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Our Top 5 Virtual CFO Blog Post for March 2020

Published by Adam Hale on 21 Apr 2020

  1. New Tax Rules for Capital Expenditures- The tax reform bill that was passed in December 2017 has many provisions intended to benefit small businesses. The provisions include rules that will affect the way a small business will explain (account for) the cost of capital expenditures. Beginning this year the number of business property purchases you can expense each year increases to $1 million (previously $500,000). Usually, the spending on business property (office equipment, vehicles, etc.) is capitalized and depreciated in a way that the tax benefit is spread out...top_5_pedestal_6489

  2. How the Families First Coronavirus Response Act Will Affect Your Small Business. This bill is to provide immediate assistance for free testing and food security for seniors and children. For small business owners, the Act also extended paid sick leave to employees affected by the pandemic. The law will go into effect on April 2, 2020. 

  3. COVID-19 Resources for Business Owners and CPA Firms.  Many business owners and CPA firms are unsure of what steps to take to mitigate risk, protect employees and support customers. While we don’t have all the answers, we want to share what we do know, and offer some guidance for our CPA firms and business owners that may be experiencing shifts in their business.

  4. Do Your Family Loans have Tax Implications?- If you've ever considered giving a financial loan to a family member, read this post to learn how to avoid unintended tax consequences that can result from giving a family member a loan by learning the IRS rules around family loans.

  5. Chart of Accounts in QuickBooks- 5 Things You Should Know. Understanding financial bookkeeping can be complex. When you started your business you probably didn’t think that you would have to become an expert in accounting. Check out these 5 things you should know about the Chart of Accounts in QuickBooks.

At Summit CPA, we're passionate about changing the way people think about accounting! We're a fully distributed company offering Virtual CFO Services, 401k Audits, and CPA Firm Augmentation. We hope you'll subscribe to our blog (below) if you'd like to connect with us and have our blog posts delivered directly to your inbox!



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