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Siegel, Here Are Your Articles for Monday, May 15, 2023
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Saved Articles
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Trusts are subject to taxation, but not in the same way businesses and individuals are. They have their own special rules, and both grantors and beneficiaries need to be aware of them. Click through for an introduction to trusts and taxation.
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The IRS has issued final regulations about deductions for business interest expense under the TCJA. Click through to see how the agency tackles the definition of interest and learn about exceptions that may apply to you.
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Too many stories have appeared in the news about naive investors who lose their savings because of overreliance on tools that make Wall Street look safe and easy. Click through for some thoughts on being careful.
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You may have heard about family offices but aren't sure what they are. They are essentially firms that provide complete asset management and planning services. Are they right for you? Click through to learn what constitutes a family office.
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Recent months have forced decisions and adjustments on small businesses. Companies of all kinds are working through new ways of doing business. Click through for some examples and tips that may help you with your company.
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The SSA has published its COLA increases for 2021 as well as a new ceiling for earnings subject to OASDI. Click through to learn the details on which numbers are changing — and which are not — and how you're affected.
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On Feb. 22, the White House published some changes to the PPP program that makes it more accessible to small businesses. Click through for details on the special application process and modifications on various restrictions.
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Your client returns a product and wants a refund, but you have no idea how to record the transaction in QuickBooks. But if If you know the process, QuickBooks can handle a task like this easily and ensure the accuracy of your financials.
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Keeping employment records is not only good business practice but also legally required. The rules are specific and can get complicated. Click through for federal laws mandating employment records retention.
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QuickBooks can do lots of payroll-oriented tasks, if you know which buttons to press. Click through to learn all about setting up your system so you can efficiently pay your staff.
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"Risk" is both a mathematic and emotional concept, a gauge of the likelihood that your estate plan will achieve its goals. Click through for an introduction to this important but often misunderstood concept.
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In these uncertain times, many taxpayers who normally were on staff have turned part time or full time to the "gig economy." This means they have to file Schedule C as part of their tax return. Click through for an introduction to the tax requirements.
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Are you required by federal law to offer paid leave because of the coronavirus pandemic? If so, you must report the payments on the recipient's Form W-2 or in a separate statement. Click through for reporting details.
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Companies that are structured to be resilient and agile are more likely to succeed through disruptions such as the current pandemic — and any future disruptions. Click through to learn how to operate under an agile model.
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Cumulative interest payments? Excel can handle that task, if you know how to manage the functions correctly. In fact, it can be an efficient way to get the numbers you need. Click through to learn a trick you had no idea Excel could do!
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Your invoices, estimates and sales receipts in QuickBooks Online could use some customization, but you don’t know how to get started. Fortunately, this is not that difficult and help is available. Click through for step-by-step instructions.
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You can find scores of programs to aid in working at home. Below are a few that we thought are especially helpful and that might not be familiar. Click through to get a sense of all the help that may be available for you online.
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Click through for a video on great shortcuts in Excel.
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Although the rules on paying freelancers haven't changed, the paperwork has. The IRS has rolled out Form 1099-NEC, which businesses must use for paying nonemployee compensation. Click through to learn how it works.
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As with everything in life, there are shortcuts to increase efficiency. And QuickBooks is no exception. Click through to explore certain tips and tricks to writing checks and bank reconciliations.
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You're tired of wasting time and money manually entering hundreds of transactions into QuickBooks. Click through for some suggestions on greatly reducing the hours spent keyboarding.
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No one likes paying bills! On top of everything else, you have to manage the paperwork, keeping track of all the invoices. But it can be simplified. Click through to learn how QuickBooks can help you manage vendor bills.
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While stringent closing rules are still in place, the CDC has started to give guidance for reopening certain businesses under certain situations. Click through to get started thinking about how your business may be able to reopen.
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Did your employees who have COVID-19 contract it at work? The question is not academic — it has serious legal implications. Click through to check OSHA's new guidance for uncovering the infection sources.
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Welcome to our firm's newsletter! We plan to give you helpful information every two weeks. Click through to learn all about the valuable free information we'll be sending.
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It's a double hit: The new coronavirus has led to the enforced shuttering of many businesses, and the resulting market plummet has led to major retrenchment elsewhere. Click through for some help in managing layoffs at your company in these extraordinary times.
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Cloud-based accounting provides all the benefits of having a staff accountant without having to hire an employee. Click through to learn about this affordable small-business solution.
