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The Advantages and Disadvantages of Accrual and Cash Basis Accounting

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,…

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outsourced accounting, CFO services, outsourced CFO

The Benefits of Outsourced Accounting and CFO Services

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…

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tax planning, end-of-year tax, accounting

End-of-Year Tax Planning for Your Business

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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starting your own business, accounting, accountant, business

6 Tips for Starting Your Own 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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accounting, small business accounting

Ways to Simplify Your 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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payroll tax deferral

What You Need to Know About the 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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natural disaster, tax records, protecting tax records

Protecting Tax Records Before the Next Natural Disaster Strikes

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

A Refresher On What the Tax Cuts and Jobs Act Changed

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

How the COVID-19 Pandemic Has Changed the Way We Pitch 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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extend the tax deadline, small business taxes, 2020 tax deadline

Will the IRS Extend the Tax Deadline Past July 15?

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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Get in Touch With Me

Contact me for any of my accounting services. I am more than happy to answer any of your questions.

PETER B. SCALA, CPA, LLC

775 PARK AVENUE, SUITE 255 HUNTINGTON, NEW YORK 11743

(631) 923-0200

Service Areas

I provide my services to clients in the New York City Metropolitan area.

Long Island

Westchester County

New York City

New Jersey

Connecticut