Small Business – The Burns Firm – Advisors of Complex Financial Matters

Get Ready for Due Diligence Long Before a Sale or Merger

May 2nd, 2024|Categories: Accountant, accountant near me, Burns Firm, Business, CPA, CPA Dallas, CPA near me, Dallas CPA, Due Diligence, M&A, Merger & Acquisition, Sell Business, Selling a Business, Services, Small Business, Tax, Tax Advisor, The Burns Firm|Tags: cpa near me, due diligence, Due Diligence Process, merger & acquisition, Merger of Business, Prepare to Sale Your Business, sale of business, tax advisor, The Burns Firm, The Burns Firm M&A Advisors|

It may seem odd, but as soon as you start up a business, you should begin preparing the documentation needed to sell or merge with another enterprise. It may be years [...]

6 Factors to Classify Workers as Employees or Independent Contractors

April 2nd, 2024|Categories: Accountant, Accounting, Burns Firm, Business, Contractor, CPA, CPA Dallas, CPA near me, Dallas CPA, DOL, Employee, Services, Small Business, The Burns Firm|Tags: contractor vs employee, Contractors, DOL, Employee vs Independent Contractor, Employees, How to Determine if Your Worker is an Employee or Contactor, tax, The Burns Firm|

In January 2024, the U.S. Department of Labor (DOL) issued its long-awaited final rule related to employment status under the Fair Labor Standards Act (FLSA). The new rule carves out [...]

Installment Sales Can Be a Win-Win for Buyers and Sellers

March 21st, 2024|Categories: Accountant, accountant near me, Accounting, Burns Firm, Business, Buying a Business, Capital Gain, Capital Gains Tax, CPA, CPA Dallas, CPA near me, Dallas CPA, Installment Sale, M&A, Merger & Acquisition, Sell Business, Selling a Business, Services, Small Business, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Basis, Tax Planning, The Burns Firm|Tags: Acquisition, Buyer side, CPA Dallas, cpa near me, Installment Sale, Installment Sale Gains, M&A, M&A CPA, Selling of Business, tax advisor, The Burns Firm, The Burns Firm M&A Advisors|

For federal income tax purposes, an installment sale is when at least one payment of proceeds from an eligible sale is deferred until after the end of the tax year [...]

Tax Breaks for Employer-Paid Education Expenses

February 27th, 2024|Categories: accountant near me, Burns Firm, Business, Business Deductions, Business Expense Deductions, Business Write-offs, CPA, CPA Dallas, CPA near me, Dallas CPA, Deductions, Education, Education Assistance Plan, Education Expenses, Employee Benefits, Employer-Paid Education Expenses, Sec. 127 Plan, Services, Small Business, Tax, tax accountant, tax accountant near me, Tax Advisor, The Burns Firm|Tags: CPA Dallas, cpa near me, Dallas CPA, Educational Assistance Plans, Employer Deductions, Employer-Paid Education Expenses, Reimbursement for Job-Related Qualified Education Expenses, Sec. 127, tax, tax advisor, Tax Break for Employer-Paid Education Expenses, The Burns Firm|

Is your business struggling with a shortage of skilled workers in today's tight labor market? One possible option is to invest in education programs to upskill your current employees. This [...]

Key 2024 Inflation-Adjusted Tax Parameters for Small Businesses and Their Owners

November 30th, 2023|Categories: Accountant, accountant near me, Accounting, Burns Firm, Business, CPA, CPA Dallas, CPA near me, Dallas CPA, Section 1231, Section 791, Self-employed, Services, Small Business, Tax, Tax Rates|Tags: 2024 Inflation Adjusted Tax Parameters for Small Business and Owners, cpa near me, Section 1231, Section 179 Deductions, Small Business Tax, tax, tax advisor, Tax Rates, The Burns Firm|

The IRS recently announced various inflation-adjusted federal income tax amounts. Here’s a rundown of the amounts that are most likely to affect small businesses and their owners. Rates and [...]

Planning a Graceful and Profitable Exit from Your Small Business

October 31st, 2023|Categories: Accountant, Accounting, Burns Firm, Business, Business Valuation, Buying a Business, CPA, CPA Dallas, CPA near me, Dallas CPA, Due Diligence, M&A, Sell Business, Selling a Business, Services, Small Business, Tax, tax accountant, Tax Advisor, The Burns Firm|Tags: business valuation, M&A, Planning An Exit from Your Small Business, Planning to sell a business, Selling a business, Selling a Small Business, small business, tax, tax advisor, Tax Implications of Selling a Business, The Burns Firm|

At some point, every business owner leaves the company, either voluntarily through retirement or otherwise. Some businesses will outlive their founders. Others can't survive without the continued involvement of a [...]

New Upcoming Requirement for Businesses that Receive Large Amounts of Cash

September 26th, 2023|Categories: Accountant, Accounting, Burns Firm, CPA, CPA near me, Dallas CPA, Form 8300, Services, Small Business, Tax Forms|Tags: Company's with large amounts of cash, CPA, cpa near me, Dallas CPA, Form 8300, New Business Form for Tax Filing, tax, tax advisor, The Burns Firm|

Does your business receive large amounts of cash or cash equivalents? If so, you're generally required to report these transactions to the IRS — and not just on your tax return. [...]

