In an effort to delay the implementation date of four key accounting standards financial services experts use for certain groups, the Financial Accounting Standards Board (FASB) said it plans to propose postponing the effective dates. The new standards would change the way certain items have to be reported on financial statements. Some of the changes[…]
Since the passing of the Tax Cuts and Job Act in 2017 the consequences of how a business structures itself is more important than ever. Tax considerations play a key role in determining whether your business is better suited to be a C Corporation or an S Corporation (pass-through entity), say tax advisors. The new[…]
Let’s say you operate as a sole proprietor or a partnership with husband/wife owners. Your children are old enough to be useful and you’re thinking of hiring them. Is hiring your kids a good idea? There are pros and cons to consider. Pros One advantage is that you avoid the time and expense of the[…]
Which QuickBooks Version is Best for Small Businesses?
By diamondcpas Business Accounting May 14, 2018
For most small businesses, QuickBooks, from Intuit Inc., is the accounting software of choice. In addition to basic bookkeeping it is used to manage customers, vendors, inventory, expenses, and more. Intuit offers 3 on-line version as well as multiple desktop versions (3 for windows based computers and one for Apple computers). Which one is best[…]
No matter what you are selling, you always want to get the best possible price for your offering. So, you put in a little extra effort and prep work. If you are selling a car, you’ll wash, clean, and vacuum it. If you’re selling a house, you’ll put on a fresh coat of paint. If[…]
The TV series CSI popularized the field of forensics. CSI made the use of science in criminal investigations seem exciting, maybe even a little glamorous. While nobody is rushing out to make a TV show about forensic accounting (yet), the field is no less interesting. Forensic accounting sits at the intersection of business, finance, auditing,[…]
Purchases for your Business – What Can You Deduct?
By diamondcpas Business Accounting, Business Taxes Jan 01, 2018
As a small business owner, every penny counts when you are buying supplies and equipment for your business. Luckily, every penny also counts when you report those purchases as tax deductions. In fact, according to the IRS, everything you purchase that is “ordinary and necessary” to run your business is tax deductible. In IRS terms,[…]
How is the new tax law going to impact your taxes? On December 20th Congress approved the Tax Cuts and Jobs Act (H.R. 1) which provides the most significant changes to the tax code in 30 years. The act will have enormous implications for every business and individual. We have included a PDF of the changes[…]
When you send an invoice, you are doing more than requesting payment; you are communicating a powerful message about your business. An effective invoice, that provides all of the information your client needs in order to pay it in a timely manner, says that your business is organized and professional and provides good customer service.[…]
As a small business owner, it’s unlikely that your dream of running your own business included hours of accounting. But tracking your expenses, invoices, payments and taxes is essential to keeping your business running smoothly and avoiding any trouble with the IRS. With a little organization and planning, you can make sure your accounting tasks[…]
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