This article discusses guidance on the Tax Cuts and Jobs Act pertaining to the general deduction of business entertainment expenses. Because of the guidance put out in 2020, “Taxpayers…must carefully follow the rules set out in the final regulations for substantiating business food and beverage expenses to ensure a deduction is allowed for the expenses.”…
Too often CEOs of a company will procrastinate the succession of their company to the next generation. This may happen since the idea of retiring from a business can be too difficult to embrace. Another reason is if the CEO decides to hand off the reigns to the family, there will be a dispute about…
This article discusses how the coronavirus pandemic has impacted the way people are purchasing businesses and how business owners are selling. In fact, there’s been a rise in investment activity, and it is expected to continue for the remainder of this year. In order to capitalize on these investments, taking advantage of tips such as…
On July 28, the U.S. Small Business Administration (SBA) released an update to the forgiveness process for the majority of Paycheck Protection Program (PPP) loans. The goal of the new guidance is to streamline the process for PPP participants with loans of $150,000 or less. The interim final rule includes updates in three key areas:…
This year has brought a lot of changes when it comes to tax and accounting. Deadlines have shifted. Standards have been updated. New relief plans have been proposed. Scott and Company has created this resource to help you learn more about these issues. To find out more about the Top 10 Things to Consider for…
This article discusses the sad reality of how fewer than 1/3 of family businesses are successively handed down to the second generation. However, utilizing the tips outlined in this article such as starting your succession planning early, including family members in discussions, training, and sticking to the facts can all set your family business up…
This article discusses how there are many factors at play when a business gets bought or sold. Specifically, topics such as reoccurring revenue, why someone sells, buyers’ interests, evaluation criteria, and the 4 P’s (People, Platform, Processes, and Product) are all outlined within this link. No matter where you are at in the mergers and…
This article discusses how the IRS released guidance explaining deductions on food and beverage within a restaurant. There was a temporary 100% deduction which was “designed to help restaurants, many of which have been hard-hit by the COVID-19 pandemic.” However, as we continue to move forward, there were questions regarding when the 100% deduction and…
This article discusses how businesses are starting to return to the workplace following the relaxing of COVID-19 regulations. However, this process may be more difficult than anticipated. This article outlines three steps to consider when implementing your return to work process. For example, determining what this process looks like operationally, prioritizing what employees need, and…
This article discusses how many startup firms are having similar problems in marketing and getting their new ideas out there. Whether your startup is 5 years old or 5 days, utilizing tips such as email best practices, social media, blogs, and truly staying authentic can prove beneficial in the long run. Be sure to check…
