Category: Best Practices

PPP Update – new law expands forgiveness!

Earlier today, in a rare show of bipartisan efforts, the President signed into law the Paycheck Protection Flexibility Act. This is BIG news for anyone who has received a PPP loan or still intends to apply for one. This new law wants to relax some of the previous requirements to qualify for forgiveness of the...

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Track that Forgiveness!

Hopefully, many of you have now received PPP loan monies or been recently approved. Congratulations! The next step in the process once you receive your funds is to make sure that you are tracking the use of funds appropriately, and of course, using the funds as intended. One major component is that the SBA requires...

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Forgive it, PLEASE!

By now, you have all heard about the Paycheck Protection Program, designed to help small businesses hang on through the COVID-19 economic crisis. At this point, you likely fall into one of three categories in regards to this program: You applied and received a PPP loan. You applied for a PPP loan, but they ran...

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Date your documents carefully!

Today’s tip is shared from Ann Mahoney, who is a Certified Forensic Document Examiner and Court Qualified Handwriting Expert… Did you know that 2020 provides some scary opportunities for forgery? Read more of what Ann shares below: The year 2020 provides a unique opportunity for scam artists to compromise your important papers. The trick is...

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Know the law!

Yes, yes. There’s a new law in town! Smart California businesses need to know about AB5 and be sure how this new law will impact their businesses. AB5 took effect as of January 1, 2020, and creates VERY strict definitions about who can be legitimately treated as a contractor. We here at ZümiFi have a...

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Employees vs Contractors

CA AB5 just made things a lot clearer, but also much stricter regarding how is legitimately considered a contractor vs. who is an employee. This new law (passed in Sept 2019) takes effect on January 1, 2020. ZümiFi is encouraging ALL clients to be aware of these new legal requirements, and understand now how this...

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Capitalization Policy

The capitalization policy is the threshold that will be used to determine whether a larger purchase should be considered an asset of the business, or if it can be directly expensed. Generally, your tax preparer will make this determination. Traditionally we saw many tax preparers use low thresholds, such as $500. Meaning any purchase over...

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Attach Those Records!

Documentation is critical in your business. Hopefully, you will never be audited, but if you are, you will need to produce that documentation to substantiate what you are claiming on your income tax returns. As a virtual bookkeeping firm, we receive almost all documentation electronically. ZümiFi’s best practice is to attach that documentation WITHIN QuickBooks...

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Track that Petty Cash!

Many businesses benefit from having some petty cash on hand for those occasions when cash is required, or simpler. If your business handles petty cash, we have several recommendations on how to best track that petty cash, as follows: Establish a set amount of petty cash you need to have on hand. Keep enough to...

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