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Home mortgage loans come in two flavors: fixed rate and adjustable rate. Which is right for you? It's not always an easy answer. Click through to see the pros and cons, which are based on costs and your long-term plans.
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Special Report: How to Manage Cash Flow
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It's one of the most useful features of Excel, but can seem a little confusing. Still, it's worth taking the time to learn it, and it's easier than you thought. Click through for some tips on the VLOOKUP function.
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Financial reports from QuickBooks can help you make important business decisions. Should I buy that building? Should I expand my product line? Click through to learn where some of the most common — and critical — reports are located in QuickBooks Online.
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There are many kinds of financial relief coming out of Washington, and one especially useful provision for businesses is the SBA loan program. Click through to learn how the program can help you and what conditions you have to meet.
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QuickBooks software has streamlined processes for millions of businesses over the years. But users have to remember that QuickBooks has some limitations. Click through to learn about helpful QuickBooks add-ons.
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Yes, QuickBooks takes charge of your data, but the real value is in the reports the program generates from all that information. Click through for insights into the key reports and how they can help you.
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Do you have a private nurse taking care of a parent in your home? You don't only have a health issue, you also have a tax issue. Click through to be on top of the additional tax responsibilities that come with home help.
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The coronavirus is a health crisis, but it has also become a business issue as well. Managers need to know what their responsibilities are regarding their employees. Click through for some essential workplace guidance.
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The earned income tax credit gives an enormous helping hand to working families, but many wrongly assume it doesn't apply to them. Click through for insights into the powerful EITC to learn if you can take advantage of it.
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U.S. Generally Accepted Accounting Principles — GAAP — is not the only game in town. Other Comprehensive Basis of Accounting might be a better choice for your business. Click through for the details so you can make the right choice.
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With a mix of state and federal rules, figuring out what to deduct from your employees' wages can get complicated. Click through for an overview of the taxes you have to deduct, and other paycheck issues.
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All homeowners look forward to the day when their mortgages end. With a little planning, you can make that day come sooner. Click through for some advice on how to pay off your mortgage sooner than you expected.
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The IRS and SBA continue to release additional guidance on the PPP that is applicable to those applying for loans and those who already have them. Click through for key clarifications in this important but complicated program.
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When shopping for auto insurance, you want the best coverage for the cheapest price, but you have a lot of options to sort through. Click through to get accurate quotes by providing some basic information.
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Companies may allow workers to take a draw against commissions or give them some other form of salary advance. It's perfectly legal, but employers need to know the rules. Click through for the tax implications of employee loans.
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Have you ever wondered what to do when you send an invoice to a client but have not been paid after a few weeks? Click through to learn how to set up invoice reminders in QuickBooks Online.
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What can you do to get clients and customers to pay up? Are you just stuck with an uncollected account? Not necessarily. Click through to see how to deal with the pesky customers who get behind on their payments.
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The idea of launching a new business in the midst of the COVID-19 pandemic may seem like a radical thing to do. In the long run, however, it may help to keep your business viable well into the future. Click through for some compelling advice.
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If you’re a growing business seeking more organized financial and accounting in the cloud, QuickBooks Online Advanced was built just for you...Click PHOTO or TITLE for more...
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It may not be the most entertaining part of your job, but it's often one of the most essential: budgeting. Is there a way to make it less painful? Click through for some tips on managing your department's budgeting responsibly.
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Accounting firms and other types of small businesses face different kinds of challenges every day, but right now they’re both having to prioritize one initiative: enabling employees to work from home. Click photo to learn more.
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The U.S. Senate passed the Paycheck Protection Program Flexibility Act of 2020 and it is expected to be signed by the President over the coming days...Click PHOTO or TITLE for more...
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We may find that COVID-19 has accelerated the trend toward new ways to communicate and new styles of communication. Click through for insights into getting the most out of the many choices we are using now — and will continue to use going forward.
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You got paid – great! But how does your money get into your bank account? QuickBooks can help you here, if you know all the tricks. Click through for some help on using this program to make banking tasks simpler.
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Paying workers is about more than regular pay vs. overtime. Many companies offer different rates for working outside normal business hours. Click through to learn where this is likely to happen, and how to calculate pay.
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Are you outgrowing your accounting resources? Are you considering whether to hire additional in-house staff or wondering whether outsourced supervision is the way to go? Click through to weigh the pros and cons for your business.
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Understanding what is happening with your cash can help you with the day-to-day operation of your business. Click through to learn how to work with some essential metrics.
