The COVID-19 pandemic has provided many lessons for business owners. One is how to report the impact of a disaster on a company’s financial statements. Under U.S. Generally Accepted Accounting Principles (GAAP), disasters such as this year’s crisis are referred to as “subsequent events,” of which there are two types: Recognized subsequent events. These events [...]
Generally, it’s recommended that you review your estate plan at year’s end. This is a logical time to note important life events that have taken place over the past 12 months or so that may affect your plan. However, with a life shock as monumental as the COVID-19 pandemic occurring in 2020, you might want [...]
For many years, the alternative minimum tax (AMT) posed a risk to many taxpayers in the middle – to upper – income brackets. The Tax Cuts and Jobs Act (TCJA) took much of the “teeth” out of the AMT by raising the inflation-adjusted exemption. As a result, middle-income earners have had less to worry about, [...]
If you bill customers for services by the hour, you can use QuickBooks’ tools to track it and ensure that it’s invoiced. Let us get you started here.
Whether you’re recording employee hours for payroll or customer billing, your entries must be accurate. QuickBooks can help. It’s easy to track sales of goods in QuickBooks. You create an invoice or a sales receipt, select the product the customer wants along with the quantity, and save the transaction. QuickBooks reduces the corresponding inventory level [...]
When the Tax Cuts and Jobs Act was passed in 2017, it contained an inadvertent drafting error by Congress. The error made it so that any qualified improvement property (QIP) placed in service after December 31, 2017, wasn’t considered eligible for 100% bonus depreciation. This typically includes upgrades to retail, restaurant and leasehold property. As [...]
Like many people, you may have worked hard to accumulate a nest egg in your traditional IRA (including a SEP-IRA). Knowing the finer points of the distribution rules is critical – particularly as some of these rules have changed under the Coronavirus Aid, Relief and Economic Security (CARES) Act. EARLY DISTRIBUTIONS The COVID-19 pandemic has [...]