The IRS has been cautioning small businesses and tax-exempt organizations about the prevalence of fraudulent offers claiming to assist in processing the Employee Retention Credit. It’s a well-known saying: “If it sounds too good to be true…you know the rest.”…
The IRS has reported that more than 1.5 million taxpayers have unclaimed refunds dating back to 2019. Typically, the deadline for filing prior year returns is three years, but due to the COVID-19 pandemic, the Internal Revenue Service has extended…
If you want to know how your company is doing then you DO NOT need to read the Balance Sheet. Instead you should read the Income Statement. The Income Statement measures “performance” during a specific period of time (a month,…
Sooner or later all businesses big and small need to borrow money. Cash flow gaps may be planned (i.e., financing growth) or unplanned. Either way, the way to avoid turning cash-flow shortages into cash-flow crisis is to have a financial…
Does this sound familiar? According to the SBA over 50% of small businesses fail within a few years of their founding. Many experts believe one of the principal reasons for their failure is the lack of money. I believe one…
The Boston Globe reported early in 2018 that “Employee theft is ‘shockingly common’ at nonprofits.” According to Gerry Zack, the incoming chief executive of the Society of Corporate Compliance and Ethics in Minneapolis as quoted in the Boston Globe, fraud…
As Eeyore, Winnie the Pooh’s pessimistic grey donkey friend once remarked: “They’re funny things, Accidents. You never have them till you’re having them.” As many a small business owner knows Cash Flow Crisis do happen and unfortunately many times we…
Since Euclid’s rigorous analysis of the properties of ratios in 300 BC, financial ratio analysis has been a fashionable sport among creditors, investors and financial managers. However, very few owners and managers of small businesses rely on this very useful…
According to Catherine Rampell of the Washington Post, the IRS is so underfunded and ”undersystemitized” (emphasis mine), that “as of July 29, the IRS had a backlog of 10.2 million unprocessed individual returns.” And in today’s world of face-recognition, artificial…
A recent headline in the “New York Times” emphasized the rebounding of manufacturing in the US creating a scarcity in the labor market. As more fully explained in the IRS portal “Businesses hanging up their Help Wanted signs should be…