Category Archives: Small Business

How the change in definition of Repair and Maintenance Affects Small Business Taxes

The IRS recently released final regulations regarding the treatment of acquiring, producing, maintaining, and producing tangible property.  These regulations provide for a new definition of Repair and Maintenance which can significantly affect small business taxes.  Many small businesses will need to file a Form 3115 Application for Change in Accounting Method to apply this new…

Take Control of your Time

Do you control your work schedule or do the people around you and your customers do it for you. Time is one thing that is finite.  Don’t waste it, control it by taking charge.  Here are some tips: Use “time blocks” to allow you to work without interruptions.  These should be times when you are…

Commercial vs. Residential Real Estate Investment

By Colin Grubb Clearpath Accountants has been a leader in real estate accounting for years.  As the senior partner in charge of the real estate division, I frequently am asked how I got involved in commercial real estate, rather than residential. I began real estate investing by buying single family homes in the 80’s.  Some…

Interns: To pay or not to pay…

Ahh summer. Barbeques, pools, tan lines and… internships. Now is the time of year when many young people start taking internship positions in companies to hopefully propel forward their experience in their chosen industry, as well as possibly make a few networking connections. As a business owner, an intern might be something your company is…

Getting Crafty…

There’s some legislation brewing… and it could affect your beer. In May of this year, Colorado senator Mark Udall introduced some legislation proposing the elimination of federal excise taxes on beer creation for breweries here in Colorado; something that would mean a lot for a state where well over 2,000 small and craft breweries call…

Is Your Workforce Misclassified?

Since 2007 the amount of contractors that are paid by small businesses has doubled. It can be argued that most of this was created by the mass lay-offs during the economic downturn which lead to some folks hanging up a shingle and businesses looking to cut cost turned to contractors to lighten the burden of having an…

We Hear You… And We’re Here to Help

As the New Year has started, and it’s more than a month in, we undoubtedly try to give ourselves resolutions that will make us better as persons, parents, business owners, etc. Although we could offer help with the first two you would probably be more receptive if we offer help on the last one. Usually…

1099-K – Destined to be over reported

We received our 1099-K for the firm from the company that processes the merchant accounts and to our surprise, since we scan checks to be deposited and the merchant services provider, Evalon, is involved in processing these payments as well, they are included in the 1099-K.  Keep in mind, these are checks issued by our…

Names to Remember

After 30 years in accounting and going into the 26th year since the creation of the firm that now wears the name ClearPath Accountants, it seemed right to take a moment and reflect for a bit. There have been a number of people who have spent time with me along the way and helped me…

The 1099K conundrum and the importance of bookkeeping in 2012

It’s a known fact, more businesses are paying their bills with credit cards. Hence why the IRS has implemented the issuance of a 1099K by all credit card companies. You probably received one in 2011. Although it wasn’t as important then, it’s going to be important in 2012. We project that a majority of small…