Posts by Peter B. Scala, CPA

End-of-Year Tax Planning for Your Business

tax planning, end-of-year tax, accounting

If your fiscal year ends on December 31, it’s time to start planning for preparing for next year’s taxes. There are a few end-of-year tax planning strategies you can implement now that will help your business’s finances next year. While the below are trade suggestions, it’s recommended that you reach out to a tax professional…

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6 Tips for Starting Your Own Business

starting your own business, accounting, accountant, business

The thought of branching out and starting your own business can be an exciting opportunity and time for you. However, you need more than writing up a business plan. If you’re expecting to have employees, you’ll need to complete a variety of state and federal forms and applications to get your business up and running.…

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Ways to Simplify Your Small Business Accounting

accounting, small business accounting

Regardless of your industry, your business needs to stay on top of its accounting. Unnecessary issues and obstacles resulting in slowed business growth could happen if you fail to keep accurate accounting records. Accounting encompasses keeping track of your business expenses, monitoring financial reports, and collecting payments in a timely manner. These tips below will…

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What You Need to Know About the Payroll Tax Deferral

payroll tax deferral

What is the Payroll Tax Deferral? On August 8, 2020, President Trump and the White House issued a Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster[1] for the Secretary of the Treasury, Steven Mnuchin, as a direct response to the novel coronavirus (COVID-19), which has “caused significant, sudden, and unexpected…

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Protecting Tax Records Before the Next Natural Disaster Strikes

natural disaster, tax records, protecting tax records

When preparing for a natural disaster, your emergency preparedness planning could make the difference between staying in business and losing everything. People tend to think about the supplies they’ll need or how to best protect their property – picking up extra gallons of water or securing heavy items in your office like bookcases, refrigerators, and…

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A Refresher On What the Tax Cuts and Jobs Act Changed

taxes, Tax Cuts and Jobs Act, tax season, tax brackets, tax changes

The Tax Cuts and Jobs Act (TCJA) became official in late December 2017. The most substantial overhaul of the tax code in three decades, the TCJA cut taxes for individuals and businesses starting in 2018. Even in 2020, the changes this act made to our tax code are a lot to remember, especially since some…

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How the COVID-19 Pandemic Has Changed the Way We Pitch to Investors

pitching to investors, covid-19 pandemic, pitch to investors, pitching to investors

Small businesses and entrepreneurs depend on investors to get their business off the ground, keep it afloat, and even take it to the next level. Without investors, many businesses that have found success would’ve never gotten the opportunity.  While an investor can do a lot for the right small business, investors are often hard to…

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Will the IRS Extend the Tax Deadline Past July 15?

extend the tax deadline, small business taxes, 2020 tax deadline

Every year, small businesses are forced to rush through their taxes to get them filed by the April 15th deadline. This year was different, though. From the onset, the federal government knew the troubles small businesses will be facing throughout this year and decided to extend the 2020 tax deadline.  This helped a large number…

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Did the Senate Extend the Small Business Paycheck Protection Program?

paycheck protection program, certified public accountant, small business

Small businesses across the United States have been hit extremely hard since the COVID-19 pandemic started to sweep the country. Some businesses have found a way to survive and even excel during these difficult times; however, others have seen costly disruptions — and some have even been forced to shut down completely.  With small businesses…

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What Should You Do If Clients Fail to Pay?

small business situations, non-paying customers, failure to pay

Owning a business can be extremely fun and rewarding. You’ll meet a lot of great people, satisfy a wide range of customers, and even learn a little about yourself in the process.  Unfortunately, owning a small business will also come with various challenges, moments of frustration, and times where you’ll be tested. One of these…

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