All In One Accounting and Tax Services for Small Business | South Charlotte, Pineville​​ & Fort Mill

Proposed Payroll Tax Holiday 2020 | An Accounting Dilemma

There have been recent reports in the news concerning an executive order establishing a “payroll tax holiday” beginning September 1. Although we have seen very little in the way of details on the proposal it appears that it would take the form of a “deferral” of social security and possibly Medicare withholdings from an employee’s paycheck. It appears that this decision is voluntary for the employer.

By |2020-08-13T22:30:33+00:00August 11th, 2020|Accounting, Payroll|0 Comments

Best Practice: How to Record the Payroll Protection (PPP) Loan

Many clients have been asking us how to record their PPP loan once it is received. The correct answer is to record the deposit as a separate loan on the Balance Sheet. Only after the loan is forgiven should it be written off. When writing off the loan the corresponding account should be an income account called Loan Forgiveness. This will separate this income from all other business income you have for the year.

By |2020-08-12T00:24:23+00:00May 28th, 2020|Accounting, Payroll|0 Comments

Five Common Small Business Mistakes

At Long & Long CPAs we find most small business owners are passionate about what they do. However, they might lack the knowledge to succeed financially and lose track of revenue and expenditures. With years of experience assisting start-ups and small businesses with accounting, bookkeeping and tax-preparation we've run across some common mistakes and some steps to avoid them. Most small business do not have a business plan and have not thought about how to price their products and services.

By |2020-08-11T23:18:48+00:00August 5th, 2019|Accounting|0 Comments

New Business Start-up Tips | Costs & Organizational Expenses

Businesses in their first year of operation often have a loss. They are trying to build a customer base and establish themselves as a legitimate business. This can be expensive and the tax law limits how much of these “one time, first year expenses” a business can deduct. Startup costs include advertising, marketing, training and office expenses incurred before you open your business.

By |2020-08-11T23:24:51+00:00October 15th, 2018|Tax Preparation|0 Comments
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