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It’s Now 250% More Expensive to File Taxes Late If You Have Foreign Shareholders

Posted by Melissa Hollis to Taxes

Short Story: The penalty for failing to file your Form 5472(s) is increasing from $10,000 to $25,000. (This applies to each filing per month—which can add up fast!)

 

Q: Which businesses are affected by the penalty increase?

Don’t Let Foreign Business Tax Obligations Get Lost in Translation

Posted by Melissa Hollis to Taxes

Tax season can be stressful for any individual or business owner. Unless you’re an expert, the guidelines feel complicated and vague, and the repercussions can get expensive and detrimental. This alone can leave the most confident entrepreneurs paralyzed by uncertainty, but gets even more complex if your business is involved in any relationships or activities overseas.

“Overseas" can apply to any foreign country, even if it's not over a sea or ocean. Failing to take proper tax filing precautions for all your foreign financial activities could land you or your affiliates in hot water. How hot? Upwards of $10,000-per-error hot.

Here’s what you can do: Be proactive in identifying your tax filing responsibilities and timelines to avoid an uncomfortable conversation with the IRS (Internal Revenue Service) and other scary branches of the U.S. government such as the SEC.

What Investors Really Want to See for a Series A Funding Round

Posted by Elise Fajen to inDinero Academy, Business Advice

As someone who spends all day, every day, listening to entrepreneurs share the challenges they face, I’ve learned a few things: Every business may be unique, but business owners have a lot in common.

Lately, I’ve been hearing a lot of anxiety from founders of SaaS companies and other rapidly growing startups as they approach their series A fundraising round.

The Internet is full of great advice for approaching a series A funding round. Most of them emphasize a few basic points:

[Checklist] Making the Switch from Cash or Accrual to GAAP Accounting

Posted by Daniel Reji to Accounting, Business Advice

One of the most thoughtful and hardworking CPAs I’ve ever met once told me that businesses are like fingerprints—each one is unique and has different ways of tracking and sharing financial information internally.

 

I was brand new to inDinero, and she was helping me understand why GAAP is so essential for so many of our clients. GAAP, or generally accepted accounting principles, has become the guiding light for financial professionals preparing public-facing reports for companies in the United States. Accountants use these principles to create statements that give outsiders an easy-to-understand window into your business’s financial performance in order to compare it alongside other businesses, while still maintaining the individuality of each company’s financial profile.

Take the Chaos Out of Small Business Taxes, Stay Organized With inDinero’s Tax Questionnaire

Posted by Jenna Meyer to Taxes, inDinero Product Updates

When you’re busy running your business all year, you’re probably not spending much time considering which specific state and federal forms you’ll need to file. But in the game of business taxes, you need to be organized and timely..


inDinero’s tax solution is designed to streamline the annual tax preparation process. Our cloud-based Tax Questionnaire gives small business owners something they’ve never had before: A self-guided place to gather all the information our tax team needs to build their business tax returns.

Your Small Business Can Afford to Offer Retirement Plans—Here’s How

Posted by Damian Davila to Investment, Business Advice, Budgeting, Startup Tips

In the past, many small business owners have thought that providing a 401(k) plan wasn’t realistic for their employees. Perhaps they felt they were too small, that the plans were too expensive, or that the administrative burden was just too high.


Luckily, this is no longer the case, and not only is it possible—and affordable—for companies of any size to start providing a savings plan, but getting an early start is also advantageous from a tax-saving perspective


Consider this:

  • A recent Glassdoor employment confidence survey found that 31% of workers value a 401(k), retirement plan, and/or pension over more than a pay raise.
  • Approximately two-thirds of workers not saving for retirement say they would be likely to save for retirement if their employer used automatic paycheck deductions at either 3% or 6% of salary.
  • In 2018, workers can make tax-deductible contributions of up to $18,500 to a 401(k).

The other good news is that in this tight job market, offering a workplace retirement plan is a great way to make your business stand out from the competition. However, it’s not just employees who can draw huge benefits: as it turns out, employers can also reap some incredible tax credits and deductions for providing a 401(k).

Getting to Know Elise Fajen of inDinero and Wind-Blox

Posted by Melissa Hollis to Inside inDinero

Elise Fajen is inDinero’s Sales Operation Manager, as well as the Co-Founder and Director of Human Resources at her family-owned sportswear company, Wind-Blox. When she’s not looking for new ways for inDinero’s marketing and sales teams to reach small business owners, she’s busy making our Portland office a wonderful and welcoming place to work:

 

Is There a Right or Wrong Time of Year to Outsource Your Business's Accounting?

Posted by Tyson Yoon to Accounting, Business Advice

Maybe you hate spending your Saturdays in spreadsheets, or maybe you hit a few major milestones and are outgrowing your current system. Regardless of what’s driving you to outsource your accounting, there are a few factors you must take into account during this transition.

In addition to a few other key considerations—such as the impact on other vendors or operational processes—the time of year can drive when to bring on a new system. Here are a few times that are ideal to start outsourcing your accounting.

 

19 of the Best Tax Filing Resources for Startups & Small Businesses

Posted by Melissa Hollis to inDinero Academy, Taxes

Like most of today’s business owners, you probably don’t spend a lot of time sifting through the IRS’s website for tax-saving tips. But chances are, unless you're already a CPA, you still have a lot to learn about saving your business money on taxes.

Making Partial Payments with inDinero Bill Pay

Posted by Jenna Meyer to inDinero Academy, Accounting, inDinero Product Updates

 

I don’t know about you, but I’ve always found that watching the money coming into my bank account is much more fun than paying it out. While we haven’t found the secret sauce to not spending money—expenses are a fact of life—we have built a software and service that lets you pay bills effortlessly, and the new Partial Bill Payment feature adds a much-needed level of flexibility to that process.


You can now use inDinero’s Bill Pay tool to pay some, but not all, of a bill. So the next time you need to split an unexpectedly large invoice into monthly installments, you can. And when you have to pay a freelancer half up front and half when the job is done, it’s quick and easy.

Success starts when you take charge of your finances.

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