SEK, CPAs & Advisors Manager Named Forty Under 40 Honoree
FOR IMMEDIATE RELEASEAugust 19, 2021 SEK, CPAs & Advisors Manager Named Forty Under 40 Honoree
Possible tax consequences of guaranteeing a loan to your corporation
What if you decide to, or are asked to, guarantee a loan to your corporation? Before agreeing to act as a guarantor, endorser or indemnitor of a debt obligation of your closely held corporation, be aware of the possible tax consequences.
Is your business underusing its accounting software?
Someone might have once told you that human beings use only 10% of our brains. The implication is that we have vast, untapped stores of cerebral power waiting to be discovered. In truth, this is a myth widely debunked by neurologists.
Large cash transactions with your business must be reported to the IRS
If your business receives large amounts of cash or cash equivalents, you may be required to report these transactions to the IRS. What are the requirements?
GASB 84 - identifying fiduciary activities
By: Teena R. Curnow, CPA Audit Manager Government Accounting Standards Board (GASB) Statement No. 84 establishes criteria for identifying fiduciary activities. The Statement was effective for periods beginning after December 15, 2019 (after the passing of GASB No. 95).
Have you followed up on the management letter from your audit team?
Auditors typically deliver financial statements to calendar-year businesses in the spring. A useful tool that accompanies the annual report is the management letter.
5 ways nonprofits can prepare for an audit
No not-for-profit looks forward to annual audits. But regular maintenance and preparation specific to an impending audit can make the process less disruptive. We recommend taking the following steps. 1. Reconcile routinely
Customers paying late? How to create statements
There are many ways to encourage delinquent customers to pay. QuickBooks Online’s statements may be effective for you.
Keep family matters out of the public eye by avoiding probate
Although probate can be time consuming and expensive, one of its biggest downsides is that it’s public — anyone who’s interested can find out what assets you owned and how they’re being distributed after your death.