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How to Overcome Many Small-Business Accounting Challenges

July 19, 2022 by Brian Baum, CPA

How to Overcome Many Small-Business Accounting Challenges

Perhaps the number one action you can take to support the financial health of your small business is to stay on top of the accounting. Let’s express that idea another way:  Small businesses that do not put their accounting practices first and foremost will find themselves faced with financial health problems. Make sure you’re aware of the […]

Filed Under: General Information, Payroll

Labor Shortage Poses Both Challenges and Opportunities for Small Businesses

July 7, 2022 by Brian Baum, CPA

Labor Shortage Poses Both Challenges and Opportunities for Small Businesses

A recent survey by PricewaterhouseCoopers (PwC) indicates that the Great Resignation is set to continue — 1 in 5 employees claim they will change jobs within a year. More than 1 in 3 say they plan to ask for a pay raise. According to PwC, higher pay is the biggest motivator for a job change, […]

Filed Under: COVID-19, General Information, Payroll

ROBS C-Corporations vs. S-Corporations [Part 1]

June 29, 2022 by Brian Baum, CPA

ROBS C-Corporations vs. S-Corporations     [Part 1]

At Baum CPA we are routinely asked about the tax implications of starting a ROBS, and all too often we are asked if an S-Corporation would make more sense. For those who are not yet familiar with the term, ROBS stands for Roll-Over as Business Startup, where an entrepreneur restructures their 401k retirement plan to […]

Filed Under: ROBS 401(K) Plans

IRS Offers Special Relief from Higher Gas Prices

June 23, 2022 by Brian Baum, CPA

IRS Offers Special Relief from Higher Gas Prices

The IRS Is Not ALWAYS the Bad Guy! Although the Internal Revenue Service is often a favorite bad guy, and this blog frequently casts aspersions and sideways glances at many IRS policies and practices, this time The Service is practicing at being the hero. At least a little bit heroic, anyway. IRS announced on June […]

Filed Under: General Information

Business Owners: Get Your Shield Together

June 14, 2022 by Brian Baum, CPA

Business Owners: Get Your Shield Together

You face plenty of challenges as a small business owner. Finding ways to protect yourself against lawsuits is a major one. You may be able to add protection by structuring your business as a corporation or limited liability company (LLC). Both these entities may shield the owners’ or members’ personal assets from the company’s debts […]

Filed Under: General Information

IRS Mismanages Backlog with Document Destruction Scandal

May 19, 2022 by Brian Baum, CPA

IRS Mismanages Backlog with Document Destruction Scandal

The Show So Far… Back in early March, this blog asked, “Just What the Heck Is Going on With the IRS These Days?” We answered that question with some consolidated research on the huge backlog of unprocessed tax returns at IRS that started accumulating during the pandemic, continued to mount as the Service attempted to “work […]

Filed Under: General Information

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