The Pandemic Financial Statements Lesson
Pai CPA – Your Outsourced Accounting Department – Charlotte Accountants & CPAs
by NESHAadmin
4y ago
If the pandemic taught business owners anything, it is the importance of having their financial house in order. More than ever, businesses needed financial assistance. The SBA was dolling out funds through the PPP and the EIDL platforms and Charlotte was offering local city grants, as many municipalities did. I found over and over that so many owners were scrambling and were not able to fill out applications and I cringed. Why? Because most of these applications required them to have financial statements or information from their financial statements. Our entire business model is built on gett ..read more
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Get Down With PPP (Forgiveness!)
Pai CPA – Your Outsourced Accounting Department – Charlotte Accountants & CPAs
by NESHAadmin
4y ago
Most of my colleagues and I have been glued to everything the US. Department of Treasury has had to say related to the Paycheck Protection Program (PPP) of the CARES Act. It is all we have thought about since the middle of March 2020. It is no surprise that we are just as flustered, confused, and displeased with how this program has been shaping up. As of yesterday, the House passed their proposed changes to this bill, still waiting at the floor of the Senate to chime in. This new proposed bill would extend the usage period from 8 weeks to 24 weeks. Also, it would extend the time to restore at ..read more
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Stop! Protect Your Assets
Pai CPA – Your Outsourced Accounting Department – Charlotte Accountants & CPAs
by NESHAadmin
4y ago
Choose the right business entity.  There are many considerations, but even if you are the sole owner, operating as a sole proprietor is not the best choice for asset protection. As a sole proprietor, your personal assets are completely exposed to any lawsuit that may be brought against the business. Setting up an entity, such as an S corporation or limited liability company (LLC), is an important first step in the creation of your business and protection of your personal assets. Keep your corporate veil from being pierced.  Many business owners comingle their personal bank accounts with their ..read more
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Depreciation for Business–The New Law Under Sec 179
Pai CPA – Your Outsourced Accounting Department – Charlotte Accountants & CPAs
by NESHAadmin
5y ago
What is the Section 179 Deduction Most people think the Section 179 deduction is some mysterious or complicated tax code. It really isn’t, as you will see below. Essentially, Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year. That means that if you buy (or lease) a piece of qualifying equipment, you can deduct the entire purchase price from your gross income. It’s an incentive created by the IRS to encourage businesses to buy equipment and invest in themselves. Businesses ca ..read more
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The Entrepreneurial Ocean: Play Big
Pai CPA – Your Outsourced Accounting Department – Charlotte Accountants & CPAs
by NESHAadmin
5y ago
Once you take the leap into entrepreneurship, you are no longer in a safe backyard pond, but rather in a vast ocean full of the unknown. When it comes to owning your own business, there are some truths, at least in my own personal experience: Truth #1: People like to do business with people they like and can relate to Truth #2: The entrepreneurial path is not for the meek, the faint of heart, the quiet, or the uber-private person Truth #3: You have to ‘fake it ’til you make it” or at least act like you know what you are doing and figure it out fast Truth #4: If you don’t put yourself out there ..read more
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