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Tax Form 941 is Due Soon - Is Yours Done Yet?

Jun 15, 2021 1:25:47 PM / by CSI Accounting Staff posted in small business taxes, small business payroll

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As a small business owner, you probably found this article because you're looking for more information to prepare your own 941s.

If not, you might be one of many owners who not only (sometimes incorrectly) assume that their accountant is going to handle it, but they also don't really know what Form 941 is.

Regardless of which situation better describes you, this article will explain both in detail.

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The Top 8 Benefits of Managed Payroll Services

Jun 9, 2021 3:40:08 PM / by CSI Accounting Staff posted in small business payroll

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Is it worth it to outsource payroll? Clearly, doing it yourself can have some major downsides. Here are the top 8 benefits of managed payroll services, with an extra emphasis on the differences between local providers and national providers.

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7 Things That Can Increase Your Payroll Fees

Jun 2, 2021 2:45:09 PM / by CSI Accounting Staff posted in small business payroll

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As an employer, you know that payroll is much more complex than most people think it is. Aside from the basic adjustments, such as taxes and garnishments, do you know how your company's unique situation can influence your payroll prices?

You might be surprised to hear that the big-name payroll companies don't always offer better deals. Here are some things that payroll companies use to determine your payroll fees.

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Can I Fire an Employee Because They Were Just Arrested?

May 27, 2021 10:39:32 AM / by CSI Accounting Staff posted in small business operations

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The political climate over the last year has resulted in various protests and riots on American soil. As a result, many people who had not previously had an encounter with the law found themselves being arrested.

This led many employers to ask, "Can I fire my employee because they were arrested?" The answer is complicated due to protections for employees, which we will cover here.

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The Restaurant Revitalization Fund (RRF) is Now Open to All Restaurant Owners Until Funds Are Exhausted

May 22, 2021 12:00:00 AM / by CSI Accounting Staff posted in restaurants, small business accounting

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Because women, veteran, and minority-owned restaurants are a small portion of the restaurant industry, they were granted a priority application period for the Restaurant Revitalization Fund.

The priority application period for underrepresented restaurant owners came to a close on May 21st, and now the fund is open to all restaurant owners on a first come, first served basis. If you're in the food and beverage industry, has your accountant proactively spoken to you about this? If not, keep reading for details.

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The Beginner's Guide to New Hire Reporting

May 19, 2021 2:49:25 PM / by CSI Accounting Staff posted in small business taxes, small business payroll, small business operations

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When we sit down with clients who don't have an HR department, they often ask us about new hire reporting. While we recommend that businesses of all sizes work with at least one HR professional (even if it requires partnering with an outsourced company rather than hiring internally), this is one of those things that can be done by the business owner - with the right knowledge, of course. Here's what you need to know.

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Top 10 Tips to Maximize the Value of Any Business & Have it Ready to Sell For Top Dollar

May 12, 2021 9:33:37 AM / by Brian Paulson posted in small business taxes, small business accounting, small business operations

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If you own a business but haven't read Built to Sell: Creating a Business That Can Thrive Without You by John Warrillow, we highly recommend it! Its concept is to run your business as if you are going to sell it tomorrow. You should maximize what your business is worth at all times, not just when you're getting ready to sell. CSI Accounting & Payroll's owner, Brian Paulson, took inspiration from this book while creating some of these tips.

Small businesses tend to miss the mark on this and consequently are not worth very much. Sales and profits can be high, but the purchase price can be low at the same time. The following blog post is a list of tips to maximize the value of your business to a potential buyer.

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Women, Veteran, & Minority-Owned Restaurants Get Priority For the Restaurant Revitalization Fund (RRF)

May 5, 2021 10:10:29 PM / by CSI Accounting Staff posted in restaurants, small business accounting

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Why is it so important for underrepresented U.S. business owners to take advantage of benefits like the Restaurant Revitalization Fund? Everyone deserves the American Dream.

  • A majority of U.S. business owners are white. They own over 2.5x more businesses than minorities do (African Americans, Native Americans, Asian Americans, and Hispanic Americans combined) and make almost 7.5x more in receipts.
  • A majority of U.S. business owners are also men. They own almost 1.5x more businesses than women do and make over 6x more in receipts.

The Restaurant Revitalization Fund is currently open to women, minority, and veteran-owned businesses as a priority until May 21st. If you fall into any one of these categories, has your accountant proactively spoken to you about this? If not, keep reading for details.

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How to Analyze Your Business's Tax Return

Apr 29, 2021 11:22:19 AM / by CSI Accounting Staff posted in small business taxes

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If you're staying on top of things this year, you should be getting your tax return around this time. However, you might find difficulties in analyzing your return if your annual tax accountant doesn't walk you through it. CSI Accounting & Payroll assigns each of our clients their own go-to accountants who proactively make sure small business owners understand what their tax returns mean, as well as how to use them for future tax strategy.

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Are There Any Risks in Asking Your Employees to Prove That They Have Received COVID Vaccinations?

Apr 20, 2021 3:25:01 PM / by CSI Accounting Staff posted in small business operations

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Are you wondering if you can ask your employees to prove that they've had their COVID vaccinations? Many people receive CDC vaccine cards that show the date and type of COVID vaccine received. Wouldn't it be easy to ask to see these cards?

Maybe not. First, we need to know if your employees are even required to get the vaccine. Second, we will discuss whether you can require proof of vaccination or not, especially when some vaccine sites don't supply CDC cards.

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