Accounting and Auditing Archives - Page 3 of 4

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Build Back Better May Be Stuck, but How Could It Impact Business Owners?

Build Back Better is one of two pieces of legislation that form the centerpiece of President Biden’s domestic agenda. The first piece — the Infrastructure Investment and Jobs Act — was signed into law in November 2021. Build Back Better (BBB) focuses…

IRS releases W-2 reporting requirements for qualified leave in 2021

The IRS recently issued Notice 2021-53, providing guidance on reporting qualified leave and sick wages to employees. Qualified sick and leave wages are those that are defined by the Families First Coronavirus Response Act (FFCRA), which was amended by the…

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Understanding Your Cash Flow and Financial Statements

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…

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Developing a Disaster Preparedness Plan

The widespread media coverage of natural disasters has left business owners with little excuse to be unprepared for hurricanes, tornadoes, earthquakes, forest fires, floods, and superstorms. These calamities can strike wherever and whenever, and while there is no preparation for…

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Employee v. contractor: Which is right (and legal) for your business

Businesses are constantly evolving how they operate in order to meet the fast-paced changes coming from customers and the marketplace. Further, individuals are increasingly taking advantage of the income they can earn from the gig economy. These factors have more businesses…

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Prepare your RIA firm for its next surprise audit

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…

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IRS announces 2021 standard mileage rates for business, charitable, medical, and moving purposes

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…

Sales Tax Nexus – What it Means in Massachusetts

Author: Jonathan Hitter 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…

New Lease Accounting Standards Could Affect Your Financial Statements

Author: Jonathan Hitter Rent your office? Leasing your copier or network services? If so, you’ve signed a lease agreement with a lessor and your financial statements will be affected by the new lease accounting standards approved by the Financial Accounting Standards…

Angela Parziale: discussion leader on the value of women’s initiatives and being a mindful leader

Author: Jonathan Hitter 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…

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