IRS Form 5472 — The Importance of Reporting Foreign Ownership of US Companies

From Budweiser to 7-Eleven and American Apparel, many of the names consumers love, trust, and consistently engage with are foreign-owned. In fact, foreign-owned companies employed over 7 million American workers and generated a massive 16% of all business investments in 2019, so it’s safe to say that foreign-owned businesses help drive a significant chunk of the American economy. With Globalization …

Tax-Deducible Options for Business Vehicle Usage

If you’re an employer whose business relies on frequent vehicle usage, then you’re probably considering the options available to expense your business transportation. The best option is not always black-and-white, and often depends on the amount of time your employees spend driving, the size of your company, and other tax considerations. You have four main options for handling business transportation: …

Paycheck Protection Program: Best Practices for Maximizing Your Loan Forgiveness

One of the tenants of the Coronavirus Aid, Relief, and Economic Security Act (Cares ACT) is the Paycheck Protection Program (PPP), which initially authorized up to $349 billion of federally-guaranteed loans to qualifying small businesses. The funds are meant to be used for the following qualified expenses according to the CARES Act and SBA guidance: Payroll costs (up to $100k/yr …

How The Heck Do I Reconcile My Amazon Sales Data?!

With the help of Entriwise and our guide below, you’ll be able integrate your sales data in Quickbooks accurately and efficiently. One of the first things you learn in accounting is that you need to reconcile your checking and credit card accounts to ensure that the transactions that make up your financial statements are accurate and up-to-date. This process involved matching the …