Everyone loves to argue about what's happening in Washington, D.C., but let me warn you—many real changes that affect your daily life are happening much closer to home. The Maryland General Assembly's 2025 legislative session is in full swing, and it's a whirlwind of new laws waiting to land on your doorstep.
As I reflect on my work and the challenges CPAs like me face, I can't help but feel overwhelmed by the complexity and confusion embedded in the regulatory environment. It seems like we're constantly dealing with a system that's needlessly complicated—one that forces us to navigate endless rules, shifting requirements, and inconsistent enforcement....
QuickBooks has introduced an update for users of QuickBooks Payments that streamlines how invoices are handled and paid. As of October 21, a new option has been available, allowing payors to cover a convenience fee when paying an invoice by ACH bank payment—even if the invoice isn't enabled for other online payment methods. Keep reading to find out...
The IRS has announced updates for 2025 retirement contributions to keep pace with inflation:
Starting December 31, 2024, QuickBooks Online Payroll will change how it handles automated payroll taxes for businesses in Maryland and other states that haven't seen this shift yet. Instead of making payroll tax payments on their due dates, QuickBooks will now withdraw payroll taxes every time you process payroll or adjust amounts owed.
There's a growing trend among small businesses to rush into hiring a CFO, either in-house or through a virtual service, believing it's the key to leveling up. However, most small businesses—especially those under $10 million in revenue—don't need a CFO yet. What they do need is solid controllership. Everything in finance begins with accurate...
Running a small business means you need a basic understanding of accounting to make informed financial decisions. While accounting can seem complicated, mastering a few key concepts will help you keep track of your business's performance and avoid costly mistakes. In this post, we'll cover the essentials—double-entry accounting, accrual vs. cash...
If you own a small business, it's important to be aware of a federal regulation that could impact how you report key information about your company. Beginning January 1, 2024, the Financial Crimes Enforcement Network (FinCEN) implemented new Beneficial Ownership Information (BOI) reporting requirements. These changes are part of the Corporate...
As a business owner in Maryland, it's crucial to stay ahead of changes in labor laws, especially when they affect how you manage your workforce. Two new laws, passed during the 2024 General Assembly session, will take effect on October 1, 2024, that you need to be aware of: the Pay Transparency Law and the Pay Stub and Pay Statement Law...
In today's fast-paced business environment, managing finances effectively is key to success. QuickBooks Online (QBO) is a powerful tool designed to streamline accounting tasks. Here's why starting with QBO makes sense for your business, along with a crucial tip for maximizing its benefits.
Managing your taxes can be complex, but with the right tools and professional support, it doesn't have to be overwhelming. One essential tool that can simplify your tax management is the IRS online account. This account allows you to securely access your tax information, make payments, and, importantly, approve requests like the Tax Information...
Maintaining your business's good standing status is essential for legal and operational health. Here's why it's critical and what risks are involved if you don't comply.
NordVPN stands as a beacon of trust, safeguarding the online privacy and security of millions worldwide. Explore how NordVPN ensures your safety, anonymity, and data protection in today's digital landscape.
Greenlight is a revolutionary debit card and app designed to teach kids and teens about financial responsibility while giving parents peace of mind and control over their children's spending. In this guide, discover how Greenlight can help you empower your kids financially and prepare them for a lifetime of smart money management.
In the realm of business finances, trust is paramount. Entrusting your accountant with access to your bank accounts can be a delicate matter, but it's a necessary step in ensuring accurate financial management. While the decision ultimately rests with you, providing "View Only" access is a common and prudent practice. This level of access allows...
Gusto is a leading payroll and HR software platform trusted by thousands of businesses nationwide. With its intuitive interface and comprehensive features, Gusto makes payroll processing a breeze for CPAs and small business owners alike. In this guide, discover how Gusto can streamline your payroll operations and earn you a $100 Visa gift card when...
In the fast-paced world of business, managing payments efficiently is crucial for success. Enter Melio, a game-changer in the realm of online payments. In this comprehensive guide, we'll delve into how Melio can streamline your payment processes and revolutionize your financial management.
When it comes to navigating the intricacies of tax treatment for assets, understanding the nuances between expensing and capitalization is paramount. Adding to the mix, the De Minimis Safe Harbor provisions within the final Tangible Property Regulations offer clarity in a complex landscape. Here give a straightforward breakdown of the final...
Deciding whether to switch to an S Corporation isn't a decision to be taken lightly. It involves legal, financial, and operational considerations that can significantly impact your business. In this guide, we'll provide a clear roadmap for determining when the time is right to make the switch. Whether you're a sole proprietor looking to reduce...
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