Have a Casualty Loss? Can You Deduct it?
You can only claim a casualty loss tax deduction in certain situations In recent weeks, some Americans have been victimized by hurricanes, severe storms, flooding, wildfires and other disasters. No…
Internal controls questionnaires: See More
Internal controls questionnaires: How to see the complete picture Businesses rely on internal controls to help ensure the accuracy and integrity of their financial statements. As well as prevent fraud,…
Collections a Bit Sluggish? Help is Here.
5 ways to take action on accounts receivable Collections? No matter the size or shape of a business, one really can’t overstate the importance of sound accounts receivable policies and…
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…
FASB 2021 – Here is What to Expect Next
What’s on the FASB 2021 agenda? In December 2020, Richard Jones stepped up as chairman of the Financial Accounting Standards Board (FASB). After meeting with stakeholders in early 2021, Jones…
Basis: Here is Help on How to Determine Yours
The housing market in many parts of the country is strong this spring. If you’re buying or selling a home, you should know how to determine your “basis.” How it…
PPP adjusted to prioritize very small businesses
PPP: Paycheck Protection Program and Your Small Business When the Small Business Administration (SBA) launched the Paycheck Protection Program (PPP) last year. The program’s stated objective was “to provide a…
Covid Questions? Here are Some Answers.
Do you have tax questions related to COVID-19? The COVID-19 pandemic has affected many Americans’ finances. Here are some answers to questions you may have right now. My employer closed…
Lease or buy? New Standards Might Decide.
Changes to accounting rules may change your mind on if you lease or buy The rules for reporting leasing transactions are changing. Though these changes have been delayed until 2021…
Financial Statements: GAAP vs. Tax-basis
GAAP vs. tax-basis: Which financial statement is right for your business? Most businesses financial statements report financial performance using U.S. Generally Accepted Accounting Principles (GAAP). But the income-tax-basis format can…