Starting Your 2019 Year-End Closing – Part 1

Its January 2020, and it’s time to start getting things ready for your tax preparation.  The biggest challenge is focusing on key elements on what you need to do so you don’t overstate or under report your business profit. Company Bank and Credit Cards – Correctly reconcile all bank and credit card accounts. If they […]

Business Financials and the IRS Challenge

Business owners are feeling the pressure to start getting 2019 financials ready for tax filing because the deadlines are coming up before you know it and the amount of penalties and interest are not only being attached more but also becoming more costly.  The IRS is now on a hiring spree, according to Commissioner Charles […]

Tax Season Never Ends

So many people who are not tax preparers, accountants, financial planners, bookkeepers, etc. assume that tax season ends when April 15th comes around and once they file their personal returns then it’s over and done with.  Unfortunately that’s not the case for those with a business because not only are there nonstop deadlines to make […]

A $68 Million Tax Refund?

Interestingly that was the Kanye West Boasts Massive Refund as reported by MarketWatch on their web site on 10/29/19.  Now some people may think that it’s a ploy or that there’s no way that could happen and he’s got it wrong based upon the source, Kanye West.  However the statement was made by him with […]

The 5-Part Construction Contractor Challenge

In today’s housing market being as tight as it is, people are not only having the challenge of finding a house they can afford to purchase, there are those who are trying to sell their homes by finding a contractor that they can count on, trust, as well as afford.  Recently going through the challenge, […]

How Much Should Safety Cost?

It almost comes on a regular basis that there’s always something to worry about these days with a business, and surprisingly I don’t ever see a specific line item called “safety” but rather there are various elements of it attributed to various accounts.  The usual expenses I see include insurance, alarm, repairs and maintenance for […]

A Field of Fees and Subscriptions as Far as the Eye Can See

Recently there’s been a spate of state attorney generals who are suing various hotel chains for incorporating “resort fees” hidden in a variety of forms, usually at the bottom of the bill lumped in with the numerous taxes that are tacked on at the bottom of a person’s statement when they check out, bumping up […]

Am I Asking the Right Questions for a Franchise Purchase?

There seems to be almost as many franchises to be sold as there are people buying them, but often there are challenges that get lost in translation and then there’s a challenge in dealing with not only the financial repercussions on both sides but also brand perception.  The key point to remember is that there […]

Robbing Peter to Pay Paul

The phrase which has its disputed origin between two separate ideas, without question does date back to 1661, in the end is all about determining how best to pay for something that you don’t have the monies for.  In 2019, the greatest example of this is our credit card debt that businesses use to survive, […]

Switching from a LLC/Sole Proprietor to a SubChapter S Corporation

Recently someone inquired about starting a Subchapter S Corp from their sole proprietorship, so I developed a list of key questions to ask them, as they were just told this is what they should do from someone they knew.  Instead of just doing it automatically, I wanted to make sure they understood some of the […]