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So far Thomson Reuters has created 95 blog entries.

Higher mileage rate may mean larger tax deductions for business miles in 2019

This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business increased by 3.5 cents, to the highest level since 2008. As a result, you might be able to claim a [...]

By |2019-01-15T17:39:21+00:00January 14th, 2019|Categories: Blog, Tax|Tags: , |0 Comments

How do profits and cash flow differ?

Business owners sometimes mistakenly equate profits with cash flow. Here’s how this can lead to surprises when managing day-to-day operations — and why many profitable companies experience cash shortages. Working capital Profits are closely related to taxable income. Reported [...]

By |2019-01-14T14:08:42+00:00January 14th, 2019|Categories: Blog, Small Business Services, Tax|Tags: , , , |0 Comments

Is there still time to pay 2018 bonuses and deduct them on your 2018 return?

There aren’t too many things businesses can do after a year ends to reduce tax liability for that year. However, you might be able to pay employee bonuses for 2018 in 2019 and still deduct them on your 2018 tax [...]

By |2019-01-07T12:35:03+00:00January 7th, 2019|Categories: Blog, Tax|Tags: , |0 Comments

4 ideas for fostering a partnership between internal and external auditors

External audits aren’t required for every business. But whether required or not, they can provide lenders and investors with assurance that your financial statements are free from material misstatement and prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP). [...]

By |2019-01-04T12:15:05+00:00January 4th, 2019|Categories: Audit, Blog|Tags: , |0 Comments

Time to celebrate! FASB expands VIE exception for private companies

The Financial Accounting Standards Board (FASB) recently gave private companies long-awaited relief from one of the most complicated aspects of financial reporting — consolidation of variable interest entities (VIEs). Here are the details. Old rules Accounting Standards Codification (ASC) Topic [...]

By |2019-01-02T12:26:33+00:00January 2nd, 2019|Categories: Blog, Tax|Tags: , |0 Comments

A refresher on major tax law changes for small-business owners

The dawning of 2019 means the 2018 income tax filing season will soon be upon us. After year end, it’s generally too late to take action to reduce 2018 taxes. Business owners may, therefore, want to shift their focus [...]

By |2019-01-02T12:31:09+00:00January 2nd, 2019|Categories: Blog, Small Business Services, Tax|Tags: |0 Comments

Conducting an effective post-M&A audit

So, you’re about to merge with another company. What’s next? The integration process typically starts with audited financial statements that reflect the results and financial position of the combined entity. This exercise requires a close partnership between the external audit [...]

By |2018-12-21T15:05:39+00:00December 21st, 2018|Categories: Audit, Blog, Small Business Services, Tax|Tags: , |0 Comments

6 last-minute tax moves for your business

Tax planning is a year-round activity, but there are still some year-end strategies you can use to lower your 2018 tax bill. Here are six last-minute tax moves business owners should consider: Postpone invoices. If your business uses the cash [...]

By |2018-12-17T12:27:50+00:00December 17th, 2018|Categories: Blog, Small Business Services, Tax|Tags: , , |0 Comments

How to prepare for year-end physical inventory counts

As year end approaches, it’s time for calendar-year entities to perform physical inventory counts. This activity is more than a compliance chore. Proactive companies see it as an opportunity to improve operational efficiency. Inventory basics Under U.S. Generally Accepted Accounting [...]

By |2018-12-14T11:59:19+00:00December 14th, 2018|Categories: Audit, Blog, Small Business Services, Tax|Tags: , |0 Comments

Can a PTO contribution arrangement help your employees and your business?

As the year winds to a close, most businesses see employees taking a lot of vacation time. After all, it’s the holiday season, and workers want to enjoy it. Some businesses, however, find themselves particularly short-staffed in December because they [...]

By |2018-12-10T12:45:38+00:00December 10th, 2018|Categories: Audit, Blog, Small Business Services, Tax|Tags: |0 Comments