For many business owners, managing finances is the scariest aspect of owning a business. If you don’t know how to keep your finances in order, you could run into serious financial difficulties. When you own a business, you need to learn how to perform accounting and record keeping for small businesses. Most of your day-to-day accounting details can be easily tracked online via your credit card and banking records. However, it’s important to keep all this information compiled and reconciled so you can review it at a glance. Two common banking mistakes are failure to use bank feeds and not using transfers.
Happy New Year from our Bormel, Grice & Huyett, P.A. family to yours! As we all know, a new year comes with new tax updates, regulations, and rates. The Internal Revenue Service issued a notice (Notice 2020-05), which provides the optional 2020 standard mileage rates for taxpayers to use in computing the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes.
The IRS has announced that agents will begin conducting face-to-face meetings with individuals and businesses with ongoing tax issues. These meetings will take place in areas with a limited number of available revenue officers due to declining IRS resources.