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How to Clean Up Your Books for Tax Season
It’s officially tax season, and that means many small business owners are struggling to clean up their books from 2020 in order to hand information over to their tax preparers. Many people dread this time of the year. We get a lot of calls from business owners who desperately need help getting books into shape, […]
10 Bookkeeping Mistakes Costing Small Business Owners
For small business owners, bookkeeping can be a struggle. Many aren’t in a position to add accounting staff, or they see bookkeeping as an area to cut costs by doing it themselves. Almost inevitably, whether it’s because the business grows or there’s just too much else to do, the books fall behind. These are the […]
Sales Tax Increases in Duval and Clay Counties
Voters in Duval and Clay Counties of Florida have elected to increase their local sales tax rate by a half-cent, effective January 1, 2021. The new Jacksonville sales tax rate will be 7.5%, rounded up to the nearest penny. Sales tax for rents charged on commercial property in Duval and Clay Counties will increase to […]
5 Weeks to Better Bookkeeping: Free online bookkeeping course
Business year-end and the subsequent tax season can be tumultuous times for small business owners. If you haven’t kept up with your bookkeeping tasks throughout the year, you find yourself hit with a deluge of work trying to get caught up. We’ve seen many instances where these circumstances have snowballed, leaving the business with several […]
COVID-19 Relief Bill: Small Business Provisions
The latest COVID-19 stimulus bill is one of the largest pieces of legislation to be passed by Congress and signed into law by the President. The $900 billion bill will provide additional aid to those who have experienced economic hardships as a result of the pandemic. Additional funding for unemployment, individual households, vaccine distribution, and […]
COVID-19 Relief Bill: What’s in it for individual taxpayers?
The December 2020 COVID-19 stimulus bill has been signed into law by the President and includes many provisions designed to help individual taxpayers continue to weather the pandemic. Among other items, additional funding for unemployment, individual households, vaccine distribution, and small businesses are all included. Our focus in this post includes COVID relief for individual […]
John Giehrl, CPA joins Financial Solution Advisors as Principal
We’re thrilled to welcome a new Principal to our tax team in order to continue meeting the growing tax needs of our clients. John Giehrl, CPA, has over twenty-five years of public accounting experience. His primary focus is providing tax and advisory services for business entities and high net-worth individuals. He has extensive experience working […]
10 Year-End Tax Planning Recommendations
With all of the changes we’ve experienced in 2020, we strongly recommend reviewing your tax documentation and other financial information before the end of the year. We conduct year-end tax planning meetings with many clients, and these give us the opportunity to look through the nuances of individual finances. However, there are certain points that […]
Six ways to protect your identity during tax season
Whether you file your taxes yourself or work with a preparer, it’s absolutely critical to protect your personal information. Before you enter your Social Security number, review these 6 tips to help you protect your identity online. 1. Get an Identity Protection PIN from the IRS Starting January 2021, the IRS is expanding its Identity […]
2020 tax changes to act on before year-end
As tax and financial professionals, we encourage you not to wait until January to make your plans for 2021. There are many opportunities available for financial planning that can positively impact your 2021, but you need to seize them before the calendar changes. That’s good advice for any year, but with all of the change […]
1099 Requirements are Changing for Tax Year 2020
One of the biggest year-end tasks, for many businesses, is sending and filing 1099 forms by the January 31, 2021, deadline. For tax year 2020 and beyond, there is a new form that will change the way you report nonemployee compensation. Depending on how many contractors your business has used this year, and how organized […]
PPP’s Tax Impact and New Forgiveness Requirements
Updated January 14, 2021 It’s been a doozy of a year for small businesses and keeping up with changes to the Paycheck Protection Program has become another full-time job for some of us. Congress’ aid for small businesses during the pandemic has had a wide variety of consequences (some intended, some not), and we can’t […]
Depreciation Recapture 101
The vast majority of businesses have depreciable assets: company property, buildings, equipment, vehicles, etc. Because they are used for business purposes, claiming depreciation of these assets helps to reduce the taxable income of the business. As is the case any time you wade into the murky waters of tax, the IRS is always on the […]
Cancellation of Debt: What it Means to You
Cancellation of debt is an issue that often arises around tax time and is something that every taxpayer should understand. Many people are relieved to reach the end of a long battle with a debt, only to learn that there are tax implications. Any time there is a short sale, foreclosure, or another form of […]
Investing in an Election Year: Should I be concerned?
