Is This Your Situation: You Need Accurate Monthly Financials

Monthly financial reporting helps owners, managers, and potential lenders get a better understanding of a company’s current financial status and anticipate future performance. You can see financial trends when you examine daily, weekly, and monthly financial reports. You’ll be able to manage long-term profitability by improving internal business performance while staying updated on significant progress…

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I got a notice from the IRS! What do I do now?

Every year, the IRS mails millions of letters and notices to taxpayers for a wide variety of reasons. In this article, we’ll explore some of the reasons IRS mails these letters or notices and give you some tips on what to do, and not do, if you receive one from the IRS. Each letter or…

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Important Changes to IRS Form 1099

R&A CPAs’ Client Advisory Services team helps our clients to prepare and file timely 1099 forms each year. If we are not already working with you on your monthly and annual accounting, please call us to see how we can assist you.  Following, please find relevant information for you as you begin to prepare and…

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Don’t let collaborative arrangements cause financial reporting headaches

Businesses often enter into so-called “collaborative arrangements” when they partner with another entity on a major project. Unfortunately, the current guidance for these types of arrangements under U.S. Generally Accepted Accounting Principles (GAAP) is somewhat vague. Here are some questions that may arise as participants report shared costs and revenue on their income statements, along…

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Corporate culture: Rotten apples could spoil your financials

Auditors often say that the tone at the top of an organization trickles down to every level of the business. Is your company’s work environment ethical and open? If not, corporate culture assessments can help prevent and detect unethical and criminal behaviors. But, to cover all the bases, your external auditors generally must work closely…

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How To Conduct A Year-end Risk Assessment

Auditors assess their clients’ risk factors when planning for next year’s financial statement audit. Likewise, proactive managers assess risks at year end. A so-called “SWOT” analysis can help frame that assessment. Typically presented as a matrix, this analysis of strengths, weaknesses, opportunities and threats provides a logical framework for understanding how a business runs. It…

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GAAP vs. tax-basis reporting: Choosing the right model for your business

Virtually every business must file a tax return. So, some private companies issue tax-basis financial statements, rather than statements that comply with U.S. Generally Accepted Accounting Principles (GAAP). But doing so could result in significant differences in financial results. Here are the key differences between these two financial reporting options. GAAP: GAAP is the most…

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