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How an Accountant Uses Monthly Financial Statements to Offer Advice

Apr 13, 2021 4:49:38 PM / by CSI Accounting Staff posted in small business taxes, small business accounting, small business operations

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You know the value of receiving monthly financial statements, and you're putting in the time and resources it takes. However, once they're in your hands, you're not sure what to do with them. Therefore, have the experts at CSI Accounting & Payroll help you analyze your statements to get the best plan of action for your business.

One of our main goals in our accounting department is to use the monthly financial statements we create to offer profitability advice. Have you ever wondered what kind of advice you could be receiving? Here are some of the topics that are most frequently brought up in our meetings.

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What You Need to Know About the American Rescue Plan Act

Mar 25, 2021 4:28:35 PM / by Brian Paulson posted in small business taxes, small business payroll, small business accounting

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The following blog post is based on a letter from CSI Accounting & Payroll's owner, Brian Paulson, to our clients.

As we all know, 2020 and 2021 have been very challenging years in many respects. Along with everything else, Congress has been doing more things than ever before that have implications on the taxation of both businesses and individuals. It has been very challenging to do so, but we pride ourselves on staying on top of what is coming out of Congress so we can quickly summarize it and convey it to our clients.

NOTE: This information was up-to-date at the time that this post was written, but COVID relief laws are constantly being updated and changed. Please contact us directly for updated information.

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Small Business COVID Relief Packages: What to Do and What to Expect

Mar 11, 2021 9:37:52 AM / by CSI Accounting Staff posted in small business taxes, small business payroll, small business accounting

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The COVID-19 pandemic proved to be devastating to many small businesses. 163,735 U.S. small businesses closed their doors between March 1st, 2020 and August 31st, 2020. This resulted in the government setting aside some crucial relief efforts.

Whether you participated in the first round of PPP loans last year or not, there's still a good variety of relief packages available. The two most popular relief efforts are the PPP (Paycheck Protection Program) loans and the ERC (Employee Retention Credit), which will be discussed in this post.

NOTE: This information was up-to-date at the time that this post was written, but COVID relief laws are constantly being updated and changed. Please conduct your own research with reliable sources or contact us directly for updated information.

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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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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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The Truth About Tax Prep Software and Your Business

May 7, 2019 10:45:00 AM / by CSI Accounting Staff posted in small business taxes, small business bookkeeping, small business accounting

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Every year, as business owners enter into the final stretch of tax season, tons of people and small businesses scramble to make sense of their financial statements, figuring out their own deductions, and struggling with some “free” tax prep software. Maybe you have just gone through that this year. 

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