How do you feel about investing in an election year? As frequently happens, election season is stirring up a lot of emotions. Some of the things keeping Americans up at night are questions like, “How will this election affect the stock market? My child’s college tuition fund? My retirement fund?” These are valid concerns, especially […]
Self-Employed Retirement Contributions are Not Eligible for PPP Forgiveness
When the Paycheck Protection Program was initially announced, many self-employed individuals were relieved to learn that they were eligible for the forgivable loan. If you’re self-employed and received PPP funds, there’s a frequently overlooked rule related to loan forgiveness that may apply to you: your solo 401(k) contributions, as well as contributions to other retirement […]
More Changes to Paycheck Protection Program Loan Forgiveness
Small businesses that applied for the Paycheck Protection Program, as of August 10th, can begin submitting requests for loan forgiveness. However, the SBA has continued to tweak the rules for how businesses can use forgivable funds, which has complicated the process for many small business owners. A recent ruling, published in August, introduced new rules […]
Payroll Tax Deferral: What employers and employees should know
President Trump made major headlines in August with his Executive Order deferring payroll tax withholding, deposit, and payment from September 1 to December 31, 2020. Although the order is now in effect, it’s still unclear how the payroll tax deferral will play out. The executive order directed the Secretary of the Treasury to “explore avenues, […]
Protecting small businesses from fraud
Many small businesses like to think that their size insulates them from fraud. In reality, though, the opposite is true – small businesses are big targets for would-be fraudsters. According to the ACFE Report to the Nations, small businesses are two times more likely to experience billing and payment fraud and four times more likely to experience […]
How to protect yourself from 12 common IRS scams
Scammers never let an opportunity go to waste, and the COVID-19 pandemic has introduced new ways for bad actors to prey on the vulnerable and scared in the form of IRS scams. Criminals are already attempting to steal money and personal information under the guise of coronavirus tax relief. The IRS recently released their “Dirty […]
Congratulations to the Jacksonville Business Journal’s 2020 Fast 50 Winners!
We are proud to partner with the Jacksonville Business Journal by sponsoring the 2020 Fast 50 awards. These 50 private companies, which cover a wide range of industries, are recognized for being the fastest-growing companies on the First Coast, through good times and bad—a true testimony to their perseverance. Congratulations to: #1 Conser Group, LLC […]
Seven Noteworthy 2020 Tax Changes
The 2020 tax season is going to sneak up on us. Several of the coronavirus relief laws that were passed on a federal level, including the CARES Act, created new tax credits and other changes for the upcoming tax season. The late 2019 SECURE Act, passed before we knew about the current crisis, will also […]
How to use and document PPP funds for loan forgiveness
Updated January 14, 2021 In June of 2020, the ABA Banking Journal reported that 7 out of 10 businesses nationally have received PPP funds. These businesses are focused on ensuring they can use their funds properly and document that use for maximum PPP loan forgiveness. We’ve written several posts to help borrowers understand the program […]
Ways to apply for PPP loan forgiveness
Updated January 14, 2021 With the passage of the Paycheck Protection Program Flexibility Act (PPPFA), the SBA has released two new loan forgiveness applications. These are designed to make the process a little easier for borrowers who’ve met the PPP requirements and are eligible for loan forgiveness. In either case, you may apply for PPP […]
Transitioning accounting to the cloud is now mission-critical
“Because that’s the way we’ve always done it,” is a phrase I’ve heard a lot over the past several years. It’s become a canary in the coal mine for me, nearly always indicating there’s a process or platform that isn’t working for a business. People become used to all sorts of inefficient, irritating tasks under […]
COVID-19 Tax Relief for Individuals and Businesses
The COVID-19 public health crisis has taken its toll on businesses, individuals, retirees, and everyone in between. One of the efforts to help bring economic relief is a series of tax breaks to help individuals and businesses. We’ve summarized the most significant COVID-19 tax relief changes that will have a broad impact. Those of you […]
Fixing the Retail Glitch: Good news for brick-and-mortar businesses
Shops, restaurants, studios, and other storefront-based businesses have some good news coming their way at tax time. One of the provisions in the CARES Act has fixed the so-called retail glitch that came out of the 2018 Tax Cuts and Jobs Act (TCJA). If you’re a business owner who made qualified improvements to real property […]
COVID-19 Relief and Changes: What small businesses need to know
The past couple of months have brought an explosion of changes for businesses. Tax deadline extensions, paid leave requirements, and relief in the form of loans have all affected small businesses to varying degrees. Even if your cash flow is unaffected by the pandemic, there are still changes that will affect your company. Here’s a […]
Are you Prepared for Paycheck Protection Program Loan Forgiveness?
