Practical ideas to spur business growth
When you are running a small business, the numbers matter. This is especially true when it comes to cash flow. If you have more money going out than you have coming in, your business will not survive for very long. How can you improve cash flow? There are no absolute guarantees, but the six practical suggestions we've outlined should help.
How to qualify for casualty loss deductions
Catastrophic events, such as hurricanes Harvey and Irma—or tornados, earthquakes, wildfires and the like—can severely damage your personal or business property. Small consolation: You may be entitled to deduct a casualty loss on your tax return.
The 663(b) election, commonly known as the 65-day rule, can provide fiduciaries of estates and non-grantor trusts with a very useful planning tool. The “65-day rule” refers to distributions to beneficiaries within 65 days of year-end to be counted as prior-year distributions. Let’s take a look at how it works and how you can take advantage of the rule.
Marvin and Company, P.C. will host the next webinar in its complimentary series titled: "Implementation of the New Not-For-Profit Financial Reporting Requirements" on Wednesday, December 20 from noon to 1 p.m.
The new revenue recognition standard will be adopted by private companies for periods beginning after Dec. 15, 2018. The implication for private companies that utilize a calendar year end is that the upcoming year should ideally be spent preparing for this transition. That said, companies should be aware early on that the accounting function may not possess all the knowledge needed to make this transition.
The 2018 cost-of-living adjustment (COLA) was announced by the Internal Revenue Service. The table we are sharing includes dollar limitation amounts for pension plans and other selected amounts, including the Social Security Administration’s separately announced taxable wage base. The majority of the dollar limits will experience minor increases for 2018, including the elective deferral limit which previously had not been updated since 2015.
The Financial Accounting Standards Board (FASB) has issued a proposed Accounting Standards Update (ASU), Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made, intended to clarify and improve the scope and the accounting guidance for contributions received and made, primarily by not-for-profits.
Accounting for contributions is an issue primarily for not-for-profit organizations because contributions are a significant source of revenue. However, there are some situations where for-profit entities apply this guidance and the proposed ASU would apply to them as well.
Why you might be noncompliant, and two ways to act now
Every nonprofit knows that they are subject to federal and state regulations for the state(s) in which they operate, but some state requirements are easy to overlook.
Say your organization operates in only one state and you therefore assume you are not required to register or comply with nonprofit regulations in any other state. Is this a safe assumption? Could you be required to register and comply with all the nonprofit regulations in any other states?
As online fundraising has become pervasive, the answer is this is not a safe assumption. Your organization could be subject to other state rules.
Downloading transactions into QBO is the easy part. You still have work to do once they’re on board.
Its ability to download financial transactions is one of the five best things about QuickBooks Online. Without it, you’d spend a lot of time on tedious data entry, verifying which checks and deposits had cleared and entering new ones.
Instead, you can easily connect to your bank and bring in all your activity from the previous hours or day. QuickBooks Online stores this neatly in a register and provides tools for you to further describe and classify each transaction.
We can’t emphasize this enough: QuickBooks’ Reminders can prevent countless problems with your finances.
How do you know when it’s time to pay a bill or follow up on overdue customer payments or print payroll checks? If you’re still using a paper calendar and sticky notes and file folders, there’s a good chance you’re missing some important deadlines on occasion. Manual methods aren’t effective enough when you’re dealing with your business finances. You might experience:
If you’re missing the mark frequently, you won’t be able to get a true picture of your financial status, and your cash flow will suffer.
Use QuickBooks’ built-in reminders to avoid this unnecessary drama.