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QuickBooks is one of the easiest to use and most popular systems for managing your finances, and it's suitable for a wide range of businesses. Click through for some tips on getting started.
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You may not realize that it's possible to identify duplicate items within an Excel list with just a few mouse clicks. Click through to learn how to do this with the aid of the filter feature.
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COVID-19 has brought both telecommuting and reasonable accommodation to the fore, raising issues that likely will continue long after the pandemic has passed. Click through for insight into policy and regulation.
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If you’ve been using QB Online for a long time, it’s good to step back and evaluate how you use your software. Do you follow any best practices? Click through to learn more about six QuickBooks Online tips that you can start using today.
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Although you may not be accountant, your company still will have intense accounting needs essential to your day-to-day business operations. Click through to learn more about outsourced accounting and find out whether it is right for you.
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With so many people working at home instead of in a 9-5 office setting, we're seeing a new focus on time management. Click through to learn about the Pomodoro Technique, which makes it easier to accomplish more while working less.
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It’s overwhelming. Social distancing, guarding against the deadly coronavirus, stocking up on enough food for a potential lockdown … all the while trying to keep a small business afloat during one of the strangest and most uncertain periods of the last 100 years. Click photo to learn more.
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It’s hard to say at this point whether the building global panic surrounding COVID-19 coronavirus is justified, but one thing is certain: the disease is changing the lives of millions, possibly billions, of people. Click photo to learn more.
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It sometimes seems as if Excel's formulas are hidden. This can be a problem if you inherit someone else's spreadsheet -- what are its mysteries? Click through for a reveal feature that can save you hours.
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Anyone who has received a tax audit knows the terror of imagining a meeting with the IRS. But it's not a one-sided fight! Click through, take a deep breath and read about your protections in the Taxpayer Bill of Rights.
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An employer’s SUTA tax rate is susceptible to fluctuation. If yours is escalating, contrary to popular belief, you actually might be able to reduce it! Click through for five strategies to curb your SUTA tax rate.
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An apprentice system is not a 19th-century relic. It is working today in a win-win situation for businesses and employees. Click through for more on this training concept that can help your business prosper.
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With all the things that are changing in 2020, there is one constant you can count on: Tax scams are still with us. Click through to learn what to watch out for as scammers find ways to incorporate the pandemic into their schemes.
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Employees are working at home. And even as companies prepare to slowly reopen, they may need to rearrange workspaces for health reasons. Click through to learn how to maintain ergonomic safety in every situation.
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Determining whether your law firm is on the right track may be more complicated than it sounds. Click through for some insights into the reports law firms need to review to ensure that they're profitable.
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A lot goes into running a small business. You started it because you’re good at what you do. But what about those administrative duties that aren’t your strength? Click through to learn more about the tasks an outsourced accountant can handle on your behalf.
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The Small Business Administration has refreshed an old loan program and launched a new one for pandemic-affected businesses—but there are a lot of complexities. Click through for the inside story, and the important tax implications.
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Touchless payments have been around for a while, but the pandemic may give them a boost, as businesses and consumers both want to avoid physical contact. Click through to learn about how they work, and their advantages.
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Traditional pensions plans and 401(k)'s may not be appropriate for small businesses and the self-employed. However, that doesn't mean there are no other options. Click through to learn about the powerful and adaptable SEP-IRA.
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Excel's ability to create charts from data is one of its best features, but it can be time-consuming if you don't know the details. Click through to learn some useful shortcuts.
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You feel like your accounting firm is not really focused on the kind of company you own. Click through to learn how to find an accounting firm that’s geared toward your business.
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Tax responsibilities don't end with death. Indeed, it's an important part of the executor's job to file the deceased person's state and federal final income tax returns for the year of death. Click through to address specific tax filing responsibilities.
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QuickBooks Online Plus has a feature you can turn on called Projects. Click through to learn how to organize your financials based on all the jobs or projects you’re managing as well as how to track invoices, expenses and transactions related to those jobs.
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An education credit helps with the cost of higher education by reducing the amount of tax owed on your return. Click through to get details on the American Opportunity and Lifetime Learning credits.
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It's never pleasant when layoffs become a necessity, and now the pandemic has turned the process virtual. Conducting layoffs through online meetings is the new norm. Click through for six ways to navigate layoffs in the virtual sphere.
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More than ever, in today's tumultuous world, it is important to maintain a good credit score, even while economic difficulties make it tough. Click through to learn how to build and maintain healthy credit habits in good times and bad.
