Avoid These Costly Payroll Errors with a Nashville CPA Firm

Payroll might seem like a routine back-office function, but one wrong move can have ripple effects across your business. Whether it’s a missed filing deadline or a misclassified contractor, even minor errors can trigger IRS penalties, employee dissatisfaction, or even a dreaded audit.

This is why working with a Nashville CPA firm can be one of the smartest financial decisions a Tennessee small business owner makes. With the help of an experienced CPA, small business owners can focus on doing what they do best while avoiding the headaches that come with costly payroll errors.

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Be Guided by Your CPA in Thoroughly Understanding Your PPP Loan

If you’re one of the small business owners in Nashville who received a Paycheck Protection Program (PPP) loan under the government’s CARES program, it’s important to make sure you fully understand what you signed up for to avoid unpleasant surprises down the road. Don’t hesitate to consult your CPA if you’re unsure about anything related to the loan. Many of those who received the loan are now finding themselves uncertain about its actual benefits.

Here are some of the things you need to know.

Will the loan be forgiven?

Loan forgiveness is one of the major goals of the PPP loans. The government and your lender don’t expect you to pay back the loan as it was designed to help you and your employees tide over the crisis. However, you do need to show that you adhered to the guidelines for loan forgiveness.
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Tips from a Nashville Accounting Firm on Rebooting Your Business

On April 16, 2020, Tennessee Governor Bill Lee announced plans to reopen the state sometime in May, more than a month after he issued stay-at-home orders to mitigate the spread of the COVID-19 virus. Although the guidelines for the reopening are still being planned, it would be wise for business owners to start preparing for their reopening, as well.

If you have a small or medium-sized business in Nashville, consult with your partners, suppliers, and accounting firm about the steps you need to take to make sure you hit the ground running when the economy reopens.

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Ask Your CPA Firm About Measures to Address the COVID-19 Crisis

The world is currently facing an unprecedented challenge with the COVID-19 pandemic. No one is being spared from the havoc it is bringing, including businesses in Nashville. As alarm over the virus spreads and people are choosing to stay indoors, many small and medium enterprises in the city are finding it hard to stay afloat.

If you’re a business owner in Nashville, don’t hesitate to call your CPA firm and get financial advice in this time of difficulty. Your CPA can provide the guidance you need in making decisions and taking the right steps to help tide you over during this situation.

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Ask Your CPA About Forming a Corporation for Your New Business

Starting a business in Nashville? One of the things you need to discuss with your CPA is how to structure your company. You have several options,  and your choice can factor greatly into how you do business on a day-to-day basis.

In many cases, it’s highly advisable to register your business as a separate entity that will protect your personal assets from your business’s debts and actions. An LLC or limited liability company is often considered as the best choice for small and medium-sized businesses. However, it might also be worth looking into forming a corporation, especially if you’re hoping to grow your business and attract more investors in the future.

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Starting Nashville Small Healthcare Businesses with an Accounting Firm

Looking for small business ideas in Nashville? Explore your opportunities in the city’s healthcare industry. Generating an income of more than $92 billion and providing more than 570,000 jobs, Nashville’s healthcare industry greatly impacts the economy not only locally, but also globally.

In an economy largely driven by healthcare, it makes perfect sense to find small business opportunities in this industry. Many have already found success, but there’s always room for more. The key is to identify the services or products that the industry currently needs. You then have to ensure you’re fully trained and equipped to offer those services or products, and work with the right resources, including an accounting firm who can provide you with the financial guidance you need throughout the various stages of your enterprise.

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Why Freelancers Need the Services of a Nashville Accounting Firm

Not so long ago, a dream job was defined as full-time work with decent pay and reasonable hours, preferably at the same company for the rest of one’s life. These days, however, more and more people are taking their careers into their own hands by striking out on their own as freelancers. Statistics show that 36% of the country’s workforce is part of the so-called “gig economy,” and together contributed some $1.28 trillion to the American economy.

If you’re a freelancer in Nashville, you no doubt love the freedom of setting your own work hours and choosing which clients to work for. But you’re probably much less enthusiastic about the administrative part of the job, including sorting out your financial documents and filings. Luckily, this is where a professional accounting firm can help.

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Investing in Nashville Real Estate? Here’s How a CPA Firm Can Help You

Now is a good time to invest in Nashville real estate. As the metro’s robust economy and job opportunities bring an influx of new residents, the demand for housing has been increasing at a rapid rate. As a result, home prices have been rising to unprecedented heights, making renting a more viable option for many.

When it comes to real estate, your investment options include buying a property for its long term value appreciation, renting it out, and home flipping. To ensure you get the highest possible profit, seek the help of experts who can guide you in the various aspects of the business. In addition to a real estate agent and an attorney, you will also benefit greatly from the services of a CPA firm.

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Donating to a Charity? Ask Your CPA About Potential Tax Benefits

Donating to charity is an American tradition, especially during the holidays. If you’re a business owner, it might even be a great way to reduce your tax bill. In Nashville, there are numerous nonprofits that qualify for tax deductible donations.

With the passing of the Tax Cuts and Jobs Act of 2017, however, getting tax write offs for charitable contributions has become more complicated. Consult with a Nashville CPA to find out if tax deductible contributions make sense for your company.

