Bartering is a taxable transaction even if no cash is exchanged

If your small business is strapped for cash (or likes to save money), you may find it beneficial to barter or trade for goods and services. Bartering isn’t new — it’s the oldest form of trade — but the internet has made it easier to engage in with other businesses. However, if your business begins […]

The IRS issues its annual “Dirty Dozen” list of scams

The IRS annually issues its “Dirty Dozen” list of scams that put taxpayers and businesses at risk of losing money and personal data. The tax agency begins this year’s list with a warning about evolving phishing and smishing schemes. Phishing occurs when a fraudster emails victims offering phony tax refunds or threatening them with false […]

How to minimize billing bottlenecks

Managing accounts receivable can be challenging, especially in an uncertain economy. To keep your company financially fit, it’s a good idea to occasionally revisit your billing and collections processes to ensure they’re as efficient and effective as possible. Consider these helpful tips. Resolve billing issues quickly The quality of your products or services, and the […]

What can a power of attorney do?

If the IRS wants to talk to you about a specific tax matter, you can authorize a third party to do the talking for you. But you must grant third-party formal permission. There are several ways to do this, including by assigning your power of attorney to a person who is authorized to practice before […]