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Most working professionals can use the help of an accountant. Click through for seven reasons to hire an accountant for your personal finances.
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When selecting accounting software, you have several options. How can you choose the best option for your business? Click through for some tips on getting started.
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Accounts receivable are the bane of businesses even in good financial times. Now, in this difficult times, managing account receivables is more important than ever. Click through to learn how to take control of cash flow.
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Concerned about financial issues when work is seasonal? Click through to learn how to manage your budget in the lean months.
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Wishing you a season of peace and joy! May you enjoy warm memories with loved ones, and may the spirit of the holiday season fill your hearts. Click through for a special greeting.
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The COVID-19 pandemic has wreaked havoc with staffing at companies of all sizes. Can you prepare for any new disasters that lead to major layoffs? Click through for some thoughts on cross-training, which can ensure all tasks are covered.
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Our clients or other government contractors often use "subcontractor" and "independent consultant" interchangeably; however, these terms are not synonymous. Click through to better understand the difference between these categories as well as full-time employees.
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Click through for a video on custom sorting in Excel.
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Business expenses are the cost of carrying on a trade or business, and there may be some tax breaks there. But a lot has changed in recent months, and the rules can be complicated. Click through for an overview of business tax deductions.
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Bonuses are one of the best ways to motivate employees. But to actually work, a bonus program must be thoughtfully designed. Click through to learn about characteristics of an effective program.
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Have a hobby that's also a source of income? The line between business and hobby can be a thin one, and the rules are complex. Click through for some insights that will help you make sure that you're in compliance and that you're not missing any allowable deductions.
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Business expenses are the cost of carrying on a trade or business. Sometimes, the IRS gives you a tax break for your expenses. Click through for an introduction to the complex world of business tax deductions.
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We are often urged, with good reason, to make a will to help put our lives in order. It’s a responsible and worthwhile thing to do — but not the only thing. Click through to learn when a will is not the best route.
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More than ever, in a rapidly changing business environment where telework is the new norm, effective communication is a skill every leader should have. Click through for three strategies to enhance communication at work.
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Excel is a fantastic tool, but once the spreadsheets start getting big and complicated, it can be easy to get lost. However, there are solutions. Click through to learn about some great navigation tools.
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Click through for a video on how to use the cash flow planner in QuickBooks.
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There's no single formula to learn how to work at home, and the practical and cultural issues in each company will make a difference. However, there are some generalities. Click through to learn how to become an efficient and happy online employee.
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Whether it’s off by a penny or by several hundred dollars, if the QuickBooks beginning balance doesn’t match your bank statement's beginning balance, it’s a problem. The sooner you find and fix the issue, the better. Click through to learn how to resolve this matter.
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S-Corps are a special kind of business entity, and they have their own special tax rules, which can get complicated. Are you making sure you're following all the filing rules? Click through for an intro to the complex world of S-Corp taxation.
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When people perform work for you, you face a whole new world of responsibilities and deadlines. The rules are detailed and complex. Click through for an introduction to tax rules for employers.
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Business owners are trying to thrive in a world that is very different from the way it was a year ago. Coaches may be able to observe and guide you to success. Click through to learn how to use this time-honored, and newly relevant, technique to up your game.
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What will returning to the physical office mean for businesses and their employees? It's going to be a group effort, with both management and rank-and-file employees working together. Click through to learn how everyone can create a safe environment.
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An offer in compromise allows you to settle your tax debt for less than the full amount you owe. And in this complicated tax year, you may want to know more about it. Click through to understand how to take advantage of this program.
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When you include family members in your business operations, there are tax treatments and employment tax rules that need to be applied. Click through to learn the right way to hire a family member.
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Few people train to be the boss. More often, they're promoted to a management position because they did well in a lower-level job. Soon they find that management requires a completely new set of skills. Click through to read some hard-earned advice on how to be a manager.
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As a business owner, it is essential to know how much you need to sell to cover all of your costs. Click through to learn how to perform this important task using QuickBooks.
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Click through for a video on how to track what customers owe you in QuickBooks.
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Gain deeper insights, streamline workflows, and boost productivity for your clients.
More insights. More flexibility. More productivity.
Click the PHOTO to read more.
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Email, online banking, social media — over the past few decades, resources we use every day have migrated online. How can you keep your information safe? Click through to learn some best practices.
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Did you move to the cloud quickly in the wake of the pandemic, because it was the only way to keep going? Click through to learn how to determine, now that some time has passed, what the overall impact has been for your business.
