June, 9th @ DoubleTree
Members networked until 7:45am. A clipboard went around for members to sign-in, and to sign up for various committees
Jona opened the meeting at 7:45am
Scholarship winners were announced and gave short overview of themselves
- Kyle Kanuha, Owen Witmer, Gavin Switzer were present
- Entrepreneur Edge: Next meeting is about mental health as a small business owner, June 21st @ 7pm on Zoom
- National Night Out on 8/2 @ 6PM: looking for volunteers for all three locations
- 6/13/22 edit- we have enough volunteers!
- Barnstormers’ Southern Lancaster Night on 8/13 at 5:30PM: businesses can sign up for a table to market/connect with the community before the game
- Holly provided an updated regarding the expenses and profit of the shredding event
- ~$3K in donations and ~$1100 profit
- Move date for next year; align with other shredding events in the community
Tax Panel Discussion Notes
- Paula Paisley (Paisley Solutions)
- Scott Frick (Bertz, Hess, & Co)
- Use obstacles, such as COVID, to push ahead and overcome.
- Businesses should look into the ERC (employee retention credit). It may take 3-6 months to amend the return, but the wait could very well be worth it for your business.
- Keep an open dialogue throughout the year with your industry professionals – book-keeping, accountants, legal, marketing. Etc.
- Check out resources, such as the LancasterLawBlog.com, to stay on top of updates in the legal world that may impact your business in the future. Local chambers are also helpful!
- Keep up with your book-keeping throughout the year. Personal deductions should be kept out of your business accounts.
- Explain and document all business purchases at time of purchase. It can be difficult to remember months or years later. The IRS will audit 3 years back.
- Be sure to reimburse your personal self for business start up costs.
- Membership fees, such as a chamber, are deductible and would be considered advertising.
- CPA’s are not an attorney, they can provide business/tax advice but not legal advice. Be sure to consult with your legal team.
- You need to report cash, the legal repercussions could be great if audited. This could also impact the overall worth of your business and could impact your ability to apply for a business loan, sell your business, or insure your business appropriately.
- QuickBooks and Sage are good book-keeping tools but can create lazy accounting, trusting the software is doing everything right. Businesses should understand how the audit trail works, as QB will show any deleted or modified files.
- You should understand your business financial statements and share your P+L forms with your advisors. Meet with your advisors throughout the year, at least twice but could be quarterly.
- You should work with your trusted advisors to create a succession or “exit strategy” if you plan to hand off or sell your business.
- The law has definitions of who is legally considered an employee vs. 1099 contractor. It’s important to know the difference so you are following the rules appropriately.
- Information for W9’s are tough to get later; be sure to gather this information before time of service so that you can easily provide 1099’s to your contractors. 1099’s are due from you by end of January.
End of panel discussion.
Announcements from members:
- Kris Bradley – Namespark
- Tanglewood Golf has a Flag Day promo this weekend. $5 from each round of golf will be donated to Veterans.
- Tracy – Morr Outdoor
- Morr is exploring a kids camp for this summer, more information to come.
- Solanco Neighborhood Ministries – July 20th fundraiser at Britain Hill Winery
- Anthony – Quarryville Mayor
- Guest bartending at Britain Hill Livery – June 24th (with Scott Peiffer)
- 2nd Annual First Responders Event – July 16th
- Scott Peiffer – Quarryville Borough
- Flag retirement ceremony, June 14th at noon in Memorial Park