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Blogs by Cheri Giglia


Would Your Small Business Be Better Off as a C Corporation?

January 3, 2019 / by Cheri Giglia posted in Small Business Advice, North Shore Long Island, Business Advice

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With special thanks to Mariya Luqmani, CPA, MST, President of MLCPAS Inc specializing in business and international taxation, for her contributions to the article.

Lately a lot of my small-business clients have been asking me about C corporations. I understand why. The Tax Cuts and Jobs Act (TCJA) has bestowed a very preferential 21% flat tax rate on corporations, replacing the previous graduated tax rate of 15% to 35%.

Does converting to a C corp make sense for you? Since the graduated rate was based largely on taxable income, the simple answer would appear to be to determine whether your company's taxable income is closer to the 15% mark (in which case converting would be a bad idea) or the 35% mark (in which case converting could be a great idea).

But as with most simple answers, the reality isn't so simple. This is particularly true of businesses that are still in the planning stages, where projecting the bottom-line taxable-income numbers is just that — a projection.

So what's a small-business owner to do?

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Case Study: High-Tech Bookkeeping Support for a High-Tech Firm

September 19, 2017 / by Cheri Giglia posted in North Shore Long Island, Bookkeeping Services, Case Study Blogs

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To keep pace with its robust growth, Solarus Technologies needed an upgrade from its legacy desktop bookkeeping technology.

The challenge for the IT support provider was to integrate an online interface between ConnectWise, the industry-standard software among IT service professionals, and QuickBooks Online, the leading software provider for in-the-cloud accounting.

Solarus Cofounder and President Matthew Nikravesh turned to Supporting Strategies for a solution. After reaching out through its extensive in-house email support network, Supporting Strategies | North Shore Long Island recommended Wise-Sync, an app created for the specific integration challenge at hand. That enabled the development of a customized platform tailored to Solarus' growing needs.

"With us, it's all about gaining efficiencies through technology," Nikravesh says. "That's exactly what Supporting Strategies helps us do."

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Under New FLSA Rules, Keeping Accurate Time Records Is Vital

November 22, 2016 / by Cheri Giglia posted in North Shore Long Island, Business Advice

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Important Update:

Days before the new FLSA policy was to be implemented, a U.S. District Court Judge issued a temporary injunction blocking implementation. It is not known at this point when the new overtime policy will go into effect.

However, it’s always good business practice to have a consistent and reliable procedure for time tracking. Tsheets is a great program for tracking time accurately so you can better understand your payroll costs and profitability. Read the blog below to learn more.

Urgent memo to business owners: Unless you want to risk a lawsuit, make sure you're keeping precise employee time records when the new Fair Labor Standards Act (FLSA) overtime regulations take effect on Dec. 1, 2016.

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Fathom Software Helps You Be More Proactive with Financials

October 31, 2016 / by Cheri Giglia posted in North Shore Long Island, Business Advice

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There's a lot of look-back involved in accounting. We document the month-end close, or last quarter, or last year. But clients who look at financials only in this way — who see just the end number or the cash balance — never get a real picture of what their business is about.

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