Until scientists develop an effective and safe vaccine, and that vaccine is administered to millions of people, our best means of protection from COVID-19 is herd immunity. Recent models hint that the protective effects of a population that has already been infected by the COVID-19 virus may exist at much lower percentages than previously thought. Instead of requiring that 70 to 80 percent of a population be immune, that threshold… Read more
It’s no surprise to most Americans that the U.S. economy has suffered greatly from the impacts of the COVID-19 pandemic. But what may surprise you is the extent of the decline: a record 32.9% contraction during the second quarter of 2020, the biggest drop since 1947. The virus is still spreading across much of the country, and for 19 straight weeks, more than 1 million people have submitted new claims… Read more
“I got an Offer for an SBA Loan Now What Should I Do?” A few weeks ago I clicked on the email from disastercustomerservice@sba.gov and was a bit surprised that they were inviting me to set up my portal so I could continue my SBA Economic Injury Disaster Loan Application. I said to myself “I got an Offer for an SBA Loan Now What Should I Do?” Then I said… Read more
Managing cash flow is a vital part of running a successful business. Some business owners think managing cash flow simply means keeping track of how much money enters and leaves their business, but there’s actually more that goes into it. As I take my morning run I try to clear my head and think about what I can do to help alleviate the pressures we are all facing. Our firm… Read more
Weekly Digest – 10 June 2020 Resources to Help You Survive – and Thrive – During the COVID-19 Pandemic As painful as the shutdown has been, a recent study indicates that it may have prevented as many as 60 million COVID-19 infections in the U.S. and 285 million in China. Banning large gatherings had the most impact in France and South Korea, while evidence is mixed on the impact of school closures.… Read more
Over the course of a few weeks nearly everyone’s business and life has been turned upside down. It’s been a crazy time with businesses forced to close, an overload of information (and mis-information on social media) and people risking their lives to save others. With the recent disruption in mind, we have been working to help support you however we can. We’ve seen a number of our clients already impacted… Read more
The phrase “business advisory” is used a lot in the accounting industry, more now than ever, but what is it really? More and more small business owners and medical practitioners are realizing they want and need more than just an accountant to fill in the boxes on their tax returns, and frankly, they are right, they do need more than just tax compliance! What does business advisory look like for… Read more
I was asked to contribute to this online article as posted by Intuit for other tax professionals. My tip: “We find that our business and individual clients are still confused about how the TCJA affects various issues, such as their overall tax liability, entity structure, retirement benefits and deductible expenses. We will continue to encourage strong communication and engagement with our team of professionals. Our clients are comforted when they see that we are there… Read more
A great way to start the new year is to implement a 90 Day Action Plan for your company/medical practice/business; you may what to enhance that strategy by creating your own Professional Development Action Plan and by helping your employees create their Professional Development Action Plan as well. I love and recommend using a 90 Day Action Plan for this project! An Employee Professional Development Plan can follow all the… Read more
It’s hard to believe but 2019 is over and it’s time to create or update your business plan. If you’re like us you’re are currently working on your 2020 business plan too (writing 2020 might take a bit of getting used to!) We are recommending that our clients “take stock” at this time of year and think about their business & strategy for the year ahead. If you’re looking to… Read more
I recorded this video over the summer (right, I am not standing on the beach in this gear in December!) A Plan with Small Actionable Steps Will Help Create the Goals we Have in Mind for Our Business and Ourselves and what better time to put this tip to use than now… This message is just perfect for this time of year. We are all hoping to start 2020 with… Read more
I was asked to write an article for Tax Pro Center for the Intuit ProConnect site, you can click through and read it here: “How to Channel More Positive Energy in Your Tax Firm”. Then watch this video about our firm: Final Thoughts Positive energy resulting from respect, appreciation and support of ideas can bolster most relationships. What works for accounting firms works for other businesses as well. Watch the… Read more
There is “No Time Like the Present” For You to Start Planning for an Amazing 2020 Have you thought about what 2020 holds? Now is the perfect time to book your Business Strategy Session. You’ll get guidance on updating or setting up your Business Plan. It’s hard to believe but the year is almost over! AND…there is “No Time Like the Present” for a Business Strategy Session. We sometimes call… Read more
It’s year end, and time to reflect on the year gone by and plan for the year ahead. But thinking about your business and how to improve it can be stressful. We wrote about the importance of having a solid Vision Statement to help guide you and your staff to a more successful business, with a better business model, more satisfied customers and more focused staff. Need a little prodding?… Read more
We have worked with several of our clients to set up tax minimization plans which have saved them thousands of dollars. As the year-end approaches, many strategies are no longer a good option, but there is still time to set up your “MICRO Tax Minimization Plan” which will certainly minimize your taxes and possibly eliminate your fourth quarter tax estimate. This video will help you understand the difference between tax… Read more
There are some things in life that go together well and others that definitely do not! Business and personal finances are in that category of items that should not be mixed. Although it may seem like a headache to keep them separate—who wants to manage all those bank accounts?—your life will be greatly simplified once you separate your personal and your business finances, especially your expenses. Paperwork and taxes will… Read more
The holiday season is once again here, and with it comes time to relax, focus on family and friends and take stock in what is really important in life. What if you are a small business owner who has not worked through your processes to create a business rather than a job? Every small business owner knows that being away from the office can be just as stressful as being… Read more
It was great to end my conference travels right here in New York for the 2019 Long Island Tax Professionals Symposium. I followed my own advice on setting goals for the conferences I attend, but these takeaways and highlights were unexpected! Try to take at least one “in-person” update course per year on the software you use and depend on in your office. I was thrilled that this year we… Read more
Positive energy resulting from respect, appreciation and support of ideas can bolster most relationships. What works for accounting firms works for other businesses as well. Click through to read my full article published this week on Tax Pro Center | Intuit ProConnect site: “How to Channel More Positive Energy in Your Tax Firm” Looking to create a better work environment but need some help? You may also want to perform… Read more
It was great to have Elizabeth with me for this conference. We split up for several sessions and have already compared notes. We were even able to spend time while still away to make plans for implementing our joint takeaways: Many businesses today are challenged with recruiting and retaining talented loyal staff. You can start solving staffing problems by looking at the way management is currently interacting with their team.… Read more