View Padgett President Roger Harris' congressional testimony on the impact of the Corporate Transparency Act and the BOI reporting requirements here.
Is it time for a brand check-up?
September 4th, 2024 | Business Tips
A strong brand can help boost revenue, while a weaker one may reduce sales opportunities and stifle growth. Like many business owners, you’ve probably spent considerable time and energy crafting your company’s brand. Doing so has likely involved coming up with a memorable business name and logo, communicating with customers in a distinctive manner, and, above all, building a strong reputation in your market. So, how’s all that going? Although your bottom line can certainly tell you a thing or two about the current success of your business, brand strength can be a little trickier to put a finger on. That’s why many companies conduct brand audits — essentially, formal reviews of a brand’s efficacy and market standing. Data to […]
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Is Your Firm Ready for the Global Talent Crunch? 3 Key Strategies for Accounting Leaders
With fewer college graduates turning to the accounting profession and older accountants retiring en masse, the accounting profession faces an unprecedented challenge in talent management. As Jeff Phillips, CEO of Padgett Business Services and founder of Accounting Fly, warns: “By 2030, there will be 50 million more knowledge worker jobs than there will be people to fill them globally.” In a recent Federal Tax Updates podcast episode, Jeff joined hosts Roger Harris, EA and President at Padgett, and Annie Schwab, CPA and Franchise Operations Manager at Padgett, to explore the seismic shifts occurring in the accounting profession’s labor market. This talent crunch is already impacting the accounting profession, with near-zero unemployment eroding traditional value propositions. Jeff notes, “We are […]
Read More >>5 Ways financial literacy helps you run your business
Building your business is more than just knowing key financial terms; it’s about understanding how to apply them effectively. As you embark on the journey of growing your business, you’ll find that applying your financial literacy knowledge becomes crucial, especially when you find yourself needing to know your financial standing, creating a budget, and establishing tax strategies tailored to your business needs. With advice from a Padgett firm owner and CPA and with testimonials from small business owners like you, you’ll see how financial literacy plays a crucial role in: Mastering cash flow and budgeting Implementing effective pricing strategies Enhancing negotiating and decision-making skills Strategic tax planning Making informed investment decisions Through real-world examples and expert guidance, you’ll gain a […]
Read More >>Is your Partnership or LLC agreement tax-savvy?
If you’re running a business or investment activities with others, you’ve likely heard of partnerships or multi-member LLCs (limited liability companies). These business structures are popular because of the federal tax benefits they offer, like pass-through taxation. However, they also come with some complex tax rules you need to consider. What Are Governing Documents? In a partnership, the partnership agreement is the key document that outlines the roles and responsibilities of each partner. Similarly, in an LLC, the operating agreement does the same for its members. These documents are crucial because they should include important tax-related information. Here are some things to keep in mind when creating them. Understanding Partnership Taxes In a partnership, the business itself doesn’t pay federal […]
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
5 Ways financial literacy helps you run your business
Building your business is more than just knowing key financial terms; it’s about understanding how to apply them effectively. As you embark on the journey of growing your business, you’ll find that applying your financial literacy knowledge becomes crucial, especially when you find yourself needing to know your financial standing, creating a budget, and establishing tax strategies tailored to your business needs. With advice from a Padgett firm owner and CPA and with testimonials from small business owners like you, you’ll see how financial literacy plays a crucial role in: Mastering cash flow and budgeting Implementing effective pricing strategies Enhancing negotiating and decision-making skills Strategic tax planning Making informed investment decisions Through real-world examples and expert guidance, you’ll gain a […]
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