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October 23, 2019

Using K-1 Data for Improving Tax Compliance

A Treasury Inspector General for Tax Administration’s report tells the IRS to do a better job information on Schedules K-1 to identify taxpayers who aren’t tax compliant. The report found that of approximately 3,000 pass-through returns with K-1s, the IRS failed to identify about 4,000 non-filers who received $25,000 or more of K-1 income. As a result of the report, expect the IRS to step up its compliance efforts in this area.

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Big Ideas For Your Business

Resources For Your Business
  • It’s no revelation to hear that the federal tax laws are very complicated. There are many reefs and rocky shoals. But the IRS has created a number of safe harbors that taxpayers can rely upon to secure their intended tax results with greater certainty. Here is a listing of some key safe harbors for small businesses. It’s boring stuff that can save your business significant taxes. Building improvements safe harbor It’s often difficult to determine whether an expenditure for a building is a repair, which is currently deductible, or an improvement, which must be capitalized and is usually recovered through […]

  • The federal overtime pay rule takes effect January 1, 2020 If certain employees work more than 40 hours in a workweek, they must be paid time and a half. This requirement can’t be avoided in most cases by giving workers comp time. A federal overtime pay rule that becomes effective on January 1, 2020, impacts which employees are covered by overtime rules. Now is the time to understand what the new rule is and plan ahead for handling your staffing needs in the coming year. Nonexempt employees Unless a worker is exempt from the Fair Labor Standards Act (FLSA), the […]

  • No, it isn’t about spelling. It’s a new law in California that governs the determination of whether a worker is an employee or independent contractor for purposes of certain state labor laws. This new law may be a preview of things to come from other states and the federal government for a variety of purposes. Overview of the ABC test Last year, a California court decided that a worker of a same-day courier and delivery service was an employee subject to the state’s wage and hour laws. The court enunciated a test that presumes a worker to be an employee […]

  • I can still hear my 6th grade teacher say (very often) that “patience is a virtue.” If you’re a Type A personality like me, patience isn’t your strong suit. It’s too easy to be impatient with others when you know you think you can do better, faster, and smarter than what they’re supposed to be doing. But being a good leader requires you to develop patience. Why is patience important? There are many reasons why it’s important for a leader to have patience. One article listed 12 reasons, such as improved productivity, improved time management, and adapting to change. I’d […]

  • Now that we’re in the fourth quarter of 2019, it’s time to craft your budget for the coming year. This is an annual chore that should not be overlooked or delayed. As Dave Ramsey said: “A budget is telling your money where to go instead of wondering where it went.” In preparing your budget for 2020, be sure to consider the following projections: Payroll Are you planning to give raises? The average pay increase for 2020 is projected to be 3.3% for non-management employees. As the owner, are you giving yourself a pay increase? Be sure to consider the impact […]

  • October is Cybersecurity Awareness Month, making it a great time for companies to “audit” their cybersecurity practices. Here are some ideas to consider in becoming prepared for a cyber attack. Understand your risk The Keeper Security’s 2019 SMB Cyberthreat Study released in the summer found that 43% of all attacks are against small and mid-sized businesses.  Yet 66% think it unlikely that they’ll be attacked. The numbers tell the story. You need to understand the likelihood is high that you’ll experience some cyber attack (I did earlier this year). And you need to understand what’s at stake. Your data are […]

  • The term “will” connotes the document used to distribute property when a person dies. However, professionals–doctors, psychologists, and attorneys, etc.—should leave instructions on how to handle their practices in the event of incapacity or death. And even business owners who don’t think of themselves as professionals with practices, can use a similar document to provide for the smooth administration of a business in case of incapacity or death. What is a professional will? It is a legal document naming a person to handle a professional’s practice and deal with a professional’s patients or clients in the event of incapacity or […]

  • FBAR (Report of Foreign Bank and Financial Accounts) The government filed a lawsuit against a person seeking $4 million in penalties for his failure to report personal foreign accounts as well as foreign business accounts over which he had signatory authority. That’s not chump change. Under the Bank Secrecy Act, each year you must make an annual report to the U.S. Treasury if you hold certain foreign financial accounts. This annual report is referred to as FBAR (it’s FinCEN Form 114, Report of Foreign Bank and Financial Accounts). The failure to file if required to do so can result in […]


