by D. Maykl Muhammad | May 29, 2024 | Financial Reporting and Compliance
SUMMARY The IRS distinguishes between hobbies and businesses based on profit motive and specific criteria, impacting tax obligations. Key factors include how the activity is conducted, the expertise involved, the time and effort invested, income history, occasional...
by D. Maykl Muhammad | May 29, 2024 | Corporate Structures and Taxes
SUMMARY An LLC is a flexible business structure offering limited liability protection and can choose its tax treatment. An S-Corp is a tax classification that provides pass-through taxation but has stricter ownership rules. A C-Corp is a traditional corporation that...
by CFOE Team | May 29, 2024 | Small Business News
The Resilience and Challenges of Small Businesses in the Post-Pandemic Economy In the wake of the COVID-19 pandemic, small businesses have demonstrated remarkable resilience, adapting to new economic realities and contributing significantly to the country’s...
by D. Maykl Muhammad | May 29, 2024 | Pricing Strategy and Profitability
SUMMARY Cost analysis is crucial for informed decision-making, enhancing profitability, and optimizing resource allocation. By identifying cost drivers and setting realistic budgets, businesses can manage expenses effectively and improve their bottom line. It helps in...
by D. Maykl Muhammad | May 22, 2024 | Financial Planning & Advisory
SUMMARY Strategic financial forecasting is crucial for anticipating and mitigating future business challenges. It enables informed decision-making, effective strategic planning, and proactive risk management by providing a forward-looking perspective on financial...
