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What a New Presidential Administration Means For Your Small Business

Feb 16, 2021 4:32:30 PM / by CSI Accounting Staff posted in small business taxes, small business operations

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It's official: Joe Biden has been sworn in as the new president. Regardless of which party you associate with, you're probably wondering what this means for your small business.

New tax policies will likely be at the front of every small business owner's mind. Now that democrats control the House, Senate, and presidency, it will be easier for them to implement tax reform.

The following article contains an overview of what previous administrations did for small businesses, as well as what the Biden administration is expected to have in store.

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Why It's Difficult to Find a New Accountant During Tax Season

Jan 21, 2021 12:25:02 PM / by CSI Accounting Staff posted in small business taxes, small business bookkeeping, small business accounting

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Did you know that many accounting firms do not accept new clients during tax season? This can place small business owners in a difficult situation if they want to switch accountants or find their first business accounting service between the beginning of the year and April.

This blog is for you if:

  • You've been performing your taxes internally and are looking to save time.
  • You need guidance with your accounting software, such as QuickBooks or Xero.
  • You are just starting your business and do not have an accountant.
  • You've had an issue arise, such as falling behind on tax prep or being audited.
  • You don’t want to use the same accounting service from last tax season.
  • You want to look into different accounting methods, such as monthly accounting.

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How to Prepare Your Business For This Tax Season

Jan 7, 2021 10:00:00 AM / by CSI Accounting Staff posted in small business taxes, small business bookkeeping, small business accounting

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Hello, 2021! With tax season just around the corner, it's time to start getting ready to file. Are all of your forms prepared?

Tax season can mean extra stress for your business. Luckily, putting in a little effort ahead of time can save a lot of time come tax season. The following article will help get you through it!

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End of Year: Tax Law Changes

Dec 10, 2020 8:15:00 AM / by CSI Accounting Staff posted in small business taxes, small business bookkeeping, small business accounting

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Brian Paulson, the owner of CSI Accounting & Payroll, has put together some end-of-year planning tips.

He writes, "Everything we do is focused on the core belief that we succeed in life by helping others succeed. This letter is one complimentary piece of our intense planning and research effort throughout the year to help in your success. Feel free to share it with anyone you know who could benefit."

This section covers tax law changes in 2020. Tax laws are subject to change, of course, but this year has presented several transformations.

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End of Year: IRS Changes Due to COVID-19

Nov 25, 2020 10:07:24 AM / by CSI Accounting Staff posted in small business taxes, small business payroll, small business bookkeeping, small business accounting

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Brian Paulson, the owner of CSI Accounting & Payroll, has put together some end-of-year planning tips.

He writes, "Everything we do is focused on the core belief that we succeed in life by helping others succeed. This letter is one complimentary piece of our intense planning and research effort throughout the year to help in your success. Feel free to share it with anyone you know who could benefit."

This section covers a unique topic: changes in the IRS due to COVID-19. Pandemics definitely don't happen every day, but they can result in massive government changes.

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Families First Coronavirus Response Act - What We Know So Far

Mar 20, 2020 2:22:58 PM / by CSI Accounting Staff posted in small business taxes, small business payroll, small business operations

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The Families First Coronavirus Response Act was signed into law on March 18, 2020.

In the coming days and weeks, federal regulatory agencies, including the Department of Labor (DOL) and Health and Human Services (HHS), will provide guidance on how to execute or implement the new requirements. In the meantime, employers and advisors must rely on a good faith interpretation of the act’s text.

We are sharing everything we know below and will not be able to answer follow up questions about the act until agency guidance has been released, which will take some time. We will update the HR Support Center when we have more information, and we encourage you to check there.

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The Best Defense is a Good Offense: Getting the Jump on Next Year's Taxes

Jul 9, 2019 10:11:00 AM / by CSI Accounting Staff posted in small business taxes, small business accounting, small business operations

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Taxes are an ever-changing landscape, and with the 2017 Tax Cuts and Jobs Act finally taking effect this year, there’s actually never been a better time to find an accountant that you can trust.

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Taxes 103: Employee Expenses That Are No Longer Deductible

Jul 2, 2019 9:12:00 AM / by CSI Accounting Staff posted in small business taxes, small business operations

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The Tax Cut and Jobs Act really changed how deductions work. It's important to know how much those changes will affect you and your business. Here's another way taxes have changed recently:

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Taxes 102: Entertainment Deductions

Jun 25, 2019 9:47:00 AM / by CSI Accounting Staff posted in small business taxes, small business bookkeeping, small business operations

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The Tax Cut and Jobs Act really changed how deductions work. It's important to know how much those changes will affect you and your business. Here's another way taxes have changed recently:

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Taxes 101: Interest Deductions Are Down for Medium-Sized Businesses

Jun 18, 2019 10:18:00 AM / by CSI Accounting Staff posted in small business taxes, small business operations

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Unless you’ve been sleeping under a rock the last year, you probably know that the Tax Cut and Jobs Act really changed how deductions work. Here’s the thing, if you’ve yet to file your 2018 taxes, you might not realize just how much those changes will affect you and your business this year.

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