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...
Dear Clients and Prospects: First and foremost, we are here to support you and your businesses during this challenging time. As the Covid-19 situations unfolds we continue to monitor the latest tax law changes and incentives for businesses and employers. Below is a summary of the more recent changes...
Are you required to file a 1099 tax form? As a general rule, you should issue a Form 1099-MISC to each person or unincorporated business to whom you have paid at least $600 in rents, services (including parts and/or materials), prizes, awards, medical and health care payments, royalties (at...
In a recent revenue procedure, the IRS updated two lists of countries with which the United States has agreements that require payers to report certain deposit interest paid to nonresident alien individuals who are residents of the other country. One list is of countries with which the United States...
Cryptocurrencies were the rage until December 2017 when the Bitcoin pricing reached all-time highs of close to $20,000 after having been as low as $1,000 in January of that year. The pricing of Bitcoin was only 7 cents when trading started in 2010. By the end of 2018, the...
Understanding the different levels of service an accountant can provide related to an organization’s financial statements is important when determining what your company may need. Owners may automatically assume that they need an audit but that is not necessarily true. There are three levels of assurance an accountant can...
Companies will be able to capitalize or spread out the costs of, setting up pricey business systems that operate on cloud technology under an update to U.S. Generally Accepted Accounting Principles (GAAP).
Small businesses often use the cash-basis method of accounting. As businesses grow, they usually convert to accrual-basis reporting for federal tax purposes and to conform with the U.S. Generally Accepted Accounting Principles (GAAP). Starting this tax year, the Tax Cuts and Jobs Act (TCJA) has increased the threshold for...
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