Small business insights

8 Tips on Solving Customer Disputes Like a Pro

No matter how carefully and congenially you run your business, customer disputes will likely happen from time to time. Some of the complaints may be people looking to negotiate a discount, “game the system” or even outright defraud you. But others could be legitimate complaints arising from mistakes on your company’s part, technological glitches or, perhaps worst of all, fraudulent actions by a third party. Whatever the case may be, you can protect your business’s reputation and even strengthen its brand by creating and maintaining an effective customer dispute resolution process that includes eight key features: 1. Easily accessible channels of communication. Post easy-to-find and clearly written directions on your website, social media accounts and other channels detailing how customers can report problems, suspected […]

Transforming Your Accounting Practice for Long-Term Success: Insights from Amanda Aguillard

Gone are the days when simply crunching numbers and filing tax returns were enough to sustain a thriving practice. In this Federal Tax Updates podcast episode, Amanda Aguillard, COO at Padgett and member of the IRS Advisory Council, shares her expertise on transforming your accounting practice for sustained growth and profitability. The key to success, according to Aguillard, lies in three critical areas: right-sizing your client base, specializing your services and optimizing your processes. By focusing on these three essential elements, you can transform your accounting practice into a thriving, sustainable business that effectively meets your clients’ needs while supporting your long-term goals. Assessing and Grading Clients for a Right-Sized Practice One of the most crucial steps is objectively evaluating […]

Adding a Partner? Watch Out for Tax Traps!

There are several financial and legal implications when adding a new partner to a partnership. Here’s an example to illustrate: You and your partners are planning to admit a new partner. The new partner will acquire a one-third interest in the partnership by making a cash contribution to the business. Assume that your basis in your partnership interests is sufficient so that the decrease in your portions of the partnership’s liabilities because of the new partner’s entry won’t reduce your basis to zero. More complex than it seems Although adding a new partner may appear to be simple, it’s important to plan the new person’s entry properly to avoid various tax problems. Here are two issues to consider: 1. If […]

2024 Q2 tax calendar: Key deadlines to watch out for

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to make sure you’re meeting all applicable deadlines and to learn more about the filing requirements. April 15 If you’re a calendar-year corporation, file a 2023 income tax return (Form 1120) or file for an automatic six-month extension (Form 7004) and pay any tax due. For corporations, pay the first installment of 2024 estimated income taxes. Complete and retain Form 1120-W (worksheet) for your records. For individuals, file a 2023 income tax return (Form 1040 or Form 1040-SR) or […]

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