Jim Schmersahl

2 months ago | sbmon.com | Mark O'Donnell |Jim Schmersahl

by Mark J. O'Donnell and Jim SchmersahlAll businesses grapple with new, unexpected challenges. This article will use the recently announced tariffs as a case in point, however, a similar approach may be used for other economic uncertainties. The Trump administration has recently proposed and imposed tariffs on various imports from various countries, creating a cost wave across industries and generating uncertainty for small businesses.

Feb 25, 2025 | sbmon.com | Mark O'Donnell |Jim Schmersahl

by Mark J. O'Donnell and Jim SchmersahlPrime cost is one of the concepts in determining the cost of your product. It represents the direct costs incurred in producing a product or service. Prime cost includes two main components: direct materials and direct labor. By calculating prime costs, businesses can evaluate the minimum price at which a product can be sold while ensuring profitability. What is Prime Cost?

Jan 28, 2025 | sbmon.com | Mark O'Donnell |Jim Schmersahl

by Mark J. O'Donnell and Jim SchmersahlIn the coming months, small business owners face a common challenge: understanding the difference between the net income reported on their financial statements and their taxable income. Let’s start by examining who sets the rules and their motivations. GAAP: The Financial Reporting Framework Generally Accepted Accounting Principles (GAAP) are established by the Financial Accounting Standards Board (FASB) in the United States.

Nov 25, 2024 | sbmon.com | Mark O'Donnell |Jim Schmersahl

by Mark j. O'Donnell and Jim SchmersahlMany businesses are now required to comply with the Corporate Transparency Act and reveal certain information about individuals who, directly or indirectly, exercise substantial control over the company. This new Beneficial Ownership Information (BOI) reporting requirement requires businesses to file a report with the Financial Crimes Enforcement Network (FinCEN), which uses the information to combat money laundering.

Oct 28, 2024 | sbmon.com | Mark O'Donnell |Jim Schmersahl

by Mark J. O'Donnell and Jim Schmersahl2024 and 2025 present unique challenges and uncertainties, primarily due to the looming expiration of several key provisions of the Tax Cuts and Jobs Act (TCJA) of 2017. This article delves into the most significant income tax changes that small business owners need to be aware of and prepare for in the coming years.