A financial statement can take many forms. The first question to ask is whether the financial statement is for personal or business use. Individuals often have to prepare personal financial statements if they are looking to obtain credit, usually for a large purchase...
Your business may need internal controls. Internal controls are the policies and procedures a business takes to safeguard its assets. A key to running a profitable business is to make sure that the assets, especially cash, are protected. Assets are the lifeblood of...
Taking the home office deduction can be complex and vary between individual small businesses. For more information on whether you should take the home office deduction, please consult with your licensed CPA. Many small businesses are based at home. There are numerous...
On March 25, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law. A summary of the provisions of the law can be found here. Updates to the CARES Act in Summer 2020 On June 5, 2020, the Paycheck Protection Program Flexibility Act of...
Managing cash flow in a small business is crucial to its success. Cash flow management includes techniques for collecting cash, budgeting to plan for cash needs, utilizing outside sources such as banks or investors to supplement cash needs, and even legally minimizing...
Congress recently passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. There are provisions in this 335-page bill that affect just about all Americans, both individuals, and businesses. There has been much information and speculation as to what is in...
Every year, as April 15th rolls around, there is a flurry of activity as most Americans seek to file their tax returns. There are many ways to get all those forms filled out and sent off to the Internal Revenue Service (IRS). You could do it yourself by filling in the...
