Throughout the year, businesses like yours need to be able to provide verified financial results to others. This may be your tax preparer, a lender or investor, a potential purchaser of your business — should you decide to sell — or another interested party. Not to mention that you, as the company owner should know your books are being done with accuracy and completeness. For all of these reasons, you should consider having your accountant prepare certified financial statements for your business, rather than always relying on internally generated reports.
In the News
Thursday, September 24, 2020
Thursday, September 24, 2020
Think of your not-for-profit organization and its external auditor as dance partners performing a well-choreographed routine. To execute the dance properly, each dancer must complete specific moves and coordinate timing with his or her partner. Likewise, your organization and its audit firm each have particular duties in the audit process but share the same end goal: a set of financial statements that fairly present your financial condition and operating results.
Thursday, September 24, 2020
It's important to notify the IRS if you move and change your address. Under tax law regulations, a taxpayer's last known address is the one that appears on the tax return you filed most recently — unless the IRS is otherwise notified.
Thursday, September 24, 2020
In the COVID-19-ravaged economy, debts can pile up beyond a borrower's ability to repay. Lenders sometimes may be willing to forgive (or cancel) debts that are owed by certain borrowers. While debt forgiveness can help struggling borrowers survive financially, it can sometimes trigger negative tax consequences. Here's what borrowers need to know about the tax implications of so-called "cancellation of debt" (COD) income.
Thursday, September 24, 2020
Paying your employees for hours that you know they've worked is straightforward enough. But what if they're doing more work than you think they are — or more than you've asked them to do? As federal regulations state, "Work not requested but suffered or permitted is work time" and, thus, must be compensated.
Thursday, September 10, 2020
Let's say your company has slashed costs to the bone, boosted productivity and taken market share from competitors. But you still want to see some improvement. It's time to find your weakest link and turn it into a strength.
Thursday, September 10, 2020
Creating a formal debt management plan for your construction company will save you thousands or even tens of thousands of dollars in interest, over haphazard borrowing.
Thursday, September 10, 2020
Patients come to your practice for quality medical care and the government wants to ensure that everyone has equal access to your offices.
Thursday, September 10, 2020
This is one of those Believe It or Not stories: Years ago, a charity generated solicitation letters from a computerized database. One letter addressed to a state Humane Society stated: "Dear Miss Society."
Thursday, September 10, 2020
Election season 2020 is in full swing. Over the next few weeks, both parties will be hard at work, trying to win your vote for their presidential candidate.
