At Pine & Co., the health of our team, clients, and families is of upmost importance. In support of community health during the COVID-19 pandemic, our team has shifted to remote work. Rest assured, this temporary operational change will not impact our services. Click here for more information.
Is Quickbooks right for your business? | Pine & Co. CPAs

Is Quickbooks Right for Your Business?

By | Small Business Owners, Business Finance

For many small businesses and start-ups, managing payroll, bills, and taxes can be exhausting. The truth is, not everyone is accounting-savvy or has extra hours in the day to pour over each financial transaction. Luckily, there’s accounting software. It helps business owners like you keep track of and optimize their financial records. One of the most popular types of software among smaller businesses is Quickbooks®, a program that features customer invoicing, sales tracking, and more to simplify accounting practices for the everyday business owner. It’s a valuable tool for many people like you, but how do you know if it’s…

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Increased Charitable Contribution Limits Under CARES Act

By | News, Small Business Owners, Taxes

Among the changes made to the tax code in response to the coronavirus pandemic (COVID-19) are two provisions under the CARES Act (Pub. L. No. 116-136) increasing the limitations on charitable deductions made in cash. Here’s what you need to know. For 2020, you will be allowed a deduction for up to $300 of your charitable contributions even if you do not itemize. Contributions made to private non-operating foundations, supporting organizations, and donor-advised funds do not qualify for this provision. In past years, your deduction for charitable contributions made in cash has been limited to 50% or 60% of your…

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Investing in Cryptocurrency? Understand the Tax Implications

Investing in Cryptocurrency? Understand the IRS Tax Implications

By | Taxes, Personal Finance

As of May 8, more than 200 billion dollars in stimulus checks have been sent to roughly 130 million Americans. More than 150 million more checks are expected to still be distributed in the coming weeks. While some Americans are cashing checks to cover rent or pay for expenses, others are looking for strategic ways to invest the money. With the current volatility in the stock market, some people are taking a new look at unique investment opportunities such as cryptocurrency and its most popular currency, bitcoin. The once “fringe” financial enigma is year-by-year becoming more mainstream. There are several…

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Financial Benefits of a Remote Workforce

The Financial Benefits of Remote Employees

By | Business Finance, Small Business Owners

Right now, you’re more than likely asking yourself: How can I cut costs for my small business?  Finding smart ways to reduce expenses will not only help your business recover in the short-term, but it will also mean leaner, more profitable operations in the years to come. One result of our communities’ efforts to “flatten the curve” was an unprecedented wave of remote work. For some businesses, their services, business model, and technology made it an easy transition. For others, it meant abandoning certain products or services and innovating to maintain cash flow. The abrupt social distancing was not an…

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Hang in there small business owners.

By | Uncategorized

We have been assisting our many small business clients in applying for the much needed assistance that the CARES act is supposed to provide. The CARES act in theory was to offer small businesses fast assistance so that they could stay open and keep paying their workers… however, things are dragging much longer than the public were led to believe. We have had dozens of clients get the PPP loans through initial approval only to not hear anything from the bank (or the SBA) in over a week. Dozens of our small business clients have applied for the Disaster EIDL…

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Covid-19 Economic Solutions

COVID-19 Economic Solutions: Reasons for Hope

By | News, Accounting, Business Finance, Personal Finance

COVID-19 Economic Solutions: Reasons for Hope At Pine & Company CPAs, we believe there are many reasons for hope. The current plan offered by the Treasury Department would likely do wonders and keep most (if not all) businesses open in order to take advantage of economic recovery when it comes. We encourage you to take a look at the proposal by clicking below: A Current Treasury Department Proposal Pine & Company CPAs Is Here to Help We at Pine & Company CPAs are committed to supporting the success of small businesses throughout North Texas. While we are in the midst of a…

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IRS Extends Filing Deadline 2020

COVID-19 Update: IRS Extends Filing Deadline

By | News, Taxes

NOTICE: IRS Extends Filing Deadline In addition to the already-announced 90-day grace period on tax payments otherwise due on April 15th, the IRS has now extended the filing deadline by 90 days. The new deadline for filing is July 15th, 2020. This extension applies to all taxpayers who would otherwise be required to extend or file on April 15th. Thankfully, at Pine & Company, we continue to function at near-normal and full capacity thanks to our fully cloud-based operations. If you are a client of Pine & Company CPAs, we ask that you continue to work toward sending your tax-related…