M&A Reminder: Earnouts Bring Critical Tax Considerations

July 5th, 2023|Categories: Accountant, Accounting, Burns Firm, Business, Buying a Business, CPA, CPA Dallas, CPA near me, Dallas CPA, Due Diligence, Earnouts, M&A, Merger & Acquisition, Sell Business, Selling a Business, Services, Small Business, Tax, Tax Advisor, Tax Basis, Tax Planning, The Burns Firm|Tags: Compensation vs Purchase Price in an acquisition, Earnouts, Earnouts bring critical tax considerations, Earnouts in a M&A deal, How should I structure an M&A transaction, M&A, mergers & acquisitions, tax, tax advisor, Tax Treatment in a Merger or Acquisition, The Burns Firm|

Merger and acquisition (M&A) activity is widely expected to pick up this year, after a lull in 2022. Amid economic uncertainty, earnouts are likely to play a big role in [...]

Keep These DOs and DON’Ts In Mind When Deducting Business Meal and Vehicle Expenses

June 29th, 2023|Categories: Accountant, Accounting, Burns Firm, Business, Business Deductions, Business Vehicle, Business Write-offs, CPA, CPA Dallas, CPA near me, Dallas CPA, Deductions, Employee Benefits, Expenses, Fringe Benefits, Meals & Entertainment Deductions, Services, Small Business, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Deductions, Tax Planning, tax write-offs, The Burns Firm|Tags: business deductions, business expenses, Business Meal Deductions, Business miles, Business Vehicle Deductions, Can I deduct Business Meals, Can I Deduct the Expenses For My Business Vehicle, Can I write-Off Business Expenses, cpa near me, Dallas CPA, fringe benefits, tax advisor, Tax write-offs, The Burns Firm, What Business Expenses Are Decutible|

If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records [...]

Thinking about Selling Your Business? Add Value Now

June 6th, 2023|Categories: Accountant, Burns Firm, Business Valuation, Buying a Business, CPA, CPA Dallas, CPA near me, Dallas CPA, Due Diligence, M&A, Merger & Acquisition, Sell Business, Selling a Business, Services, Small Business, Tax, Tax Advisor, Tax Planning, The Burns Firm|Tags: Add Value Now If You Plan to Sell Your Business, business for sale, Control Expenses if You Plan to Sell Your Business, CPA, CPA Dallas, cpa near me, how do I sell my business, How to determine value of my business, How to Drive Cash Flow and Revenue, i want to sell my business, Is Your Business Ready for Sell, M&A, Maximize Value When Selling Business, merger & acquisition, Selling a business, tax advisor, The Burns Firm, Value of my Business|

Business succession and exit planning should ideally be done over a long period of time (unless illness or another emergency makes it necessary to address them in the short term). [...]

Taxation Issues in the Gig Economy

May 16th, 2023|Categories: Accountant, Accounting, Burns Firm, Business, Business Vehicle, Business Write-offs, Contractor, CPA, CPA Dallas, CPA near me, CPADallas, Dallas CPA, Gig Economy, Self-employed, Services, Small Business, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, Tax Return Filing, tax write-offs, The Burns Firm|Tags: Business miles, business write-offs, Employee vs Independent Contractor, Gig Economy and Tax, Gig Work and Tax, tax, tax advisor, Taxation and the Gig Economy, The Burns Firm|

Do you provide car rides through a mobile app, rent out your spare room using an online platform or repair computers for local businesses on demand? If so, you may [...]

Steps to Help Avert Sabotage by Former Employees

May 11th, 2023|Categories: Accountant, Accounting, Burns Firm, Business, C Corporation, CPA, CPA Dallas, CPA near me, CPADallas, Dallas CPA, Partnership, S Corporation, Small Business, Tax, Tax Advisor, The Burns Firm|Tags: CPA Dallas, cpa near me, How to Avert Sabotage by a Former Employee, How to Terminate an Employee, tax advisor, Terminating an Employee, The Burns Firm|

Termination can be painful, whether it's for cause or part of a business slump that you can't avoid. Employees who are fired or laid off often have negative feelings about [...]

Don’t Take a Personal Guarantee Lying Down

April 25th, 2023|Categories: Accountant, Accounting, Burns Firm, Business, Business Loan, CPA Dallas, CPA near me, Dallas CPA, Loans, Services, Small Business, Tax, tax accountant, Tax Advisor, The Burns Firm|Tags: cpa near me, Dallas CPA, Dallas tax advisor, Loan for my Business, Personal Guarantee for Business Loan, Should I Personally Guarantee a Loan for My Business, Should I Take a Personal Guarantee for a Business Loan, tax advisor, The Burns Firm, What is a Personal Guarantee|

Most lenders require the owner of a small business to personally guarantee loans made to the company in question. This pledge indicates the owner's commitment and helps ensure that the [...]

4 Warning Signs of Financial Distress

April 7th, 2023|Categories: Accountant, Accounting, Burns Firm, Business, Business Write-offs, CPA, CPA Dallas, CPA near me, Dallas CPA, Services, Small Business, Tax, Tax Advisor, The Burns Firm|Tags: Business Failure, Business Loss, CPA Dallas, cpa near me, Failing Business, How Do I Turn My Business Around, Is My Business In Financial Distress, Is My Business in Trouble, tax advisor, The Burns Firm|

Financial problems rarely happen overnight. Early detection increases the chances of a successful turnaround. Here are four red flags to watch out for: Late financial statements. When financials are delayed, [...]

Set a Realistic Price for Your Business

April 4th, 2023|Categories: Accountant, Accounting, Burns Firm, Business, Business Valuation, CPA, CPA Dallas, CPA near me, Dallas CPA, M&A, Merger & Acquisition, Sell Business, Selling a Business, Services, Small Business, Tax, Tax Advisor|Tags: business valuation, Business Valuation Advisor, Business Valuation near me, cpa near me, How Do I Value My Business, M&A, merger & acquisition, sell my business, tax advisor, The Burns Firm, Valuation Professional|

As part of your exit strategy or your estate plan, let's say your team of advisors has helped you determine that selling your business will help you best achieve your [...]