For more than 25 years, I’m proud to say my tax book for small businesses has been the go-to-tax-guide for owners and their tax advisors. The J.K. Lasser's Small Business Taxes 2021 edition for preparing 2020 returns as well as tax planning for 2021 has been updated to incorporate COVID-19-related and other new laws, court decisions, and IRS pronouncements. As has been my practice, I’ve written my own book review to explain the purpose of the book, what’s new, and what’s ahead.  Read More

This year’s election results mean changes…a new administration and a new Congress. What affect this will have on small businesses is too early to predict, but it’s inevitable that there will be changes. Here are some possible changes to anticipate: Read More

According to TrackTheRecovery.org, the number of small businesses that were open on November 16, 2020, as compared with January 1, 2020, decreased by 28.9%. It’s likely that this isn’t the final count. Kenny Roger’s song instructs: “You’ve got to know when to hold ‘em, know when to fold ‘em.” For small business owners that have suffered through the pandemic but are still hanging on, it’s important to know when to stop valiant efforts and close up shop. Read More

Last year, there were over a million shoplifting cases reported, with an average of $318 lost in each incident. But these are only the cases tracked by the FBI; most aren’t reported. A survey by Business.org found that 40% of small businesses saw an increase in shoplifting since the pandemic. Read More

2020 has come to an end. If you are still in business, congratulations. The statistics on small business closures are grim. Yelp found that 60% of business closures due to the pandemic were permanent. With the current new wave of COVID-19 cases and repeated government-mandated shutdowns, it can be expected that more small businesses will go under. If you have been unable to withstand the tsunami that was the pandemic, take heart because a new year presents new opportunities for those with an entrepreneurial spirit.  Read More

Under the Fair Labor Standards Act (FSLA), employers must compensate hourly employees for the time they work and pay time and a half for working more than 40 hours in a work week. But what’s “work time?” Generally, this means hours spent predominantly for the employer’s benefits. Examine your business practices to see whether you’re required to compensate hourly employees for various activities. Here are some examples. Read More

A partnership is not a taxpaying entity, but files an annual tax return, Form 1065, to report income, deductions, and other items. These items pass through to partners, who may be individuals, other partnerships, corporations, or other entities. Partners report their allocable share of these items on their own tax returns. Read More

COVID-19 has resulted in nearly 290,000 deaths in the U.S. in 2020. These numbers are on top of those who died from other causes this year. For many of these people, their demise was sudden and unexpected. Bottom line: All business owners need to think about their mortality and be sure they have the documents in place to reflect their intentions and protect their family and their business. Read More

It’s been reported that about 66% of all businesses plan to give year-end bonuses in 2020. But is this true for small businesses? Many have closed; others are hanging on by a thread. Still, some small businesses have done well in 2020. Owners may want to share their good fortune with those who made it possible…valued employees. Read More