If you filed late during the pandemic, that is! If you — or a business you own — paid a penalty for filing late tax returns for 2019 and 2020, you will automatically receive a refund from the IRS! So What’s the Deal? The government forecasts refunds totaling more than $1.2 billion from failure-to-file penalties […]
New Business Startup Costs Pose Special Accounting Perils
Any entrepreneur who has started a business, or is contemplating starting a business should understand about startup costs. All new businesses incur costs before they begin active business operations. Typical startup costs include market analysis, due diligence to investigate whether to acquire a particular business or franchise, or construct a venture from scratch, and the […]
Student Debt Forgiveness — An Accountant’s Eye View
Student loan relief, federal student debt forgiveness, student debt cancellation, student loan forgiveness plan… the media have been splashing around lots of labels for this hot topic — and lots of buzz with the splash. Even without the hype, this topic has certainly captured a lot of attention from the accounting staff at Baum CPA […]
Congress Finally Gets Their Act Together — With the Inflation Reduction Act of 2022
Whenever congress passes a new tax law, I become a slightly more popular person. What I mean is that taxpayers look for reassurance when the government tinkers with the tax code — and as a vigilant and diligent CPA, people often call me for tax advice and reassurance on their tax issues. Now it seems […]
Improving Cash Flow Strategies for a Cash-Strapped Business
Cash is critical to the functioning of every business. Maintaining a healthy cash flow allows a company to meet its financial obligations and gives it flexibility to take advantage of emerging opportunities. Small businesses often find themselves in a cash crunch, struggling to pay the bills and stay afloat — never mind having cash available to […]
Do You Have What It Takes to Be an Entrepreneur?
Do you like being in charge of your destiny and are you able to handle stress well? Do you have a great idea for a new business? Or are would you rather cut past that risk and buy into a ready-made proven franchise deal? Either way, you may be able to strike out on your […]