Resources For Your Business

Getting Out of Your Commercial Lease

Successful Tax Planning Strategies for Your Small Business - Interview by Jim Fitzpatrick

Book Interview -- Smooth Failing

Book Interview -- J.K. Lasser's Small Business Taxes 2019


October 23, 2019


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October–November 2019

barbara’s books

  • This e-Book was created for Uber and Lyft drivers as their GPS -- to help them get where they want to go in their business, safely and securely. Do you enjoy driving and being your own boss with flexible work options? Are you looking for a part-time (or full-time) activity that earns good money? Maybe you’ve already discovered that there are great opportunities for making money with your car, and you’re a business owner driving for Uber, Lyft, or other platform. Or, you’d like to become an Uber or Lyft driver but uncertain how to begin. This guide, "The Uber and Lyft Driver's Guide to Running Your Business," is your answer!  
  • Maximize your bottom line with the nation's most trusted small business tax guide

    J.K. Lasser's Small Business Taxes 2020 is the small business owner's ultimate guide to a money-saving, stress-free tax season. Providing straightforward advice from the nation's most trusted tax expert on small business taxes, this book gives you the answers you need quickly, with clear, concise guidance. Updated to cover changes from the Tax Cuts and Jobs Act and other legislation, this edition also includes an e-supplement covering additional developments from Congress and the IRS to keep you fully up-to-date.
  • A complete list of individual tax relief opportunities

    J.K. Lasser's 1001 Deductions and Tax Breaks 2020 is the complete and thorough guide to reducing your tax burden. By listing every possible deduction and credit available to individual taxpayers, this book can help you achieve substantial savings on your 2019 tax return. Updated and expanded to cover new and changing tax law, this edition also includes an e-supplement covering the latest developments from Congress and the IRS to keep you fully up-to-date. Stop overpaying and gain peace of mind as you find the answers you need for your specific tax situation. Mine your paperwork for write-off opportunities, and claim your tax breaks correctly; easy-to-follow instructions give you clear guidance through the maze of worksheets to help you reclaim what is legally yours.
  • What every self-employed person needs to know about their taxes!

    If you’re self-employed, chances are the majority of your time is spent finding new customers or clients, servicing existing ones, and handling each and every aspect of your business. Freelancers, independent contractors, gig economy participants, and other individuals working for themselves need to be aware of their responsibilities when it comes to paying their taxes. Even if you have an accountant or use tax preparation software, you may not be aware of all the deductions and credits you are entitled to. That’s where the experts at J.K. Lasser come in. The second edition of J.K. Lasser's Guide to Self-Employment helps you file your taxes correctly, accurately, and on time. Using clear, jargon-free language, this bestselling guide explains the legal and financial implications of self-employment and shows you how to keep as much of your hard-earned money as legally possible.
  • Presenting a recently-launched, updated, paperback edition!  Barbara Weltman takes an inspired look in Smooth Failing at the hard lessons learned when things go wrong. Through extensive interviews with entrepreneurs whose ventures failed for a variety of reasons — some stunningly unexpected, some painfully inevitable — Barbara gleans valuable insights about the small mistakes that can lead to large scale catastrophe.  Smooth Failing seeks to save readers from similar disaster — while empowering those who are learning from failures and adversity to bounce back stronger and wiser on the often rocky road to success.
  • Small Business Survival Book

    12 surefire ways for your business to survive and thrive! Owning a small business can be a fulfilling and financially rewarding experience, but to be successful, you must know what to do while the business is up and running, and, most importantly, what to do when the business runs into trouble. This book is definitely part of what you need to succeed!
  • As Vicki Raeburn of Dun & Bradstreet notes in the forward, "...the successful creation of credit by small business has a significant effect on one of the most important business drivers, namely cash flow. ...     [This book has] the information needed to understand and build business credit."


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    -Meredith Wood, Fundera Ledger

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    -An eBay Radio listener - purplejaime1976


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