Under the new law, there are a few things you need to consider. Read more from this blog post: http://bit.ly/EvanH08

Ask Your Accounting Firm About Tax Strategies for Your Small Business

Dealing with taxes is one of the burdens many entrepreneurs have to face. It can be quite painful shelling out a sizable part of your hard-earned income to the government, especially when you’d rather spend it on providing more benefits to your employees, growing your business, and enjoying the fruits of your hard work.

If you own a small business in Nashville, consider working with an accounting firm in devising strategies that can ease your tax burden. Here are a few suggestions you can adopt with the help of an accountant: http://bit.ly/EvanH07

Small Businesses in Nashville: Where to Find a CPA and Other Resources

Nashville has made it to the list of “superstar” communities that have thrived and made the most gains after the crippling recession of 2008. Much of this success is attributed to the city’s visionary leadership, which saw opportunity amid the gloomy economic landscape. What stands out, in particular, was the decision to build the $600-million convention center about a decade ago—a bold move at a time when everyone else was strapping down for the worst. The center has become the heart of Nashville’s burgeoning economy today.

What’s even more encouraging for entrepreneurs in the city is that small businesses play a large role in the local economy. Of the 19,000 businesses here, 80% have no more than 20 employees. About 55% of jobs in the city come from small businesses, which not only provide full-time in-house employment, but hire outsourced services as well, including Nashville CPA services.

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Tech Startups in Nashville: Getting Help from an Accounting Firm

If you think you have what it takes to be the next big thing in tech, you’re in the right place. Now is a good time to be a tech entrepreneur in Nashville. The success of startups like Emma, Nisolo, and other local enterprises is proof to this. There’s a wealth of venture capitalists and angel investors in the city, as well as public and private organizations who are bullish in their support of fledgling tech businesses.

While on the road to startup success, one thing you should never overlook is the importance of accounting processes. Understandably, you would rather put all your focus on your core business and growing your venture. This is why partnering with a Nashville accounting firm is only good practice. Outsourcing your accounting needs like bookkeeping and tax declarations will not only take this necessary burden off your shoulders, it will give you plenty of other benefits as well.

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Why Nonprofits Need the Services of a Nashville Accounting Firm

In starting a non-profit in Nashville, it’s important to work with an accounting firm who can help you in the management of the organization’s complex finances. Accounting in nonprofits covers a wide area, from record-keeping and budgeting to reporting to the IRS and state authorities. Accuracy is important at all times, otherwise you could lose your nonprofit status, or worse, find yourself accused of fraud.

Here are the areas where professional accounting can serve a nonprofit:

Budgeting

As with any other organization, a nonprofit has to work on a budget. An accountant can help distribute the working capital among the various functions and areas of the nonprofit, adjusting for any financial issues. In many cases, nonprofits have a decentralized structure where each area manager has their own budget. The individual budgets are submitted to the central office, which then appropriates the working capital accordingly, taking into account the budget of the organization as a whole.

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Running a Freelance Business in Nashville: Do You Need Your Own CPA?

You may run your own business in Nashville as a solo freelancer or sole proprietor. That would make you your own executive, as well as your own employee. Fulfilling both roles requires considerable time and focus, and if you’ve been trying to juggle a third role as your own bookkeeper or accountant, you should probably consider enlisting the aid of a financial expert.

Here are several signs you need to work with your own CPA.

Was tax time taxing?

Did you scramble to meet the tax filing deadline? Did you pour a significant number of hours into organizing your paperwork, not to mention reading up on all the ins and outs of reporting?

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File an Extension, Pay on Time: A Key Tax Reminder from Your CPA Firm

As April 15 approaches, tax filing season is in its home stretch. This might be causing you some level of anxiety. Given how the recent government shutdown and newly implemented tax reforms have impacted small businesses, organizing documents for 2018 may have become slightly more complicated. 

Yet you don’t have to panic if you still haven’t gotten your paperwork in order, nor should you rush sorting your returns. With assistance from your CPA firm, there are several things you can do if you think you can’t file them before deadline.

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How Optimistic Should You Be This Tax Season? Ask Your Accounting Firm

The 2019 tax season marks the first time your small Nashville business will file returns under the reforms instituted through the Tax Cuts and Jobs Act of 2017. This means you could enjoy higher deductions or savings, given the new federal tax provisions.

Such provisions have given many small-scale entrepreneurs cause for optimism. In fact, 83% believe the tax reforms will have a positive impact on their businesses, according to a survey of 2,700 small business owners conducted last year. Owners also said they will funnel their savings towards business growth.

But how bullish should you be with your own business moving forward? To help deal with the situation, your trusted accounting firm will have to break down how much you can recoup in tax savings this year thanks to the nationwide reforms, and help you assess your finances to make decisions for the future.

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The Government Shutdown: How It Affects Your Nashville Business and How a CPA Can Help

The federal government shut down on December 22, 2018, forcing a range of government offices to cease or reduce their operations. The shutdown has now lasted over a month and is the longest in U.S. history. Whether or not it ends soon, your small businesses might be suffering its impact.

There are several ways the shutdown might be hurting you. Your CPA can assist with these and help in other ways as you navigate, then recover, from the shutdown.

You rely on the Small Business Administration (SBA) for loans and other services.

Did you plan to cover operating expenses with an SBA loan? Were you hoping one could fuel new initiatives this year? For now, you have to look for money elsewhere. Even if you don’t have a loan stuck in processing because of the shutdown, it could take the SBA months to address its backlog as soon as the agency reopens.

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