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Most people use software or hire an accountant to help them find all the deductions they can subtract from their taxable income and all the credits they can subtract from their final tax bill. But most tax breaks require you, the taxpayer, to plan ahead. Even the most skilled accountant can’t deduct a charity donation…
Read MoreEvery day that passes marks less time for private companies to get ready for ASC 842, the new lease accounting standard. The standard applies to any company preparing financial statements under generally accepted accounting principles. Private companies will have to comply with this standard in fiscal years beginning after December 15, 2021, and interim periods…
Read MorePurpose of Form 990 Nearly all the approximately 1.74 million organizations recognized as tax exempt by the IRS must file Form 990 or another form in the same series annually. Churches are not required to file any of the forms in the IRS 990 series. The Form 990 series is intended to make a not-for-profit organization’s…
Read MoreIs 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…
What Papers Do You Need To Save?
Sometimes it feels good to get rid of clutter. Cleaning out papers we have kept for years is a good project. But there are some guidelines to be aware of before you put a pile of papers on the scrap heap. Individual circumstances guide the exact documents that should be retained, but there are some…
Deciding Whether You Can Claim R&D Benefits
The research and development tax credit is a tax incentive program. Also known as the research and experimentation tax credit, the research tax credit, or the R&D credit, the credit allows a company to recover a portion of their R&D costs through tax credits. Many incorrectly think the R&D credit only applies to companies that actually…
Nonresident Individuals and Tax Returns
Form 1040-NR is a version of the IRS income tax return for nonresident individuals to file if they earned income from US sources throughout the year. As with regular Form 1040, those who fill out Form 1040-NR may either owe more money or be entitled to a refund. Before considering whether you need to fill out…
Did You Know? R&A Offers Business Valuation Services
You want to know the value of your business. R&A can help you with that. Many business owners are faced at some point with the question “What is my company worth?” This question can arise for many reasons including a potential sale of the company, the buyout of a retiring shareholder, shareholder litigation, a divorce, management…
Are You Spending Too Much on Bookkeeping?
Wondering what your options are to reduce spending and increase income? Here are some tips: Organize your documents and communications. Receipts scattered? Can’t keep up with payments that are due? Missed payments result in late fees and interest charges, and all those do are increase the overall amount to be paid each month. You’ll be paying more…
Tax Treatment for Kids Working in the Family Business
What kind of business is a mom-and-pop operation? It’s probably not a question you pondered when you dreamed of going into business. Suppose you employ your child. How is this handled so that you are in compliance with IRS rules and regulations? Payments for a child under age 18 aren’t subject to Social Security or Medicare taxes if the…
Relief Bill Offers Provisions for Families with Children
Beginning in July, those with children may get deposits into their bank account or paper checks for advance payment of the 2021 Child Tax Credit (CTC). The second stimulus package (Consolidated Appropriations Act, 2021) includes updates to the child tax credit, making it more accessible to people whose incomes fell during the pandemic. The expanded…
Did You Know? R&A Offers Outsourced Accounting, Payroll, and Advisory Services
You want to grow your business. R&A can help you do that. Many small- to mid-size businesses are outsourcing non-core functions, including accounting and payroll. Those services can include: general ledger management, payroll, virtual CFO services, cash flow management, AP, AR, transaction processing, and controllership. The benefits of outsourcing some or all these services can be substantial.…