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Looking to win the battle for consumer attention? Click through to find out how to captivate customers.
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Are you considering incorporating or forming an LLC? What are the practical and financial implications for you and your heirs? Click through to learn the advantages of moving beyond a sole proprietorship.
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Debit cards can be convenient, and many business rely on them to make purchases. But their use can be problematic for your bookkeeping staff. Click through to learn how QuickBooks can help keep track of these expenses.
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Click through for a video on how to record an invoice payment in QuickBooks.
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Almost everyone who has used Excel has taken advantage of its chart-making function. But are you getting the most out of it? Click through for some tips in creating charts that can easily be updated as the sets of data change.
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Do you know about Data Validation? It can be very powerful in keeping you from accidentally entering the same value in a specific area of a spreadsheet. Click through for the step-by-step instructions.
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Each year, employees may undergo life changes that could affect their income tax withholding. This is why it’s important to remind your employees to review their withholding every year, especially as they're currently filing income tax returns. Click through to learn what employees should do once a year.
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It's one of the fundamental rights of all taxpayers: You're entitled to have representation in dealings with the IRS, even if you choose not to appear at the interview in person. Click through to learn how to retain an authorized representative for that help.
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The IRS has released maximum amounts for 401(k) plans and phase-out ranges for traditional IRAs. Most—but not all—numbers have gone up, and the rules can be confusing. Click through for an overview of the new numbers.
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The Fair Labor Standards Act has two categories of employees: exempt and nonexempt. But can an employee have two jobs at a company, one in each category? Click through to see how the rules would work in this situation.
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Employers generally have to publicly display certain key labor rules. But what are their responsibilities when most, or all, of the employees work remotely? Click through to make sure you're still in compliance as the work world changes.
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Heat maps are a common data visualization technique that uses color to offer a sense of scale. They can really add a lot of punch to your spreadsheets, if you know how to use them. Click through for the secrets of heat maps.
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Understanding key financial ratios can make you a better manager. Once you know what the numbers reveal, you can take actionable lessons from them. Click through for an introduction to how ratios can offer important insights for your business and your investments.
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Contributing to your workplace retirement plan, avoiding withdrawals, paying off debts, and setting up multiple sources of income are four ways to retire sooner. Click through for more ideas on how to put your work life behind you at a younger age.
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Does the fear of receiving a notice from the Internal Revenue Service regarding an audit keep you awake at night? Click through for insight into how you can avoid an IRS audit.
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Escrow accounts allow homeowners to set aside money each month to cover insurance premiums and property taxes. Click through for some thoughts on the pluses and minuses so you can find out whether an escrow account makes sense for you.
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The depreciation tax break can be nice, but it's one of the more complicated parts of the tax code. It's easy to make a mistake, as the IRS draws some fine lines. Click through for the details so you neither violate the rules nor leave money on the table.
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You've heard of outsourcing accounting, payroll, IT, and marketing — but outsourcing your chief financial officer? It may sound outlandish, but this could very well be the solution that you need. Click through to give your business access to financial expertise and related best practices.
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The Foreign Account Tax Compliance Act requires that U.S. individuals who hold foreign financial assets must report those assets to the IRS. Click through for an overview of your responsibilities under FATCA rules.
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In these rapidly changing times, you may want to rehire, at least on a temporary basis, staff who have formally retired. But does that change their pension status? Click through to learn how to follow the complex tax rules in this situation.
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Are you settling an estate for someone who didn't leave a will? This can lead to problems, but they're not insurmountable. Click through to become familiar with intestate succession laws that control who inherits property if no will exists.
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Whether you sell gardening supplies or computer components, inventory can be a nightmare, especially in this era of disruptions related to COVID-19. Click through for some tips to manage your inventory in a productive way.
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Are you a nonresident alien engaged in a trade or business in the United States? There are some special tax rules for you. Click through to learn about what your responsibilities are and the basics of Form 1040-NR.
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Although no one likes to think about it, an important responsibility of parenthood is making sure your children are provided for if you're not around. Click through for a quick guide to making those crucial plans.
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Do you want to provide for a surviving spouse yet maintain control of how your trust's assets are distributed once that spouse dies? The qualified terminable interest property trust may be the tool you need. Click through to learn what a QTIP trust lets you do.
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A life insurance policy is considered property, and that means it can be sold. This can prove advantageous in difficult circumstances. Click through to discover what life settlements can do and what they can't do.
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| Siegel Solutions Inc
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| 144 Gould Street Suite 205
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| Needham, MA 02494
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