Cutoff Rules for Revenue and Expenses
Follow the cutoff rules for revenue and expenses Timing counts in financial reporting under the accrual method of accounting. And the end of the accounting period serves as a strict…
Job Descriptions Up-To-Date? Or Not?
Are your company’s job descriptions pulling their weight? At many businesses, job descriptions have it easy. They were “hired” (that is, written) many years ago. They haven’t had to change…
Internal Controls: Make Them Strong
How to strengthen your internal controls Internal controls are a system of policies and procedures organizations put in place to protect assets and improve operating efficiency. Effective internal controls are…
Accounting Estimates Present Challenges
Accounting estimates present challenges in times of uncertainty In today’s unprecedented market conditions, it can be challenging to predict metrics that underlie your company’s accounting estimates. Examples of key “unknowns”…
College Fund Tax Smart Ways to Save
Tax-favored ways to build up a college fund If you’re a parent with a college-bound child, you may be concerned about being able to fund future tuition. And other higher…
Time for a Retreat? Is Your Company Ready?
Pondering the possibility of a company retreat As vaccination levels rise and major U.S. population centers fully reopen. Business owners may find themselves pondering an intriguing thought: Should we have…
Retirement coming soon? 4 tax issues you may face.
Retirement and Tax Issues If you’re getting ready for retirement, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown…
Succession Planning: What You Need to Know
The long and short of succession planning For many business owners, putting together a succession plan may seem like an overwhelming task. It might even seem unnecessary for those who…
Hiring your minor children? Reap tax and nontax benefits!
Get both tax and nontax benefits for hiring your children. If you’re a business owner and you hire your children this summer, you can obtain tax breaks and other nontax…