Mark O'Donnell, Entrepreneur Journalist Profile

Articles

Three Accounting Essentials for Navigating Economic Uncertainty from Tariffs

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.
Understanding Prime Cost: One Metric For Product Pricing

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?
Taxable Income Vs. Financial Statement Income

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.
Essential Steps For Small Business Owners Ahead of the BOI Reporting Deadline

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.
Billow Wood - New Folk Song “Maisie

Nov 11, 2024 | journalofmusic.com | Mark O'Donnell

Billow Wood are a male/female Irish band whofuse their unique brand of instrumentation withmulti-vocal harmonies. Taking inspiration fromIrish folk melodies and modern contemporaryrhythms, they are creating their own fusionsound. Their new song “Maisie” is the perfect mix of old and new, telling an oldstory that has been repeated so often up to the present day. MaisieO’Donnell was an Irish woman who was born in Co.Mayo in the West ofIreland in 1909.
Income Tax Challenges for Small Business Owners in 2024-2025

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.
The transformative power of prescribing mentorship to vulnerable youth

Oct 2, 2024 | baystatebanner.com | Ravi Raju |Mark O'Donnell

There’s a palpable excitement that permeates the air every fall in Boston. From the thousands of college students that return to a city with the highest density of universities in the country, to the 58,000 children starting back up in Boston Public Schools, the season is one of great dynamic change for the city, its students, and the families that call it home.
Fed Rate Cuts: Navigating Uncertain Economic Conditions

Sep 24, 2024 | sbmon.com | Mark O'Donnell |Jim Schmersahl

by Mark J. O'Donnell and Jim SchmersahlFederal Reserve interest rate adjustments are pivotal events in the US economy, carrying significant weight across various sectors. In light of the Fed’s recent rate-cutting, understanding the complex relationship between these cuts and their economic impact is crucial for small business owners. The Purpose and Mechanism of Rate Cuts The Federal Reserve’s rate cut primarily aims to stimulate economic growth and bolster the labor market.
Small Business Monthly > Articles

Aug 27, 2024 | sbmon.com | Mark O'Donnell |Jim Schmersahl

by Mark J. O'Donnell and Jim SchmersahlAs we discussed in the last two articles, the reality is you will not own your business forever. Business separation may occur in one or more of four inevitable events. By planning early, you can (and should) proactively take control of these transitions. 1. Orderly transfer of ownership to family. 2. Sale to a third party. 3. Death or disability. 4. Disaster (financial failure, litigation, bankruptcy, divorce, etc.).
Small Business Monthly > Articles

Jul 29, 2024 | sbmon.com | Mark O'Donnell |Jim Schmersahl

by Mark J. O'Donnell and Jim SchmersahlRecall from last month’s article, we pointed out you will not own your business forever and that separation may happen in one (or more) of four events. 1. Orderly transfer of ownership to the family 2. Sale to a third party. 3. Death or disability 4. Disaster (financial failure, litigation, bankruptcy, divorce, etc.) We touched on the first event last month and will move on to the second one this month.