2011 Tax News to Pass on to Your Employees

There have been several changes for 2011 taxes that will benefit individual tax filers at year end. Here are a few of those changes that you should be aware of, and may want to inform your employees about, so that they can be prepared to take advantage of those that affect them.  For 2011, taxpayers who itemize can deduct state and local sales tax paid in lieu of state and local income taxes paid. Encourage your employees to compare these options if they’ve made large taxable purchases during the year. Read More »

Accurate Accounting Will Boost Your Bottom Line

Many business owners see only the costs involved with keeping accurate accounts. They see employee costs and service fees related to recording data and creating financial reports. They know it is a necessity of business, but they only see it as an overhead cost to be kept as minimal as possible. What is often overlooked and minimized is the financial benefit of keeping accurate, up to date, accounting records.

Maintaining accurate records and reviews of financial reports is like preventative maintenance on your vehicle. It costs money to have the oil and filters changed on a regular basis. Having your tires rotating and balanced can seem like just one more thing to fit into your schedule. However, if you don’t take the time to have these things done on a regular basis, the end result can cost you much more in vehicle repairs and new tires, than if you’d simply paid for the maintenance as it was needed. Accounting works the same way.
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We’re Being Audited! Follow These Tips and Decrease the Stress

Opening an envelope from the IRS or the State Revenue Office that has the word ‘audit’ on it can easily send a business into panic mode, but it doesn’t have to. Audits by federal and state revenue agencies are performed on a regular basis, sometimes at random and sometimes with cause. Being selected to undergo an audit of your business will certainly put the details of your accounting system under scrutiny, but approaching the process calmly and in control can eliminate much of the stress that can accompany this added burden to your business operations. Here’s a few tips for taking the sting out of an audit notice.

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3 Business Decisions That Should Involve an Accountant

Business owners make decisions about their business every day, some big and some small. The majority of these decisions would not warrant consulting with their accountant over. However, there are certain decisions in which involving your accountant would be the most prudent thing to do. Here are three of them:
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Audited-Reviewed-Compilation – What’s the Difference?

When CPA firms contract with a client to produce their financial statements, the agreement with the client will include the nature of the reporting level, or assurance level, that the CPA is to provide with those financial statements.

There are three different reporting levels that are generally offered by a CPA firm: Compilation, reviewed and audited. The type of reporting level desired is determined by the client, though publicly held companies are required by regulation to provide audited financial statements to their holders.
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