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…
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: 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,…
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…
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…
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…
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: 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…
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…
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…
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…