Still Important: The Tax Impact of Business Travel With conference calls and Web meetings, increasingly prevalent, business travel isn’t what it used to be. But if your company is still sending employees out on the road, it remains important to understand the tax ramifications. Fringe Benefits Generally, for federal tax purposes, a company may deduct [...]
2018 has begun. Does your accounting to-do list look like a clean slate, or are critical 2017 tasks still nagging? Getting all of your accounting tasks done in December is always a challenge. Besides the vacation time you and your employees probably took for the holidays, there are those year-end, Let’s-wrap-it-up-by-December-31 projects. How did you [...]
You know that QuickBooks saves a lot of time. But have you explored how it does so by memorizing transactions? Your accounting work involves a lot of repetition. You send invoices. Pay bills. Create purchase orders. Generate payroll checks and submit payroll taxes. Some of the time, you only fill out those transaction forms once. [...]
Robust cash flow is a must for virtually every kind of business. Yet an improperly or inadequately managed inventory system can drag down your revenues. It’s a good idea to regularly review your approach to inventory accounting. Reconsider Your Approach Generally, there are two primary inventory accounting methods for both tax accounting and financial accounting. [...]
If you’re a shareholder-employee of an S corporation, you more than likely considered the tax advantages of this entity choice. But those very same tax advantages also tend to draw IRS scrutiny. And the agency has made clear that its interest in S corporations – including possible audits – will continue. WHAT’S THE PROBLEM The [...]
Appraisals can insure anxiety for many business owners. And it’s understandable why. You’re obviously not short on things to do, and valuations cost time and money. Nonetheless, there are some legitimate reasons to obtain an appraisal regularly or, at the very least, to familiarize yourself with the process so you’re ready when the time comes. [...]