailbox is full of holiday greetings and heartfelt wishes as well as year-end tax planning tips.
Posted on December 15, 2020
Basic 1099 Filing Requirements
Forms for various tax situations
Posted on December 10, 2020
To Wait or Not To Wait, That is the Question
While the CARES Act provides for the exclusion of any loan forgiveness amount from gross income, it fails to address the treatment of the expenses funded by those proceeds.