Stern Business Management

07/25/2022

After months of zoom calls we finally made it to office to get our biweekly strategy session done in person!
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Reach out for a consultation if you’re a business owner that could use help determining the key drivers of your business, positioning your business for growth, and/or ways to scale your business.

06/28/2022

Today marks the 4 year anniversary of the Supreme Court decision in the case of South Dakota V. Wayfair. What does this court case decision mean for e-commerce business owners?
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Prior to South Dakota V. Wayfair your physical presence such as a brick and mortar in a state was a main factor in creating nexus( a situation in which a business has a tax presence/liability in that state).
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After South Dakota V. Wayfair, nexus can now be created through just "economic activity", generating a certain amount of revenue in that state. This decision largely impacted e-commerce businesses throughout the country.
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You can be heavily penalized for extended noncompliance if states determine you have nexus and should have been collecting sales tax from your customers. The obligation for the tax then becomes YOURS not the customer.
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If you're an e-commerce business owner selling products online in multiple states make sure that you're aware you can have sales tax due in several states. Consult your accountant and/or look into sales tax software such as Taxjar, Taxify, Avalara, etc.
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05/30/2022

“As we express our gratitude, we must never forget that the highest appreciation is not to utter words but to live by them.” 🇺🇸

02/25/2022

Most of us were raised with the belief that the bigger the tax refund we get, the better, but that’s not always the case. Here is some food for thought to change the way you think about your tax refund.

•Outside of credits we qualify for like the earned income credit or child credits, a tax refund is the government returning money we overpaid throughout the year.
Why would we want to overpay our taxes, that’s essentially giving the government an interest-free loan. We pay interest on our credit cards, auto loans, mortgage and etc.
•Every pay period your employer withholds money out of your check to pay on your behalf to the government. Consider adjusting your withholdings to prepay less taxes and keep more money throughout the year. This can allow you to proactively pay down CC debt, do home improvement, invest in the market, and take control of your finances.
•Speak with an accountant before adjusting your withholdings and make sure you have a plan on what to do with the extra money. This is not something you should do without a plan for the extra money you will be receiving.
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I hope this was helpful and would love to hear your thoughts, feel free to reach out to me or connect with your accountant about if this would be a good move for you.
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02/25/2022

Are you ready for tax season? Gather your tax docs, review your financial situation, and come with questions! Book an in-person or virtual consultation to review your taxes and financial situation.
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“Planning is bringing the future into the present so that you can do something about it now.”
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08/26/2021

Turned into Daddy/Daughter day at the office today!

05/03/2020

We are happy to hear this news and hope Congress straightens this out. The government(s) will be taxing the recipients of the money being spent (if used for forgiveable purpose), so the expenses should be deductible.

IRS seems to be acting like the kid in class who enjoys correcting the teacher on a technicality.

The IRS has ruled out tax deductions for wages and rent paid with forgivable loans, but Congress could push back to allow the deductions. The stakes matter to businesses who scooped up Paycheck Protection Program loans of up to $10M to keep their employees on the payroll during the shutdown.

04/30/2020

NYS Comptroller has allocated state pension funds to provide additional monies for the PPP loan program for NYS small businesses. If you've had issues with your bank or other lenders, and don't know the status of your application, this may be another viable avenue to pursue -

Use this form to request a loan deferral from Pursuit due to hardship caused by COVID-19.

04/01/2020

Tonight we received additional clarification from the AICPA regarding the details of the Paycheck Protection Program. We've shared the documents via Google Drive (no sign-in required):

Borrower Fact Sheet: https://drive.google.com/file/d/1Y49Y5NEaFtPZKxmnoDlEsikfLjC3x9r8/view?usp=sharing

Loan Application: https://drive.google.com/file/d/1wTswqNZeFkGhnnXGkllrmytaF5yDXF9B/view?usp=sharing

Please feel free to download and share. Our assumption is that your bank will have their own, hopefully fully electronic, version of the application for you to take advantage of.

The program will begin this Friday, April 3, 2020, which should give ample time to start gathering the necessary information for the application.

We're happy to help wherever we can, so please let us know if you need any assistance.