Russell Bedford - USA
What You Need to Know About Foreign Account Reporting Requirements
September 2019
Do you have a financial interest in, signature, or other authority over any foreign financial account? If you do, don’t forget that you’ll need to report that relationship by filing FinCEN Form 114. While the due date for 2018’s report was April 15, 2019, there was an automatic six-month extension to October 15, 2019. If you fail to file you may face harsh penalties.
How to Properly Account for Your Nonprofit Fundraising Event
September 2019
If your tax-exempt nonprofit organization utilizes annual fundraising events to raise money, you’re not alone. And for many small to mid-size nonprofits, these special events are major sources of revenue that support internal operations which deploy the organization’s mission. However, with these events comes additional recordkeeping and IRS reporting responsibilities that many organizations overlook.
Does Your Business Need a Financial Statement Audit?
September 2019
As businesses are formed and as they grow, one question often asked by owners and chief financial officers is whether their companies would benefit from an audit. As you might have guessed, the answer depends on a number of factors specific to each company. Below is helpful information about audits to keep in mind as you decide whether or not an audit is right for your business.
IRS Audits: Are You Next?
August 2019
Have you ever wondered what the odds are of your return being audited? This is somewhat of a mystery to taxpayers and unfortunately there is no concrete answer. Audits are generally selected at random, but there are a few things that may flag your return for an audit.
Why You Should Never Take on the IRS Alone
June 2019
It’s another normal day at the office, until you receive a letter from the IRS. You’re being audited. What do you do now? The first thing you should do is call your tax advisor! While you might be up to navigating an audit on your own, there are many reasons why utilizing a professional’s help will make or break the outcome of your audit.
How to Combat Common Payroll Fraud Schemes
June 2019
According to the Association of Certified Fraud Examiners, nearly 30% of businesses are victims of payroll misconduct, with small businesses twice as likely to be affected than large businesses. Here are four payroll fraud schemes that every business should be aware of.
How to Understand and Manage Your Cash Flow
June 2019
You certainly know that profit and cash flow are both important elements of a healthy business. But what’s the difference? And what can you do to achieve positive cash flow?
Don’t Forget Your Mid-Year Payroll Withholdings Check-Up
June 2019
You probably know that many taxpayers were surprised with either reduced refunds or higher taxes due when they filed their 2018 taxes. Why did this happen? Because their 2018 income tax withholding was not sufficient throughout the year.
5 Mid-Year Accounting Clean Up Projects
June 2019
It’s vital to get your accounting cleaned up before the year-end activities kick in and this is the perfect time of year to do it. Below are a few accounting projects you may want to consider taking on over the next few months. In the end it will set you up for success come December.
Are There Tax Implications for My Major Life Decisions? Yes!
June 2019
Major life changes are an exciting and emotional time. But with the positive changes, there can sometimes be challenges too. If you’re facing a change in your life in the near future, have you thought about what the tax implications might be?
What Story are Your Financial Statements Telling?
April 2019
The accounting policies you adopt create the internal reporting standard that’s reflected in the financial statements of your business – all of which impact how you benchmark and communicate success. What story are you communicating to the outside world? How can you report the story in a way that is easy to understand but still communicates who you are, what you do and how you are achieving success?
Tips on Raising a Financially Savvy Child
April 2019
If you have children (or grandchildren) you have an opportunity to give them a jump-start on their journey to becoming financially responsible adults. While teaching your child about money and finances is easier when you start early, it’s never too late to impart your wisdom.
5 Methods to Achieve Better Cash Management
April 2019
Every business, no matter its size, needs to have enough cash to pay the bills. Focusing solely on sales and profits could create issues when invoices arrive and you find that there aren’t enough funds available to pay them. Below are five ways you can be proactive and improve cash management for your business:
How to Protect Yourself from Tax Scams
March 2019
Identity theft is a real threat, but it is often downplayed because not everyone has witnessed or experienced it firsthand. Having a false sense of security can leave you exposed, especially during tax season. Here are some tips to keep your identity safe from scammers:
5 Benefits of Moving to the Cloud
March 2019
Small business owners are constantly looking for ways to save money and streamline processes in order to stay competitive. Using a cloud-based accounting software, such as QuickBooks Online, is one way to save time and money.
The Wayfair Case’s Impact on State Income Tax
February 2019
You have likely heard that the Supreme Court’s decision in South Dakota v. Wayfair, Inc. has resulted in businesses being required to collect and remit sales tax to certain states in which they have no physical presence. Have you wondered how this change affects your requirements for income tax filing?
Business Tax Developments Affecting 2018 Tax Filings
February 2019
Although it’s already tax filing season, it seems as if tax law changes are still being ironed out. Even with the IRS shutdown, there were funds made available to the IRS agencies tasked with implementing tax reform. As a result, we are seeing new developments on an almost daily basis. Here are a few highlights we would like to share as we begin to file 2018 business tax returns.
How Your Accountant Provides Value to Your Financial Reporting Cycle
February 2019
Financial literacy in today’s economic climate is more than just receiving reconciled accounts in periodic financial statements from your accounting firm. It is the ability to know where you are today, where you are going, and the plan to achieve it.
How To Make Your Audit More Efficient (And Less Painful)
February 2019
If you dread your annual audit, or are nervous about your first-ever audit, we have some suggestions that can help reduce the pain.
Don’t Discount the Value of Your Staffing Business: Avoid These Common Mistakes
February 2019
Be aware of common pitfalls that could negatively affect your company’s selling price and make a plan to address them.