How to improve your position
If you are a successful business owner, you should prepare for the day when you hand over the reins—perhaps to a younger family member—or sell the business outright. In the event you are predisposed to sell, you could be leaving some money on the table if you do not put your best foot forward. This article gives five practical suggestions.
Weigh all retirement plan options
At one time, pension plans and other qualified retirement plans were usually offered only by larger companies. Now many small companies have caught up. In fact, if you are self-employed with just one or two employees—or maybe just yourself—you still have plenty of retirement plan options at your disposal. This articles gives four popular choices for self-employed business owners.
Balanced view of investment tax aspects
Municipal bonds (often called “munis” for short) may be attractive to high-income taxpayers, but there are a number of potential tax drawbacks as well. This articles gives a brief look from both sides of the fence.
Special tax break for older taxpayers
If you are “of a certain age,” you may benefit from a unique tax break. Under a special tax law provision, an individual age 70½ or older can transfer a significant amount of funds directly from an IRA to a qualified charitable organization without paying any tax on the distribution. This “charitable rollover” counts as a required minimum distribution (RMD) for tax purposes.
*Tax Face-off—In a new case, the Boston Bruins hockey team was allowed to deduct 100% of the cost of pregame meals furnished to its players and personnel at hotels on the road as a “de minimis fringe benefit.”
*Late Again?—Perhaps you can overlook occasional tardiness for legitimate reasons, but it becomes a problem if a worker is habitually late to work.
It seems like more and more forensic accounting cases are focusing on abuse of business credit cards by executives and sales representatives. So what enables these individuals to enrich themselves at will? Oftentimes, it comes down to two preventable factors: deficient internal controls and lax supervision.
Whether you’re talking about internal audit processes, or any other key process within an enterprise, it is critical for organizations to establish, utilize and maintain sound documented processes. Any organization that fails to do so, or relies on outdated documented processes, or documentation with a sub-par level of detail, puts itself at tremendous risk on a number of fronts.
The frequency of fraudulent calls by individuals posing as IRS or United States Treasury officials seems to be on the rise this time of year. This observation is based on our experience here at Marvin and Company as we recently noticed an increase in client calls to us regarding this type of activity.
This article summarizes important information on how to respond in the event you are contacted by someone stating they are from the IRS, United States Treasury or other state or local taxing authority.
Invoices not being paid promptly? Customers questioning their payment history? Create statements.
Let’s say you have a regular customer who used to pay on time, but he’s been hit-and-miss lately. How do you get him caught up?
Or, one of your customers thinks she’s paid you more than she owes. How do you straighten out this account?
Both of these situations have a similar solution. QuickBooks’ statements provide an overview of every transaction that has occurred between you and individual customers during a specified period of time. They’re easy to create, easy to understand, and can be effective at resolving payment disputes.
Even if you don’t travel for work (but especially if you do), you should explore what QuickBooks Online’s mobile app has to offer.
You already know how convenient it is to be able to access your company’s financial data from any desktop or laptop computer that has an internet connection. Still, there are times when you’d like to be able to complete some of your accounting tasks without firing up a full-blown browser and logging on to QuickBooks Online.
If you haven’t yet tried out the site’s companion mobile app, you might be surprised at how much you can actually accomplish on your smartphone.