Dealing with the loss of a loved one or a business owner can be an overwhelming and emotional experience. While you may be struggling to come to terms with your loss, there are several important steps to ensure that the necessary financial arrangements are made. Some of these steps need to be done right away
Author Archives: Whittaker
Advisory|Financial Reporting|Strategic Guidance, Advisory|Strategic Guidance
Internal Vs. External Accounting
26
Apr
Apr
A Question we often get asked is whether a business should hire an in house accounting team or outsource their accounting work. This can vary depending on the business but there are pros and cons to each option. Outsourcing With some of our clients, we see the business owners are primarily responsible for their accounting
Advisory|Strategic Guidance|Value Building, Financial Reporting|Strategic Guidance, Strategic Guidance|Tax, Uncategorized
Reasonable Compensation for S Corporation Shareholders
19
Apr
Apr
S-corporations are a popular choice among small business owners. They offer a range of tax benefits, such as avoiding double taxation and passing profits and losses onto shareholders. However, S-corporation shareholders must ensure they receive reasonable compensation for their services to the corporation to avoid triggering tax penalties from the Internal Revenue Service (IRS).
12
Apr
Apr
Why Is It Important to Correct Journal Entries? Accounting is a critical aspect of any business, as it helps in recording and tracking financial transactions accurately. While the process of recording transactions can be straightforward, it is not uncommon for errors to occur. These mistakes can have a significant impact on a company’s financial records,
05
Apr
Apr
Different Types of Obsolete Inventory When it comes to dealing with obsolete inventory, the solution isn’t always the same. Every company has some form of inventory that they might be deemed as obsolete. Because of this, it is important to determine why the inventory is considered Obsolete. It is also not usually just one item.
29
Mar
Mar
Why Your Supply Chain is Important. Supply chain management is a crucial piece of a business’ success. An effective supply chain is important for various industries including manufacturing, retail, and logistics. When it is well managed, it ensures that goods and services are delivered to customers in a timely and cost-effective manner. It also helps
22
Mar
Mar
This article is going to explore two different types of trusts that we utilize with our clients in planning for income taxes and estate taxes. These two trusts are the Charitable Remainder Trust and the Charitable Lead Trust. Both trusts are considered “split-interest” trusts because the assets of the trust, and the trust income, are
15
Mar
Mar
Background On Section 179 Section 179 allows you to depreciate certain assets fully in the first year that you purchase them. These deductions must be for business related assets such as vehicles, equipment, and software. Section 179 cannot help you create a loss so you must have the required net income to allow for the
08
Mar
Mar
As a result of the recent storms in California, the governor declared a state of emergency in many counties affected by the storms. The IRS and California franchise board released information surrounding filing extensions and the recent California Storms. FTB has extended filing and payment deadlines for many individuals and businesses in California. We are notifying
01
Mar
Mar
Overview For tax purposes it can be beneficial to be considered a real estate professional. Being a real estate professional offers benefits but also has requirements. If you can qualify as a real estate professional, then you avail yourself many tax advantages and tax savings opportunities. Let’s clarify what a real estate for professional tax