By Ken Tysiac August 3, 2017 Accounting guidance for contributions received and made, primarily by not-for-profits, would change under new rules FASB proposed Thursday. The proposed Accounting Standards Update (ASU) is designed to help organizations decide if a transaction should be accounted for as a contribution or an exchange. The proposal includes clarifying guidance to help organizations… Read More

There are five basic accounting classifications:  Assets, Liabilities, Capital, Expenses and Revenues. All transactions will fall into one of these categories. ASSETS: This refers to what the business owns. It can include buildings, office equipment (such as computers, printers, credit card machines, etc.), furniture, accounts receivable, checking accounts, inventory, etc. Asset accounts are part of the Balance… Read More

  August 3, 2017 Entrepreneurship is a field unlike any other. One of the things that I learned early in my career as a self-employed business person is that, while every day presents new opportunities, there are new challenges to contend with as well. It wasn’t until I really had a chance to put things… Read More

Resolving your tax issues with the Internal Revenue Service (IRS) just got a little bit easier – assuming you have an internet connection. The IRS has announced that the Office of Appeals will pilot a new “web-based virtual conference option” for taxpayers and their representatives. Each year, the Office of Appeals hears appeals from more than 100,000… Read More

  What does the average taxpayer think of tax preparers? According to a New York Times2014 opinion piece, “When you hear the words ‘tax preparer,’ you may imagine a calculator-clutching accountant, carefully scrutinizing receipts beneath a green eyeshade. But the reality is that in most states nearly anyone can be a tax preparer ….” Such opinions probably… Read More

The deadline to file income tax returns i.e. July 31 is fast approaching. However, many people have still not filed their income tax returns due to various reasons. There are certain benefits that an individual loses if he/she files the return after the deadline even though there is no fee for late filing for this… Read More

  So says the 2017 Edelman Trust Barometer, an annual global survey. Not since the study began tracking trust among the global population has it found such a broad decline in trust in all four key institutions — business, government, nongovernmental organizations and media. The 2016 survey noted that financial services are the least trusted… Read More

WASHINGTON – The Internal Revenue Service Office of Appeals will soon pilot a new web-based virtual conference option for taxpayers and their representatives. This virtual face-to-face option will provide an additional option for taxpayer conferences. The IRS expects it to be especially useful for taxpayers located far from an IRS Appeals office. Each year, the… Read More

The Internal Revenue Service today encouraged taxpayers to consider checking their tax withholding, keeping in mind several factors that could affect potential refunds or taxes they may owe in 2018. Reviewing the amount of taxes withheld can help taxpayers avoid having too much or too little federal income tax taken from their paychecks. Having the… Read More

There are four main factors to consider when an entrepreneur decides on the form of organization that best fits her business: taxes, limitation of personal liability, ease of transferability and admission of new owners and investor expectation. In almost all cases, I recommend that a founder form her business first as a limited liability company… Read More