Accounting On You: August 2023

Bookkeeping

Providing a view of your business’s past, current and future financial health.

Tax Planning

Ensure tax efficiency while preparing both individual tax returns and business returns.

Cash Flow

Truly understanding your cash flow is a key ingredient to long term business success.

Small Business Tax Incentives

In a bid to promote entrepreneurship and drive economic growth, the government has unveiled a new set of tax incentives for small businesses.  These include tax breaks for innovative startups, accelerated depreciation for qualifying assets, and reduced corporate tax rates.  Small business owners are encouraged to explore these opportunities to optimize their tax planning and investment strategies.

SEC: Stricter Reporting Requirements for Crypto Holdings

The Securities and Exchange Commission (SECO has issued new guidelines regarding the disclosure of cryptocurrency holdings by publicly traded companies.  Moving forward, companies will be required to provide detailed reports on their cryptocurrency investments and any potential risks associated with such assets.  Accounting firms with businesses holding cryptocurrencies are advised to stay updated with the SEC’s latest directives to ensure compliance with reporting regulations.

Small Business Cybersecurity Threats on the Rise

Amid the growing reliance on digital technology, small businesses have become prime targets for cyberattacks. Recent data highlights an increase in cyber threats, ranging from phishing attacks to ransomware incidents. In response, cybersecurity experts are sharing valuable insights and best practices to help entrepreneurs safeguard their businesses and customer data. Stay informed and take proactive measures to protect your business from potential cyber threats