COULD AN FLP HELP YOUR BUSINESS SUCCESSION PLAN?

By | July 22nd, 2019|Accounting and Auditing, Business|

One of the biggest concerns for business owners is succession planning – transferring ownership and control of the company to the next generation.  Often, the best time taxwise to start transferring ownership is long before the owner is ready to give up control of the business. A family limited partnership (FLP) can help owners enjoy [...]

Comments Off on COULD AN FLP HELP YOUR BUSINESS SUCCESSION PLAN?

BE READY FOR ANYTHING WITH REGULAR BUSINESS VALUATIONS

By | July 15th, 2019|Accounting and Auditing, Business|

Do you know the current value of your business?  Even if you’re not considering selling your company or otherwise transferring its ownership right now, it could happen sooner than you think. In some cases, an ownership transfer becomes suddenly appealing when a company struggles to the extent that a sale becomes the best avenue for [...]

Comments Off on BE READY FOR ANYTHING WITH REGULAR BUSINESS VALUATIONS

Do you know why and how you would create a credit memo in QuickBooks? Let us help you understand the process.

By | June 3rd, 2019|Accounting and Auditing, Business, QuickBooks Tips|

You’re accustomed to money going in a certain direction, but sometimes you have to pay your customers. Here’s how it’s done. QuickBooks is very good at helping you get paid by your customers. It comes equipped with customizable invoice templates for billing customers and sales receipts for recording instant sales. It supports online payments, so [...]

Comments Off on Do you know why and how you would create a credit memo in QuickBooks? Let us help you understand the process.

SHOULD YOU BE WORRIED ABOUT AN IRS AUDIT?

By | May 27th, 2019|Accounting and Auditing, Business|

Now that you’ve likely filed your 2018 tax return, one troubling afterthought may come to mind: Could I get audited?  The mere notion strikes fear into most people’s hearts.  And for good reason – under a worst-case scenario, an audit could take up lots of your time, create and enormous amount of stress and leave [...]

Comments Off on SHOULD YOU BE WORRIED ABOUT AN IRS AUDIT?

SEND YOUR KIDS TO DAY CAMP AND YOU MAY GET A TAX BREAK

By | May 20th, 2019|Accounting and Auditing|

Among the many great challenges of parenthood is what to do with your kids when school lets out.  Do you keep them at home and try to captivate their attention yourself or with the help of sitters?  Or do you send them off to the wide variety of day camps now in operation?  There’s no [...]

Comments Off on SEND YOUR KIDS TO DAY CAMP AND YOU MAY GET A TAX BREAK

DEDUCTING BUSINESS LOSSES FOR PASS-THROUGH ENTITIES

By | May 13th, 2019|Accounting and Auditing, Business|

It’s not uncommon for businesses to sometimes generate tax losses.  But the tax law limits deductible losses in some situations.  And the Tax Cuts and Jobs Act (TCJA) further restricts the amount of losses that sole proprietors, partners, S corporation shareholders and, typically, limited liability company (LLC) members can now deduct.  If your company operates [...]

Comments Off on DEDUCTING BUSINESS LOSSES FOR PASS-THROUGH ENTITIES