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The Financial Management Blog for Surprise, Arizona

Temporarily or permanently closing a business? Don’t forget about sales tax

The COVID-19 pandemic has created a tumultuous state for businesses across the country as they’ve had to close either temporarily due to state restrictions or permanently due to consecutive months of low to no revenue. Businesses in the restaurant, retail, beauty, and fitness industries have been especially hard-hit with temporary and permanent closures. Now, states are urging business owners to stay on top of their sales tax obligations in order to avoid significant fees and penalties.

Here’s what you need to know if you’ve had to temporarily or permanently close your business.

How Often Should You Meet With Your Business Accountant?

Once you engage a business accountant, the next question you may face is how often should you meet with them. The answer, as with many things in business, depends on your situation. What does that mean for you? Here are four of the most common meeting schedules between small businesses and their CPAs so you can pick the right one for you.

Understanding the electric vehicles tax credit program

As consumers become more conscious in their environmental footprint and look for ways to save money, more and more electric vehicles can be seen on the roads today stretching from coast to coast. At this point, most taxpayers know or have heard of an electric vehicle tax credit program, but what they may not know is that there are specific conditions and limitations that must be met, and that some vehicles have actually phased out of the program. So, before you consider an electric vehicle for your next purchase, make sure it qualifies.

Here’s a rundown of what you need to know about the electric vehicle tax credit, how it works, and what qualifies.

Growth of litigation funding during Covid-19

As the COVID-19 pandemic takes a hit on industries across the globe, the legal sector has faced its fair share of unique challenges and circumstances. Work-from-home arrangements, virtual courtrooms, lower client caseloads, and the financial uncertainty that comes with all of it have all played a role. As funding is questioned on the client and firm side, the industry has turned to litigation finance funds, which is on the rise as a direct result of COVID-19. This rise may be fueled by companies who are trying to avoid paying high legal fees in times of uncertainty, and law firms that are considering their liquidity during times of recession.

2020 Standard Mileage Rates Announced for Business, Charitable, Medical, and Moving Purposes


The Internal Revenue Service as of late gave the 2020 discretionary standard mileage rates.
Those costs, which shift every year to make up for fuel cost expansion, vehicle cost and support, and increments in protection rates, will again influence the manner in which a business repays its versatile personnel. In particular, the IRS mileage rate is a rule that organizations use to ascertain the deductible expenses of working a vehicle for business, beneficent, restorative, or moving purposes. Beyond announcing the rate change, we have a few reminders and tips surrounding this reimbursement allowance.

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