As the name implies, First-In, First-Out (FIFO) is a way for companies to value their inventory. The first items put into inventory or produced by the company are accordingly the first taken out of inventory or transferred to customers and therefore expensed. When it...
With the start of the fourth quarter of 2019 underway, it's time to see what the Internal Revenue Service (IRS) will expect of filers for their 2019 taxes. The following are a list of major changes that filers need to be aware of: 1. Removal of the Affordable Care...
Coming out on the winning side of a lawsuit as a plaintiff can be a gratifying feeling, especially if there is a financial settlement involved. There is likely a sense of both relief and vindication. Unfortunately, far too often people are in for a shock when they...
When it comes to tracking incoming sales and outgoing expenses, there are many ways businesses can keep up with their invoices and implement strategies to reduce the time they spend on unpaid sales. Accounts Receivable Turnover Ratio Simply defined, the...
Many tax advisors are very cautious when it comes to claiming hobby losses – and some would argue overly so. This conservative view stems from the impression that the taxpayer usually loses when challenged by the IRS. While technically true that the odds aren’t in...
Tipping points in small businesses that indicate the need for extra help… A business owner’s biggest strength is running their business and often a lack of time and/or qualified personnel can be detrimental to the accounting and bookkeeping tasks; hindering...
The pass-through entity structure, which includes sole proprietorship, partnerships, S corporations and certain limited liability companies (LLCs), provides owners with some valuable tax benefits. This includes avoidance of double taxation and the potential ability to...
Time is a precious commodity for every company and business owner with many looking to accomplish more with fewer resources. When coupled with increasingly complex tax laws, accounting standards, and regulatory requirements, many businesses have turned to outsourcing...
When it comes to making cash flow projections, we’re all aware that it’s not an exact science. One of the main difficulties about accurately projecting cash flow has to do with timing. Examples include factoring in overhead such as payroll; lease or tax payments on...
As Small Business Week comes to an end, we reflect on the many stages of owning a small business. While there are many business successes, there are unfortunately many more business failures. Various factors, including the type of industry or the age of a business,...