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Resources

Accounting for Business

Welcome to our Resources section, where you will find articles pertaining to accounting for business, business financial planning, financial advice, and the industries of our clients. This section is a great source of information, but please contact us if you feel you need professional financial advice. Maxwell Locke & Ritter is here to offer trusted guidance.

 

The COVID-19 crisis has taken a toll on many small businesses. But some winners are expected to emerge from the wreckage. Unprecedented steps will be taken to guard against health risks from COVID-19 and whatever might come along next. The new normal will create new opportunities. Small businesses that can respond to those opportunities will survive and thrive.

Here’s why operating as a tax-favored qualified small business corporation (QSBC) can be a smart move for eligible small businesses.

Economic fallout from the COVID-19 crisis will cause many rental real estate properties to run up tax losses in 2020 — and possibly beyond. Here’s a summary of important federal income tax rules for such losses.

During the COVID-19 crisis, some key tax deadlines were postponed until July 15, 2020. If your business and/or personal federal income tax return is still awaiting completion, you may have significant retroactive tax-planning flexibility. The same holds true for individuals who own interests in pass-through business entities and haven’t yet filed their personal tax returns. Here’s what business owners need to know.

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As part of the federal government’s tax relief measures during the COVID-19 pandemic, the IRS extended key deadlines for the 2019 tax year and for making 2020 estimated tax payments until July 15, 2020. If your 2019 personal return is still awaiting completion, you may have significant retroactive tax-planning flexibility.

Many family businesses have been adversely affected by the novel coronavirus (COVID-19) pandemic. But there’s a silver lining: Proactive tax planning can help your family business take advantage of potential opportunities in the COVID-19 era. Here are some tax-smart ideas to consider.

The Small Business Administrator Jovita Carranza and U.S. Treasury Secretary Steven Mnuchin recently announced that recipients of Paycheck Protection Program (PPP) loans of $2 million or more should expect an audit if they apply for loan forgiveness. Here are some tips to position your small business or not-for-profit organization to receive the maximum allowable forgiveness, as well as to prepare for the subsequent government audit.

Lifetime Value and Customer Acquisition Costs are essential metrics when measuring the productivity and efficiency of a SaaS or subscription-based business. In this article, we discuss how each company should be calculating these metrics differently and the considerations that should be evaluated when working through the calculations.

System and Organization Control (SOC) reports were created to decrease the audit burden on service providers by establishing a standardized report that can be issued to end users. A SOC examination from a reputable firm can serve as a market differentiator for companies seeking to appeal to a broad range of high value customers. SOC reports are useful for companies that provide software or services that could impact the financial reporting or business operations of their customers or who obtain sensitive information on behalf of their customers.

Gross margin measures the percentage of revenues left over after subtracting the costs to service those revenues. Gross margin is an important, yet often overlooked measure of a company’s financial health.

On June 5th, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act of 2020. This legislation allows PPP loan recipients additional time and greater flexibility for the use of their PPP funds. This comes as a welcome revision to many PPP loan recipients concerned with forgiveness. We have outlined the highlights in this article.

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