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 […]
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, […]
ROBS C-Corporations vs. S-Corporations [Part 1]
![ROBS C-Corporations vs. S-Corporations [Part 1]](https://www.baumcpas.com/blog/wp-content/uploads/2022/06/C-vs-S-1-cover-720x400.png)
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 […]
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 […]
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 […]
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 […]