This blog concentrates primarily on business finances, so why the sudden interest in personal finances? Well, it’s simple. What happens with your personal finances doesn’t stay there; it trickles into your business for better or for worse. Stories like Curt Schilling’s 38 Studios abound in the news, so the connection between personal and business finances…… Read More

Business history is full of stories about accidental entrepreneurs who started with little or no business literacy. Pete Cancro, the founder of Jersey Mike’s started his sub empire straight out of high school. Steve Jobs, Mark Zuckerberg, and Bill Gates dropped out of college to become entrepreneurs in their 20s. Even though they all started…… Read More

This month’s blog posts have been about compilations and reviews, both good tools to help a business get a grasp of its financial situation and practices. This week, we examine the CPA audit and discuss its major differences from financial reviews. We’ll also analyze when a business can benefit from an audit and its pros…… Read More

In this month’s first blog post, we compared compilations, reviews, and audits to exercise. Compilations were like walking, a way for a business to start working on its financial health. CPA reviews are more like jogging. They’re for businesses with more serious goals or a greater need to stay financially fit. This post will cover…… Read More

If you’re a small business owner, you know how difficult it can be to keep up with financials. You also probably know that little knot in the stomach entrepreneurs get when they think about it. The good news is that completing a compilation for your business can remove difficulty and untie knots. So, let’s take…… Read More

The Corporate Transparency Act (“CTA”) was enacted January 1, 2021, as part of the National Defense Authorization Act, representing the most significant reformation of the Bank Secrecy Act and related anti–money laundering rules since the U.S. Patriot Act. The CTA is intended to address and guard against money laundering, terrorism financing, and other forms of…… Read More

Compilations, reviews, and audits are hardly hot topics in the business world. If you’re like most small business owners, you’ve probably never heard of at least one of the three. That’s unfortunate because these services are to your business what exercise is to your health. Without them, you might function, but you’ll never excel. So,…… Read More

We’re only a few months removed from the 2023 tax filing dates for many types of business structures, so it may seem strange to talk about business tax refunds. However, if you think about it, this is a great time. You may still be mulling over what to do with yours. Or you may already…… Read More

If you’re new to business, you’re probably also new to quarterly taxes. The Internal Revenue Service mandates this if you expect to owe $1,000 or more in taxes for the year. That may sound like just another thing to do in an entrepreneurial calendar that is already too crowded. But there are advantages to this…… Read More

The recent IRS expansion discussed in last week’s post is aimed at wealthy individuals and large corporations. However, that doesn’t mean they’ve become complacent toward small businesses. The IRS press releases are littered with stories of small businesses that, knowingly or unknowingly, ran afoul of the IRS and paid stiff penalties. This week, we’ll take…… Read More