administrator No Comments

Five Ways to Welcome in a New Year: 2023

A new year is a perfect time for a fresh start for you and your business. Here are five ways to welcome 2023 and make it your best year ever. Decide on a theme for 2023. Setting a theme for the year can help you remember what you want to focus on. Some examples of themes might be: Growth and improvements to your business. You can be specific, such as making your theme the year of mastering technology, the year of profitability where you focus on cutting costs or increasing sales, or Read more [...]
administrator No Comments

End of the Year Tax Reminders for Business Owners

Performing these tasks at year-end will help your tax professional prepare your return accurately, plus it will make your tax professional very happy when you have these answers at the ready! Write down the odometer reading on the vehicles you use for business. It is important to know what percent you are using the vehicle for business and what percent you are using for personal. You should have a mileage log, but even if you just write down your odometer once a year, you’ll know how many Read more [...]
administrator No Comments

What Is an Audit?

The word “audit” can be thrown around a lot in casual conversation. When an accounting professional uses it, it means something very specific. We’ll discuss this and other uses of the term “audit” in this article. Financial Audit A financial audit is an official service designed to inspect the accounting records, technology, and processes of an organization. An audit can only be conducted by a licensed CPA that is independent of the organization. Independence is a special term Read more [...]
administrator No Comments

SECURE Act and Required Minimum Distributions Proposed IRS Regulations

When the SECURE Act went into effect on January 1, 2020, there were many open questions from tax professionals and taxpayers about Required Minimum Distributions (RMDs) and how certain provisions of the new legislation should be treated. Some of the language in a number of the provisions was not defined well or was left open to substantial interpretation. However, earlier this year, the U.S. Department of Treasury released proposed regulations under the SECURE Act, which help to provide a window Read more [...]
administrator No Comments

Understanding Equity on the Partnership Balance Sheet

The equity section of a business’s balance sheet is the most difficult part to understand. The accounts that make up that section vary depending on the type of entity in which the business is structured. In this article, let’s take a look at what the equity section looks like for companies that are organized as partnerships. The Equity Section As a reminder, the balance sheet has three major sections: assets, liabilities, and equity. The equity section focuses on the investments that the Read more [...]