Business
When Should I Hire a Bookkeeper?
As accountants, new business owners often ask us, “When should I hire a bookkeeper?” It depends, of course. But, to know what signs to watch for, here’s a list. It will help you identify when you might be ready to hire a bookkeeper. The best time to hire a bookkeeper is before you even start the business. A bookkeeper can help with important initial tasks. As your business grows, your bookkeeper is invaluable. And with…
Read MoreStop Doing Your Own Bookkeeping
There are so many reasons to hire a bookkeeper! Here are my top ten favorites. 1. Be in Compliance Many business owners see accurate, timely filings as a must. They are a basic, non-optional cost of doing business. Not having an expert handle your filings is risky. You also need to understand what to file. Bookkeeping is a full-time job! Most business owners lack the time to track the ever-changing rules and tax laws. 2. Increase…
Read MoreHow-to: Opting into Active Non-Reporting Status
Hey business owners! Does filing your quarterly or annual Washington Department of Revenue (WA DOR) tax return get you down? We want to tell you about Active Non-Reporting status and how it may make running your business a little easier. What is Active Non-Reporting Status? Beginning January 1, 2023, the WA DOR now offers an option called Active Non-Reporting Status for businesses that meet specific criteria. This status allows you to actively conduct business in…
Read MoreBOI reporting requirements for 2024
12/4/24 Update: A federal court has issued a nationwide injunction temporarily blocking enforcement of the Corporate Transparency Act and its reporting requirements. As of this update, businesses are not required to comply with the reporting requirements. Beginning January 1, 2024, the Financial Crimes Enforcement Network (FinCEN) began accepting Beneficial Ownership Information Reports (BOIR). The reports are a new compliance requirement enacted by the Corporate Transparency Act that affects many small businesses. We’ve outlined a few…
Read MoreDiversifying the Stock Exchange
Earlier this month (August 2021), the SEC approved a Board Diversity Rule proposal from NASDAQ. By this time next year (August 2022) all companies listed on the NASDAQ exchange must publicly (either on annual SEC filings or on their website) share the diversity makeup of their board of directors. The objective, according to NASDAQ, is to encourage board diversity and to provide stakeholders with consistent and comparable disclosures. Read the SEC’s August 6th 82 page…
Read MoreCARES Act Cliff’s Notes
The CARES Act of 2020 had a few gems for the average US taxpayer, including: No required minimum distribution for retirees in 2020 The opportunity to add up to $300 in charitable donation deductions for qualified 501c(3) cash contributions to the standard deduction on your 2020 tax return Economic stimulus payments, depending on your 2020 adjusted gross income. For more information, read the full bill. Unfortunately, a lack of technical language in the bill left…
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