Posts by Peter B. Scala, CPA

The financial world is still talking about the Bureau of Labor Statistics’ news that inflation rose to a 40-year high of 8.5% in March 2022. As Americans fill their gas tanks and plan weekly grocery budgets, prices are going up everywhere! The Federal Reserve raises interest rates to hedge against Covid-19 has created a volatile…

Do you find yourself looking for expert tax advice that goes beyond the standard online software? Perhaps you’re one of the millions of people that tried online selling? According to the latest numbers, there are about 32.5 million small businesses in the U.S. with many of these having only one or two employees.  Regardless, businesses…

The tax filing deadline has come and gone as households throughout the U.S. wait for tax refunds. Unfortunately, some taxpayers will come under scrutiny from the IRS, scrutiny that for most is routine. However, for a small cross-section of taxpayers, an IRS tax audit represents the beginning of a long process of detailed financial scrutiny.  …

As the new year rolls on, small business owners are painfully aware that tax season is here. Many business owners enjoyed tax breaks and other program incentives during the pandemic. However, as these advantages wind down, finances are returning to normal despite inflationary concerns.  The most important date for a small business to remember is…

Owning and operating your own small business is as close to financial independence as you can get without being rich. Of course, most would prefer being rich, but the majority of us never will be rich. Instead, a desire to succeed and live healthier happier lives than previous generations motivates the American psyche to work…

Some say America was built by small businesses. Indeed, one former Congressman noted small businesses are the backbone of the American economy. Owning a small business and being a successful member of the community is part of the American Dream. Sadly, many small businesses fail before they can make an impact on the economy. What…

In some circles, CPAs occupy a place of trust alongside used-car salespeople and lawyers. But this doesn’t need to be true in every group. CPA ethics have come a long way in the last generation. Spurred in part by high-profile criminal actions by top executives at Enron, today’s CPAs follow ethical practices. Doing otherwise leads…

Many probably don’t know that there are two main types of accounting. Indeed, many probably don’t even know what an accountant does. As a small business owner, you either hire someone on a temporary basis to do your books, or you do your own books with the help of automated software. At Peter B. Scala,…

The functional work of a bookkeeper has come a long way in the last century, particularly for the small business owner who must wear many hats to ensure business success. Unfortunately, owning a small business in the modern business climate is not easy. From paying taxes to managing salaries for payroll, small businesses must stay…

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…