Is your business underusing its accounting software?
Someone might have once told you that human beings use only 10% of our brains. The implication is that we have vast, untapped stores of cerebral power waiting to be discovered. In truth, this is a myth widely debunked by neurologists.
Large cash transactions with your business must be reported to the IRS
If your business receives large amounts of cash or cash equivalents, you may be required to report these transactions to the IRS. What are the requirements?
GASB 84 - identifying fiduciary activities
By: Teena R. Curnow, CPA Audit Manager Government Accounting Standards Board (GASB) Statement No. 84 establishes criteria for identifying fiduciary activities. The Statement was effective for periods beginning after December 15, 2019 (after the passing of GASB No. 95).
Have you followed up on the management letter from your audit team?
Auditors typically deliver financial statements to calendar-year businesses in the spring. A useful tool that accompanies the annual report is the management letter.
5 possible tax aspects of a parent moving into a nursing home
If you have a parent entering a nursing home, you may not be thinking about taxes. But there are a number of possible tax implications. Here are five. 1. Long-term medical care
5 ways nonprofits can prepare for an audit
No not-for-profit looks forward to annual audits. But regular maintenance and preparation specific to an impending audit can make the process less disruptive. We recommend taking the following steps. 1. Reconcile routinely
Customers paying late? How to create statements
There are many ways to encourage delinquent customers to pay. QuickBooks Online’s statements may be effective for you.
Is an LLC the right choice for your small business?
Perhaps you operate your small business as a sole proprietorship and want to form a limited liability company (LLC) to protect your assets. Or maybe you are launching a new business and want to know your options for setting it up.
Keep family matters out of the public eye by avoiding probate
Although probate can be time consuming and expensive, one of its biggest downsides is that it’s public — anyone who’s interested can find out what assets you owned and how they’re being distributed after your death.