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Murry Guy, CPA

Recent Posts

Is It Time to Outsource Finance and Accounting?

Posted by Murry Guy, CPA on Jun 25, 2020

Outsourcing may appeal to organizations that are currently struggling with mounting overhead costs during the COVID-19 crisis. By outsourcing, you convert certain fixed overhead costs associated with compensating and supporting employees into variable costs that can be scaled back in an economic downturn — or dialed up in times of growth and transition.

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Posted in Accounting & Outsourcing

5 Steps to Streamline the Month-end Close

Posted by Murry Guy, CPA on Jun 09, 2020

Many companies struggle to close the books at the end of the month. The month-end close requires accounting personnel to round up data from across the organization. Under normal conditions, this process can strain internal resources.

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Posted in Accounting & Outsourcing

Hiring Independent Contractors? Make Sure They're Properly Classified

Posted by Murry Guy, CPA on May 04, 2020

As a result of the coronavirus (COVID-19) crisis, your business may be using independent contractors to keep costs low. But you should be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake.

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Posted in Accounting & Outsourcing

Answers to Questions About the CARES Act Employee Retention Tax Credit

Posted by Murry Guy, CPA on Apr 06, 2020

The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the COVID-19 pandemic. The employee retention credit is available to employers, including nonprofit organizations, with operations that have been fully or partially suspended as a result of a government order limiting commerce, travel or group meetings.

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Posted in Accounting & Outsourcing

When to Write off Stale Receivables

Posted by Murry Guy, CPA on Mar 03, 2020

Accounts receivables are classified under current assets on the balance sheet if you expect to collect them within a year or within the operating cycle, whichever is longer. However, unless your company sells goods or services exclusively for cash, some of its receivables inevitably will be uncollectible. That’s why it’s important to record an allowance for doubtful accounts (also known as “bad debts”). These allowances are subjective, especially in uncertain economic times.

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Posted in Accounting & Outsourcing

Alabama's Severe Weather Preparedness Sales Tax Holiday

Posted by Murry Guy, CPA on Feb 10, 2020

Alabama will hold its ninth annual Severe Weather Preparedness Sales Tax Holiday, beginning Friday, February 21st through Sunday, February 23rd. The Severe Weather Preparedness Sales Tax Holiday allows shoppers to stock up, tax-free, on items needed to prepare for a weather emergency or natural disaster. 

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Posted in Alerts

Do Your Employees Receive Tips? You May Be Eligible for a Tax Credit.

Posted by Murry Guy, CPA on Feb 07, 2020

Are you an employer who owns a business where tipping is customary for providing food and beverages? You may qualify for a tax credit involving the Social Security and Medicare (FICA) taxes that you pay on your employees’ tip income.

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Posted in Business Tax

Cents-Per-Mile Rate for Business Miles Decreases Slightly for 2020

Posted by Murry Guy, CPA on Jan 23, 2020

This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-half cent, to 57.5 cents per mile. As a result, you might claim a lower deduction for vehicle-related expenses for 2020 than you can for 2019.

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Posted in Business Tax

Small Businesses: Stay Clear of a Severe Payroll Tax Penalty

Posted by Murry Guy, CPA on Nov 05, 2019

One of the most laborious tasks for small businesses is managing payroll. But it’s critical that you not only withhold the right amount of taxes from employees’ paychecks but also that you pay them over to the federal government on time.

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Posted in Accounting & Outsourcing

New Overtime Pay Rule Compliance

Posted by Murry Guy, CPA on Oct 10, 2019

New Rule will affect millions - After the 2016 regulation (which had a much higher threshold) was invalidated by a U.S. District Court, a new regulation was finalized on September 24, 2019, by the U.S. Department of Labor.  However, changes in the regulations do not formally take effect until January 1, 2020. Because of that, employers still have time to make the adjustments necessary to be in full compliance.

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Posted in Business Advisory

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