Take a fresh look at your company’s brand

A strong, discernible brand is important for every business. Even a company that never undertakes a formal branding effort will, over time, establish a brand through its communications with customers and interactions with the public. For this reason, it’s a good idea to regularly take a fresh look at your brand and determine whether tweaks […]

The possible tax consequences of PPP loans

If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential tax implications. Make sure to contact your business accounting Indianapolis CPA to make a plan. PPP basics The Coronavirus Aid, Relief and Economic Security (CARES) Act, […]

5 common accounting software mistakes to avoid

No company can afford to operate without the right accounting software. When considering whether to buy a new product or upgrade their current solutions, however, business owners often fall prey to some common mistakes. Here are five gaffes to avoid: 1. Relying on a generic solution. Some companies rush into buying an accounting system without […]

Thoughtful onboarding is more important than ever

Although many businesses have had to reduce their workforces because of the COVID-19 pandemic, others are hiring or may start adding employees in the weeks or months ahead. A thoughtful onboarding program has become more important than ever in today’s anxious environment of safety concerns and compliance challenges. Crucial opportunity Onboarding refers to “[a formal] […]

File cash transaction reports for your business — on paper or electronically

Does your business receive large amounts of cash or cash equivalents? Business accounting principles indicate you may be required to submit forms to the IRS to report these transactions. A little tax planning can assist you. Filing requirements Each person engaged in a trade or business who, in the course of operating, receives more than […]

The tax implications of employer-provided life insurance

Does your employer provide you with group term life insurance? As an Indianapolis accountant, we have seen this scenario many times. So if you do and if the coverage is higher than $50,000, this employee benefit may create undesirable income tax consequences for you. “Phantom income” The first $50,000 of group term life insurance coverage […]

Reopening concepts: What business owners should consider

  A widely circulated article about the COVID-19 pandemic, written by author Tomas Pueyo in March, described efforts to cope with the crisis as “the hammer and the dance.” The hammer was the abrupt shutdown of most businesses and institutions; the dance is the slow reopening of them — figuratively tiptoeing out to see whether […]

Even if no money changes hands, bartering is a taxable transaction

  During the COVID-19 pandemic, many small businesses are strapped for cash. They may find it beneficial to barter for goods and services instead of paying cash for them. If your business gets involved in bartering, remember that the fair market value of goods that you receive in bartering is taxable income. And if you […]

Does your business have a unique selling proposition?

  Many business owners — particularly those who own smaller companies — spend so much time trying to eliminate weaknesses that they never fully capitalize on their strengths. One way to do so is to identify and explicate your unique selling proposition (USP). Give it some thought In a nutshell, a USP states why customers […]

Businesses: Get ready for the new Form 1099-NEC

  There’s a new IRS form for business taxpayers that pay or receive nonemployee compensation. Beginning with tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation, to report any payment of $600 or more to a payee. Why the new form? Prior to 2020, Form 1099-MISC was filed to report payments totaling at least […]