View Padgett President Roger Harris' congressional testimony on the impact of the Corporate Transparency Act and the BOI reporting requirements here.
What Happens to Your Business After You? The Importance of Succession Planning
May 29th, 2024 | Business Tips
Business owners are rightly urged to develop succession plans so their companies will pass on to the next generation, or another iteration of ownership, in a manner that best ensures continued success. Ideally, the succession plan you develop for your company will play out over a long period that allows everyone plenty of time to adjust to the changes involved. But, as many business owners learned during the pandemic, life comes at you fast. That’s why succession planning should best be viewed from three separate but parallel timelines: 1. Long term. If you have many years to work with, use this gift of time to identify one or more talented individuals who share your values and have the aptitude to successfully […]
Latest Posts
Padgett’s Newest Resource: The Accountant’s Guide to Growth
Accelerating Firm Growth: The Power of Word-of-Mouth Marketing In the hustle and bustle of managing a successful accounting firm, it’s easy to get lost in the weeds of daily tasks and crises. But true success extends beyond mere survival; it’s about strategic foresight and leveraging your resources effectively to fuel growth. Enter “The Accountant’s Guide to Growth,” a comprehensive whitepaper that unveils the transformative potential of word-of-mouth marketing in propelling your firm towards unprecedented success. Setting the Stage for Success The journey begins with laying the groundwork for organic marketing growth. Establishing a robust online presence, fostering networking opportunities, and positioning yourself as a thought leader are pivotal steps in this process. By aligning your focus with market demands and […]
Read More >>8 Tips on Solving Customer Disputes Like a Pro
No matter how carefully and congenially you run your business, customer disputes will likely happen from time to time. Some of the complaints may be people looking to negotiate a discount, “game the system” or even outright defraud you. But others could be legitimate complaints arising from mistakes on your company’s part, technological glitches or, perhaps worst of all, fraudulent actions by a third party. Whatever the case may be, you can protect your business’s reputation and even strengthen its brand by creating and maintaining an effective customer dispute resolution process that includes eight key features: 1. Easily accessible channels of communication. Post easy-to-find and clearly written directions on your website, social media accounts and other channels detailing how customers can report problems, suspected […]
Read More >>Transforming Your Accounting Practice for Long-Term Success: Insights from Amanda Aguillard
Gone are the days when simply crunching numbers and filing tax returns were enough to sustain a thriving practice. In this Federal Tax Updates podcast episode, Amanda Aguillard, COO at Padgett and member of the IRS Advisory Council, shares her expertise on transforming your accounting practice for sustained growth and profitability. The key to success, according to Aguillard, lies in three critical areas: right-sizing your client base, specializing your services and optimizing your processes. By focusing on these three essential elements, you can transform your accounting practice into a thriving, sustainable business that effectively meets your clients’ needs while supporting your long-term goals. Assessing and Grading Clients for a Right-Sized Practice One of the most crucial steps is objectively evaluating […]
Read More >>Featured Articles
Understanding IRAs: your retirement savings guide
With the recent passing of the SECURE 2.0 Act of 2022, you may have questions about the different types of Individual Retirement Accounts (IRAs) available. How do you choose what retirement plan is right for you? IRAs are a powerful tool for retirement savings. They are savings plans that come with tax advantages to help taxpayers build a retirement fund. Each type of IRA has its own set of regulations and deadlines. Here’s a quick overview of the most common kinds: Traditional IRA: Contributions to a traditional IRA may be tax deductible and earnings grow tax-deferred until distribution, which means you won’t pay taxes on your traditional IRA funds until you make a withdrawal. The contribution limit for 2022 is […]
Breaking Down the SECURE Act 2.0
Roger and Annie discuss the changes in the SECURE 2.0 Act of 2022 and how this impacts small business owners with regards to offering retirement plans to their employees. They also talk about recent changes in IRS regulations that could prove …
Latest Tax, Accounting & Financial Tips
2024 Q2 tax calendar: Key deadlines to watch out for
Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to make sure you’re meeting all applicable deadlines and to learn more about the filing requirements. April 15 If you’re a calendar-year corporation, file a 2023 income tax return (Form 1120) or file for an automatic six-month extension (Form 7004) and pay any tax due. For corporations, pay the first installment of 2024 estimated income taxes. Complete and retain Form 1120-W (worksheet) for your records. For individuals, file a 2023 income tax return (Form 1040 or Form 1040-SR) or […]
Bartering is a taxable transaction even if no cash is exchanged
Maximize the QBI deduction before it’s gone
What’s the best accounting method route for business tax purposes?
New final rule on independent contractors takes effect in March
Filing jointly or separately as a married couple: What’s the difference?
9 tax considerations if you’re starting a business as a sole proprietor
View All Tax Tips
View All Accounting Posts
View All Financial Tips
Smallbiz Builder Newsletter
Receive tips of the trade straight to your inbox
The SmallBiz Builder breaks down some of the top issues that small business owners deal with every day, offering the latest news, tax and accounting tips and helpful guides from our team of trusted advisors.
