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Blogging Beyond the Numbers

Posted by: Pete Oettinger 1 week ago
Several of the grant programs targeting the tourism industry announced last week are now accepting applications. These grants, funded by the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act Coronavirus Relief Fund (CRF) and administered by the Wisconsin Department of Administration (DOA), will help Wisconsin’s small businesses and venues that serve as cultural catalysts in communities...
Posted by: Dan Bergs 3 weeks ago
If you’re selling a business interest, real estate or other highly appreciated property, you could get hit with a substantial capital gains tax bill. One way to soften the blow — if you’re willing to tie up the funds long term — is to “roll over” the gain into a qualified opportunity fund (QOF). What is a QOF? A QOF is an investment fund, organized as a corporation or partnership, designe...
Posted by: Katy Mering 4 weeks ago
To provide businesses and their owners with some relief from the financial effects of the COVID-19 crisis, the Coronavirus Aid, Relief, and Economic Security (CARES) Act eases the rules for claiming certain tax losses. Here’s a look at the — mostly temporary — modifications. Liberalized rules for NOL carryforwards The CARES Act includes favorable changes to the rules for deducting net operating...
Posted by: Tony Jaynes 1 month ago
To provide tax relief to businesses suffering during the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security (CARES) Act temporarily relaxes the limitation on deductions for business interest expense. Here’s the story. TCJA created new limitation Before the Tax Cuts and Jobs Act (TCJA), some corporations were subject to the so-called “earnings stripping” rules. Those rules att...
Posted by: Mike Scholz 4 months ago
Whether you are a new or a well-established business, maintaining good business records is essential to supporting your business income and tax deductions. Good recordkeeping means you also claim the full amount of tax deductions to which you’re entitled. And you want to make sure you can defend the amounts reported on your tax returns if you’re ever audited by the IRS or state tax agencies. It...
Posted by: Tina Beyers 4 months ago
When you outsource your accounting, you’re forming a connection with someone who can not only handle the books, but also help your company reach its goals. The better your relationship is, the more your company will benefit. Here are 5 tips for making your outsourced accounting relationship successful: 1. Be clear about your expectations. When you outsource your accounting, make your pri...
Posted by: Christin Biermeier 5 months ago
The Wisconsin Economic Development Corporation (WEDC) will issue 30,000 grants of $2,500 to Wisconsin small businesses to help them get back on their feet amid disruptions caused by the COVID-19 pandemic. ...
Posted by: Kate Serpe 5 months ago
On June 3rd, the Senate passed the Paycheck Protection Program Flexibility Act.  The bill now awaits the president’s signature.  The bill includes some much needed changes that will help businesses and organizations utilize the funds to meet their needs.  The covered period is now extended to 24 weeks, up from the original 8 week period.The covered period is now extended to December 31,...
Posted by: Tim Seidel 6 months ago
With all the uncertainty surrounding the current economy, it is more important than ever to understand your cash flow needs. You may be utilizing a monthly forecast, but it is important to now use a weekly forecast as events are changing rapidly. Why 13 weeks? While 13 weeks is one quarter, it is also long enough to make strategic decisions while being short enough to provide higher accuracy. The forecast ...
Posted by: Kate Serpe 8 months ago
No matter how long you’ve owned your business, you probably feel comfortable relying on the methods that have served you well in the past, like doing your own bookkeeping. But when it comes to accounting, it pays to outsource. Keeping your own financial records takes a lot of time, especially if you use Excel or other tools that require tedious hours of manual input. Whether you handle your accounting...