Effective ways to maximize collections and minimize write-offs
Convert receivables into cash
Tips to determine “reasonable compensation” for corporate business owners
How to determine "reasonable compensation" for corporate business owners
Accounting Rules for Profits Interest Awards
During the pandemic, cash has been tight for many small businesses, which may make it hard to attract and retain skilled workers. In lieu of providing cash bonuses or annual raises, some companies may decide to give valued employees a share of their future profits. While corporations generally issue stock options, limited liability companies (LLCs) [...]
Updated Guidance on Events that Trigger an Impairment Test
On March 30, the Financial Accounting Standards Board (FASB) published an updated accounting standard on events that trigger an impairment test under U.S. Generally Accepted Accounting Principles (GAAP). This simplified alternative may provide relief to private companies and not-for-profit entities that have been adversely affected by the COVID-19 pandemic. Here’s what you should know. Clarifications [...]
Understanding Your Statement of Cash Flows
Understanding your statement of cash flows
Businesses can benefit from the enhanced Employee Retention Tax Credit
Can your business benefit from the enhanced Employee Retention Tax Credit?
Tax Rules for Stock Options
The tax rules for incentive stock options (ISO) are complex. Using an example will help to understand the tax treatment of ISO.
Is your hobby providing you profit during COVID-19?
Today, many people sell homemade products online or work on some unincorporated sideline venture outside of their regular day jobs. Such activities can generate extra spending money. This can be especially helpful for retired people, stay-at-home parents and those who have been laid off or taken a pay cut during the COVID-19 crisis. For example, [...]
Businesses should be aware of the potential tax implications of PPP loans
Understanding CARES Act and PPP If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential tax implications. The Coronavirus Aid, Relief and Economic Security (CARES) Act, which was enacted on March 27, 2020, is designed to [...]
