Because of the economic impact of the COVID-19 crisis, many companies may want to conserve cash and not buy much equipment this year. As a result, you may not be able to claim as many depreciation tax deductions as in the past. However, if your company owns real property, there’s another approach to depreciation to [...]
October 15 Personal federal income tax returns for 2019 that received an automatic extension must be filed today and any tax, interest, and penalties due must be paid. The Financial Crimes Enforcement Network (Fin CEN) Report 114, “Report of Foreign Bank and Financial Accounts” (FBAR), must be filed by today, if not filed already, for [...]
How to Track Employee Time, Part 2 If you have to track a lot of employee work hours, you might want to use QuickBooks’ Timesheets. Last month, we introduced the concept of time tracking in QuickBooks. Using the software’s tools, you’re able to record individual blocks of time that employees have worked, so that you [...]
The pandemic has forced businesses to find new ways to connect with customers. QuickBooks has built-in tools that can help. Businesses are starting to cautiously re-open in the U.S. (at least partially), but we’re still a long way from “normal.” Because of COVID-19, some companies have done very well. Most, though, have had to make [...]
Because of this year’s unforeseen economic slowdown, many businesses and individual are unexpectedly looking for liquidity. One way to raise cash is to sell off real property such as land or a building. Finding a buyer may not be easy, but an installment sale might help. An installment sale occurs when you transfer property in [...]
The sudden and severe impact of the novel coronavirus (COVID-19) pandemic has created much financial stress, but the crisis has also generated an intense need for charitable action. If you’re able to continue donating during this difficult period, the Coronavirus Aid, Relief, and Economic Security (CARES) Act may make it a little easier for you [...]