*UPDATE: The passage of the Paycheck Protection Program Flexibility Act on June 5th has materially changed the requirements for PPP loan forgiveness. We have updated this blog to indicate where the requirements have changed. View the current forgiveness applications. Perhaps the most attractive feature of the Paycheck Protection Program (PPP) loan is the promise of […]
Paid Leave During COVID-19: What employers need to know
The COVID-19 health crisis is forcing employers and business owners to make quick decisions, especially when it comes to handling their workforce. Should staff members continue reporting to the office or work from home? What do you do if an employee, or an employee’s family member, catches the virus? Are you required to provide paid […]
Small Business Relief under the CARES Act
Although the stimulus payments to individuals have stolen the headlines, small businesses also stand to gain a great deal of support from the CARES Act during this challenging time. If your business has been adversely impacted by the coronavirus, chances are at least one of the items below will help support you through the crisis. […]
The CARES Act: Direct coronavirus relief for Americans
This post was updated on May 13, 2020, to include information about the CARES Act financial aid provision for college students. The CARES (Coronavirus Aid, Relief, and Economic Security) Act is the coronavirus relief bill that has been making major headlines and includes the stimulus payments you’ve likely heard about. While the CARES Act worked […]
Four Reasons To Work With A Remote Bookkeeper
While remote work has been suddenly thrust into the spotlight, many of us have been doing it for years. The technologies that allow employees to work remotely have also enabled the rise of remote service providers in a wide variety of industries. Just twenty years ago, you probably choose your bookkeeper from a listing of […]
Small Business Loans and Tax Relief Information
In the flurry of government relief that has been announced in the past couple of weeks, there are a variety of options available to help businesses cover their expenses and support their workers during this time. Last week, we summarized the Families First Coronavirus Response Act, which established paid sick leave and expanded FMLA for […]
Families First Coronavirus Response Act: What businesses need to know
President Trump signed the Families First Coronavirus Response Act, the first national legislation to offer Americans relief from the coronavirus’ impact on the economy, on March 18th. Its provisions will go into effect within 15 days of passage. While this situation continues to evolve and we expect more to come, there are some key provisions […]
5 ways to teach money management skills to the next generation
We all want our children and grandchildren to grow up to be financially stable, to make smart financial decisions, and to be confident in managing their money. Early, consistent teaching about finances is critical—and it’s never too early to start with your own kids and grandkids! Here are 5 tips to help you teach money […]
Coronavirus and the Economy: Proactive tips for businesses
Wash your hands. Work from home. Use hand sanitizer. Self-quarantine if you’re sick. Wash your hands again. News about the global coronavirus pandemic and corresponding economic activity has many business owners feeling concerned. While no one knows what’s going to happen when all is said and done, we come at this crisis from a unique […]
Coronavirus and the Economy: How to be proactive in an economic crisis
With the coronavirus outbreak top of mind for people around the world, we’re closely monitoring the economic impacts. As events unfold, the endless news cycle is creating a keen sense of urgency. That urgency is certainly warranted regarding your health: wash your hands, avoid large gatherings, and stay home if you’re feeling ill. When it […]
Tax deadline for S-corps and partnerships: March
Tax returns for partnerships and S-corps that pay on a calendar year are in March. C-corps have an additional month to complete and file their returns. Are you ready to file? If the answer is no, you need to file an extension, which will give you an extra six months to complete your return. First, […]
Investing in Turbulent Times
When big drops in the stock market start to make major news headlines, investors tend to get nervous. The steady gains of the past few years have lulled many people into a feeling that the market can only keep going up. That sudden barrage of media notifications that the market is “crashing” makes it seem […]
Quickbooks Online Pros and Cons
Unless you have a dedicated accounting staff who sit together in a consistent office space and handle the finances of your business with little or no input from you, the advantages of Quickbooks Online program can be numerous.  The ability to outsource your accounting function while maintaining onsite access is every business owner’s dream.  However, […]
20 Tips for Building Your Savings in 2020
As January comes to a close, we know some of you may have already forgotten your new year’s resolutions. Resolving to change your financial habits is one thing—actually doing it takes a lot of dedication and persistence. We put together a list of our 20 favorite tips to encourage you on your path toward your […]
Getting started with saving and investing
You probably know you need to save for your future. Hopefully you even have a goal in mind. If your new year’s resolution has you putting your finances in order, here are some pointers to help you get started with saving and investing. Solidify your strategy Regardless of whether you’re a seasoned investor with a […]
Four things savvy savers do differently
Have you heard about the invisible rich? These are the people whose lives are anything but flashy—they drive older cars, pack their lunches, live in a modest home, etc. At the same time, they’re making five-figure donations to their churches and sending their children to college without borrowing any money. Just how does this happen, […]
3 common misconceptions about estate planning
No one enjoys conversations addressing our own mortality. The reality is that avoiding the topic is one of the most damaging decisions that will continue to reverberate long after your inevitable passing. If you don’t have a Last Will & Testament in place at the time of your passing, the state will determine how your […]