Remote Possibilities During a Tough Economy

Today the House voted on the $700B bailout and the vote turn out to be a bust. As the bailout busted, so did the stock market and add in the limited supply of gas, many individuals frustrations are running at a high level. With the limited supply of gas in our local area, many firms are finally seeing the light and looking for alternative ways to have their employees complete their work assignments. Working remotely is on the rise and for those who are looking for alternative ways to have their employees complete assignments here are a few low cost options that may be of interest to you and your firm.

Microsoft Office Live Workspace – great for managing projects and teams from virtually anywhere you have an internet connection.

Send This File – great for sending and receiving files of various sizes

LogMeIn – great for working remotely on another’s computer(s) to access software and systems not available on your computer.

These are just a few options that firms can use to work remotely and still get the job done. Many think that when individuals work remotely that productivity tends to slump, however in our existing economy the frustration associated with “getting” to work can be alleviated when individuals work remotely from their own personal locations.

Keeping Your Business N Synergy

Rise with Inflation

The present economy is very tough for everyone especially the small business owner. With all the business closures, mergers and buyouts by the big businesses on Wall Street, the trickle-down effect is taking its toll on Main Street businesses. Staying competitive in a very slow economy is important for a small business and devising a sound strategy will help a small business when sales slow. A recent survey conducted by The Small Business Research Board indicated that many small businesses are utilizing price increases to offset the inflationary pressures of the economy. This is certainly a way to offset one’s own expenses at the expense of your customers. Other ways to possible offset higher business costs may be to streamline your operational budget (yes you need to budget) and look for ways to cut costs by using technology. If all else fails however, an increase in your prices may be your only defense. Ultimately the small business owner needs to stay abreast of the changes in their industry and always plan ahead for slow economic times.

Keeping Your Business N Synergy

IRS Form Changes for Not-For-Profits

Now that the extension deadline for corporations has passed many accountants and tax professionals can focus on those personal returns and some not-for-profits (NFP’s) with tax years ending in December. NFP’ will get a kick out of the news coming from the IRS recently for there are some changes on the horizon for the next filing season. The first change is the redesigned Form 990 that now has an 11 page core form that must be completed by all NFP’s. The major changes are in the areas of governance, and compensation of officers. Other changes are driven by IR-2008-102 which eliminated the advance rulings that gave NFP’s charity status but then required them to support their status by providing the public sources of their funding to receive a final determination letter.

The changes will definitely provide the IRS with more transparency on NFP’s and also make NFP’s information more open to the public. I guess NFP acronym will have to mean New Filing Procedures for not-for-profits.

Keeping Your Business N Synergy

IRS Form Changes for Small Businesses

For those small to mid-sized businesses that are organized as corporations or partnerships, there are some changes coming for you after the 2008 tax year. According to recent information from the IRS, there are going to be some changes to the look of Form 1120’s and Form 1065’s that will increase the transparency about the ownership and relationships between entities that make up complex business structures . The main changes will be focused on the ownership issues (Sch. K for Form 1120 and Sch. B for Form 1065) and the changes will help the IRS better assess the risk on non-compliance in these areas.

What About The Sole Proprietors???

Well the IRS has created a website for you. The Self Employed Individuals Tax Center provides small business owners with a wealth of information for those starting a business, employment tax issues, filing and paying taxes and more.

For more information on how these changes will affect your business be sure to check the IRS website and speak to your tax advisor.

Keeping Your Business N Synergy

IRS IT Woes

As the summer comes to a close, many taxpayers are looking forward to taking that last summer vacation trip to wrap up the warm months. Earlier in the year the IRS made an attempt to provide taxpayers with a little bump of income to help stimulate the economy and maybe even pay for their summer vacations. Well unfortunately as some received their stimulus checks, the price of gas (among other things) increased. For those of you that did not receive your stimulus check, the reason may be blamed on the IRS.

A recent report by the Treasury Inspector General for Tax Administration indicated that the IRS may need to revise their software code to reduce the delays in reissuing undeliverable checks to taxpayers. Not all the blame can be put on the IRS however. If a taxpayer has changed their address it is important to fill out Form 8822 to ensure that your stimulus (and refund) checks make it to you on time.

Keeping Your Business N Synergy