REPORTING A DISASTER’S EFFECTS ON YOUR FINANCIAL STATEMENTS

By | September 18th, 2020|Accounting and Auditing, Taxation, Uncategorized|

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 [...]

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AMT LESS “TOOTHY” BUT MAY STILL TAKE A BITE

By | September 4th, 2020|Accounting and Auditing, Taxation|

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, [...]

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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.

By | August 31st, 2020|Accounting and Auditing, QuickBooks Tips, Uncategorized|

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 [...]

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Are you staying in touch with your customers during this uncertain period? Even if they’re not buying, let them know you’re there. Here is how QuickBooks can help.

By | August 1st, 2020|Accounting and Auditing, Business, QuickBooks Tips, Uncategorized|

The pandemic has forced businesses to find new ways to connect with customers. QuickBooks has built-in tools that can help. Businesses are starting to cautiously re-open in the U.S. (at least partially), but we’re still a long way from “normal.” Because of COVID-19, some companies have done very well. Most, though, have had to make [...]

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INSTALLMENT SALES MAY ATTRACT PROPERTY BUYERS

By | July 27th, 2020|Accounting and Auditing, Business, Taxation, Uncategorized|

Because of this year’s unforeseen economic slowdown, many businesses and individual are unexpectedly looking for liquidity.  One way to raise cash is to sell off real property such as land or a building.  Finding a buyer may not be easy, but an installment sale might help. An installment sale occurs when you transfer property in [...]

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CHARITABLE GIVING IN A TIME OF CRISIS

By | July 20th, 2020|Accounting and Auditing, Business, Taxation, Uncategorized|

The sudden and severe impact of the novel coronavirus (COVID-19) pandemic has created much financial stress, but the crisis has also generated an intense need for charitable action.  If you’re able to continue donating during this difficult period, the Coronavirus Aid, Relief, and Economic Security (CARES) Act may make it a little easier for you [...]

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