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SME CPA BLOG

5 Business Accounting Mistakes to Avoid

October 27, 2020

When a business owner’s mind is focused on running a business, acceptable accounting practices can often be overlooked or forgotten. Of course, mistakes are bound to happen; but for businesses that could mean a negative impact to the bottom line. Accounting can be time-consuming for businesses, so the urge to push through and complete the…

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Guide to Payroll for Business Owners

October 5, 2020

If you own a business, chances are, you’re dealing with payroll. A lot of companies outsource this service to other businesses or accountants to handle for them. Whether you run payroll yourself or hire someone to do the foot work for you, there are a variety of basic principles you must know to ensure you…

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Tax Considerations for the Year 2020

October 5, 2020

This year has proved to be the gift that just keeps on giving. While the world continues to surprise us day in and day out, the last thing any of us would want is a surprise on our tax return at filing time in the spring. In an effort to alleviate as much financial uncertainty…

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How Non-Profits can Benefit from a CPA Firm

August 31, 2020

Non-profit organizations are valuable businesses that serve to further a social cause or provide a public benefit. They are great at driving economic development in virtually every sector of society. However, non-profits face rigorous accounting, reporting, and regulatory requirements. Meeting these stipulations can often be burdensome and if you’re left doing this alone, it can…

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Main Street Lending Program

August 3, 2020

It is an understatement to say that businesses and individuals all over the world have been affected by Covid-19. This has caused considerable financial stress on many businesses forcing them to seek creative ways to stay afloat during this volatile time. Small to medium-sized businesses are a crucial part of our economy and are responsible…

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PPP Flexibility Act UPDATE

June 9, 2020

The Senate unanimously passed H.R.7010, the Paycheck Protection Program Flexibility Act of 2020, and the President immediately signed it into law.   This new Act allows more flexibility for borrowers taking advantage of PPP funds.  It basically extends the time period for businesses to use the funds and changes the ratio for payroll to other fixed…

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Georgia Retraining Tax Credit

May 6, 2020

Retraining tax credits enable Georgia businesses to offset their investment in employees. Whether retraining workers to use new equipment or new technology or upgrading the company’s competitiveness with ISO 9000 training, companies can afford more training, more often, thanks to Georgia’s tax credit program. If your business has purchased or upgraded software, equipment or any…

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Recent Tax Developments Impacting Non-Profit Organizations

April 21, 2020

Deadline Changes In response to COVID-19, the IRS recently released guidance on revised due dates and other provisions that impact non-profit entities. In Notice 2020-23, the IRS specifically extends the payment and filing deadlines for Forms 990-T and 990-PF. The notice also broadly provides relief for the full list of “time-sensitive actions” listed in Revenue…

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IRS grants postponing tax payment deadlines.

March 18, 2020

On March 20th Treasury Secretary Steve Mnuchin announced that federal filing and payments for taxes have been extended to July 15th. It is expected that state departments of revenue will follow the Feds by extending the April 15th tax filing deadline; but, at present, this action has not been taken. Remember that this only applies to your federal…

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2019 Tax Scams

February 6, 2019

Scams during tax season are not a new subject. Every year, tax scams become more believable and every corporation and individual needs to be aware before they fall into the trap of paying unnecessary fees. Scam mailers can be close to an exact replica of government forms and use verbiage to try to convince the…

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