Adding a new partner to your business can be exciting, but it also comes along with many different tax, financial, and legal changes. It’s important to know what you’re getting into and work with your accounting partners at MKS&H to understand and prepare for the differences between now and...
As a business, there are many different parts of the tax code that you need to understand in order to avoid issues. One of those is Section 1244. Section 1244 is known as the small business stock provision, and it allows shareholders of specific small businesses the ability to...
If you are one of the many investors looking to dip your toes into commercial real estate investing, there are many tips and tricks that can ensure your journey is smooth and profitable. One of the most critical things that many new investors make errors with is bookkeeping and...
Recently, the AICPA Auditing Standards Board (ASB) issued an updated Statement on Auditing Standards that will lead to some audit changes in how employee benefit plans that are subject to ERISA are examined. If you are having an audit performed, it’s important that you understand how the auditor’s report...
Time is money, but for small businesses sometimes it seems like you don’t have either to spare. While there are some tasks that you can tackle yourself with the help of a book or a few YouTube videos, there are others that you shouldn’t risk letting someone else handle....
How do you make the right decisions for your business? You might be surprised how many businesses don’t have updated bookkeeping and accounting records. Without them, there is no way to fully understand what the best path forward for your business is. What are some of the benefits of...
Medical practices that work with insurance providers always need to be conscious of the accuracy of claims that they are submitting. If you suddenly receive an audit notification from one of the companies that you work with, it can be panic-inducing if you aren’t sure whether or not your...
As a business owner, you are always working hard to stay on top of your finances, plan ahead for future growth and improve your current business. One of the best ways to manage your money with a plan is by utilizing the five most important accounting reports for businesses....
As we approach the end of a particularly stressful and tumultuous year, it’s time to take a moment to assess the financial state of your business and complete your accounting end of year checklist. A single mistake on one financial statement during one business year can snowball into major...
Failure to pay business taxes punctually or accurately is usually due to inadequate preparation. The following daily, weekly, and monthly tasks will help you keep your finances in order and avoid paying tax penalties: Daily Accounting Responsibilities 1. Check Account Balances Check your business bank account and credit card...
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