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Employer Information from the Texas Workforce Commission

Employer Information from the Texas Workforce Commission

By | Small Business Owners, Business Finance

The below-pasted email was sent to all business owners and employers in Texas. It offers some good employer information from the Texas Workforce Commission. Employer Information from the Texas Workforce Commission Dear Texas Employers, With uncertainty surrounding COVID-19, the Texas Workforce Commission continues to offer Texas employers our full support. From legal questions regarding work from home policies to resources for loans, we are here to answer your questions and help ensure things go as smoothly as possible. This is not a normal email list we distribute to, but with the impact of the COVID-19, we wanted to reach out…

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How to Help Your Small Business Survive the Coronavirus Pandemic

How to Help Your Small Business Survive the Coronavirus Pandemic

By | News, Taxes

Aside from the effects it may have on our health and personal safety, the spread of COVID-19 in the U.S. has generated economic anxiety and uncertainty on a mass scale. Among those most impacted are SMB owners and entrepreneurs who wonder, “Will my small business survive the coronavirus pandemic?” As business consultants and CPAs, we urge you to stop, breathe, and calmly consider a few important developments before making hasty decisions that could negatively impact your small business in the long run. Here are a few things to know and consider before hitting the panic button: Tax Deadline Extensions Yesterday,…

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COVID-19 Precautionary Measures: A Message to Our Clients

By | News

Pine & Company CPAs will be working remotely and closing our offices for a while. Thankfully, we are already completely cloud-based so we don’t expect this change to impact our clients’ services. It’s no secret that the world is preoccupied with COVID-19, and precautions to slow the spread of this virus are being taken everywhere we turn. After a great deal of reading, prayer, and discussions with people well versed in infectious diseases, I have decided to close the Pine & Company office for the next week and possibly longer. The health of our team, our clients, and the families…

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5 Reasons Your Business May Be Audited by the IRS

5 Reasons Your Small Business May Be Audited by the IRS

By | Taxes

As a small business owner, the thought of getting audited by the IRS is probably enough to make your blood run cold. But did you know that your chances of getting audited are slim? In fiscal year 2019, an IRS report showed that only 0.45% of Americans were audited for their income tax returns. That’s 0.14% less than the year before.  This amount is also significantly less than audits performed just 9 years ago in 2010 (1.1%). While it seems like good news, the truth of the matter is this decrease is actually more driven by budget cuts in the…

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Important Changes Affecting Your 2019 Taxes

Important Changes Affecting Your 2019 Taxes

By | Taxes

The promise of spring weather means one thing: tax season is here yet again. Whether you own a business, are a full-time employee or, all of the above, preparation for your 2019 taxes is hopefully on your to-do list. While multiple streams of income is a great way to increase your earnings, it can complicate things a bit when it comes to tax planning and filing. To add to this, much of what you learned about filing taxes over the past decade or so has changed as tax codes are continually being adjusted, including the tax reform that recently took…

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Make Goal Setting Easier with the SMARTER method

2020 is the Year for SMARTER Goals

By | News

January might as well be called the Month of Goal Setting (but stick with us — we’re not talking about hitting the gym).  Now’s the time to set goals for your small business. The hope of a new year and the promise of a fresh start makes it easier to clearly see what you want to achieve over the next 12 months. But goal setting must be thought-out, planned for, and stuck to, in order to be effective. (You know how the saying goes: “If you fail to plan, you’re planning to fail!”) Harness this excitement in a practical way…

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Does My Small Business Need a Controller or a CFO?

By | Accounting, Business Finance

You’ve heard the saying. It goes something like, “Growth is a good problem to have.” This may be true, in theory, but growth that occurs too quickly can put your small business at risk. A recent Inc.com article illustrates how financial controls and cash flow can be risk factors occurring as a result of high growth. Could an outsourced turn key accounting service or an outsourced controller be the answer? Here we discuss the difference between the two and when it may be appropriate to engage both. If you’re questioning whether your small business may need help with financial management,…

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