The M&A market was hot last year, and that momentum is expected to continue in 2019. Before acquiring another business, however, it’s important to do your homework. Conducting comprehensive due diligence can be a daunting task, especially if you’ve never… Read More
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Higher mileage rate may mean larger tax deductions for business miles in 2019
Higher mileage rate may mean larger tax deductions for business miles in 2019 This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business increased by 3.5 cents, to the highest level… Read More
How do profits and cash flow differ?
Business owners sometimes mistakenly equate profits with cash flow. Here’s how this can lead to surprises when managing day-to-day operations — and why many profitable companies experience cash shortages. Working capital Profits are closely related to taxable income. Reported at… Read More
Is there still time to pay 2018 bonuses and deduct them on your 2018 return?
There aren’t too many things businesses can do after a year ends to reduce tax liability for that year. However, you might be able to pay employee bonuses for 2018 in 2019 and still deduct them on your 2018 tax… Read More
4 ideas for fostering a partnership between internal and external auditors
External audits aren’t required for every business. But whether required or not, they can provide lenders and investors with assurance that your financial statements are free from material misstatement and prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP)…. Read More
Time to celebrate! FASB expands VIE exception for private companies
The Financial Accounting Standards Board (FASB) recently gave private companies long-awaited relief from one of the most complicated aspects of financial reporting — consolidation of variable interest entities (VIEs). Here are the details. Old rules Accounting Standards Codification (ASC) Topic… Read More
Business owners: An exit strategy should be part of your tax planning
Tax planning is a juggling act for business owners. You have to keep your eye on your company’s income and expenses and applicable tax breaks (especially if you own a pass-through entity). But you also must look out for your… Read More
Conducting an effective post-M&A audit
So, you’re about to merge with another company. What’s next? The integration process typically starts with audited financial statements that reflect the results and financial position of the combined entity. This exercise requires a close partnership between the external audit… Read More
6 last-minute tax moves for your business
Tax planning is a year-round activity, but there are still some year-end strategies you can use to lower your 2018 tax bill. Here are six last-minute tax moves business owners should consider: Postpone invoices. If your business uses the cash… Read More
How to prepare for year-end physical inventory counts
As year end approaches, it’s time for calendar-year entities to perform physical inventory counts. This activity is more than a compliance chore. Proactive companies see it as an opportunity to improve operational efficiency. Inventory basics Under U.S. Generally Accepted Accounting… Read More