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4 Red Flags

4 RED FLAGS OF AN UNRELIABLE BUDGET

Every business should prepare an annual budget. Creating a comprehensive, realistic spending plan allows you to identify potential shortages of cash, possible constraints on your capacity to fulfill strategic objectives, and other threats. Whether you have already put together a 2022 budget or still need to get on that before year-end, here are four red […]

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business sale

6 Steps To Prepare Your Business For A Sale

The COVID-19 pandemic has put unprecedented stress on private business owners. Some are now considering selling their businesses. Before putting your business on the market, it is important to prepare it for sale. Here are six steps to consider. Clean Up The Financials Buyers are most interested in an acquisition target’s core competencies, and they […]

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FASB OFFERS PRACTICAL EXPEDIENT FOR PRIVATE COMPANIES THAT ISSUE SHARE-BASED AWARDS

FASB OFFERS PRACTICAL EXPEDIENT FOR PRIVATE COMPANIES THAT ISSUE SHARE-BASED AWARDS

On October 25, the Financial Accounting Standards Board (FASB) issued a simpler accounting option that will enable private companies to more easily measure certain types of shares they provide to both employees and nonemployees as part of compensation awards. Here are the details. Complex rules Many companies award stock options and other forms of share-based payments […]

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IRS TO MAIL INFORMATION LETTERS

IRS sending Information Letters to Recipients of Advance Child Tax Credit Payments and Third Economic Impact Payments

The IRS started issuing information letters to advance child tax credit recipients in December. Recipients of the third round of the Economic Impact Payments will begin receiving information letters at the end of January. Using the information in these letters when preparing a tax return can reduce errors and delays in processing. If you received […]

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Feeling Generous

FEELING GENEROUS AT YEAR END? STRATEGIES FOR DONATING TO CHARITY OR GIFTING TO LOVED ONES

As we approach the holidays, many people plan to donate to their favorite charities or give money or assets to their loved ones. Here are the basic tax rules involved in these transactions. Donating to charity  Normally, if you take the standard deduction and do not itemize, you cannot claim a deduction for charitable contributions. But […]

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FL Law Change

Florida Law Change Effective October 1 Requires Businesses to Report Independent Contractors

Beginning October 1, 2021, Florida businesses or service recipients will be required to report new hire information for independent contractors to the Florida Child Support Program. Florida Statute § 409.2576 was amended to require business to report independent contractors making $600 or more per calendar year to the Florida Department of Revenue. Prior to this […]

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BEST PRACTICES FOR REPORTING BUSINESS-RELATED T&E EXPENSES

BEST PRACTICES FOR REPORTING BUSINESS-RELATED T&E EXPENSES

Many companies have resumed some level of business-related travel and entertainment (T&E) activities — or they plan to do so this fall. Unfortunately, these expense categories may be susceptible to incomplete recordkeeping and even fraud. Therefore, it is important for companies to implement formal T&E policies to ensure reporting is detailed and legitimate. SUBSTANTIATING EXPENSES […]

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