As a business owner, it is important to be able to read and understand the accounting terms found in your financial statements. Once you understand the basics of financial statements, you can interpret what they mean to your organization’s financial health.
Preparedness takes many forms, from creating a disaster plan, complete with supply kits and evacuation routes, to safeguarding your business with communication templates and IT backup. This article will explore the steps business owners can take both before and after a disaster strikes to protect their company, employees, clients, and the community.
Registered Investment Advisors (RIAs) serve an important role in their client’s lives. They can often be financial custodians to their clients and hold great responsibility for the client’s financial situation. Due to past examples of mismanagement by RIAs in recent history, the Securities and Exchange Commission (SEC) began requiring annual surprise exams (surprise audits) of RIAs to detect fraud, misused, or misappropriated use of client assets managed by RIAs.
The Internal Revenue Service recently issued the 2021 optional standard mileage rates. These rates, which adjust every year to account for inflation of fuel costs, vehicle cost and maintenance, and insurance rate increases, will once again affect the way a company reimburses their mobile workers.
Consumers who were once limited to their local storefronts to browse for goods are now able to shop and make purchases globally. Consumers aren’t the only ones benefitting from these digital shopping cart advancements. Businesses are now able to target a market well beyond their physical location, but these tempting multi-state customers come with challenges.
New lease accounting standards could impact balance sheets and financial reporting.
The Tax Cuts and Jobs Act (TCJA) offers many taxpayers a break through corporate and individual tax rate reductions. However, the new legislation comes with a few thorns. One of the biggest surprises to business owners is the elimination of the entertainment deduction.
On December 20, 2017, Congress approved sweeping tax reform. The President is expected to sign the bill next week in its current form.
Walter & Shuffain, P.C. was recently named one of Accounting Today’s 2017 Best Accounting Firms To Work For. Accounting Today partnered with Best Companies Group to identify the top 100 companies that excel in creating quality workplaces for employees.
We are proud to announce that W&S has been selected as a Best of the Best Firm by INSIDE Public Accounting (IPA).