Matt Nistler, CPA

Abdo, Eick & Meyers, LLP

After months of lockdown, the economy is slowly coming back to life, eliciting sighs of reliefs from business owners nationwide. Nevertheless, many businesses are wondering how they can hit pre-pandemic revenue levels and generate cash flow. For some, the research and development (R&D) tax credit could be part of the solution. Here’s what you should know about it.

According to the IRS, any person in a trade or business who receives more than $10,000 in cash in a single transaction or in related transactions must file a Form 8300. This form helps law enforcement combat money laundering, tax evasion, drug dealing, terrorist financing and other criminal activities. Find out if you need to file this form, what information needs to be reported, and how to report it.

Darin Styles, CPA, CFE

Abdo, Eick & Meyers, LLP

Inventory fraud could be as minor as an employee stealing a bottle of soda off the line or as complex as a production manager selling company-owned raw materials to a third party. Unfortunately, the current COVID-19 situation could create new opportunities for inventory fraud which would be devastating to your business. Here are six ways to prevent it.

Abdo, Eick & Meyers, LLP

Your key managers are the people who keep your business afloat. They may also be the people to whom you plan to transition your business. If this is true for you, the present moment—i.e., in the midst of an economic downturn—could be an ideal time to act.