Turning receivables into cash

Thursday, August 31, 2023
It’s common for high-growth and seasonal businesses to have occasional shortfalls in their checking accounts. The reason relates to the cash conversion cycle — it takes time to collect on...... Read More

Reduce the impact of the 3.8% net investment tax

Tuesday, August 29, 2023
High-income taxpayers face a regular income tax rate of 35% or 37%. And they may also have to pay a 3.8% net investment income tax (NIIT) that’s imposed in addition...... Read More

2024 amounts for Health Savings Accounts

Monday, August 28, 2023
The IRS released guidance providing the 2024 inflation-adjusted Health Savings Accounts (HSAs) amounts. HSA fundamentals An HSA is a trust created or organized exclusively for the purpose of paying the...... Read More

Should your business switch to tax-basis reporting?

Thursday, August 24, 2023
Many people view accrual-basis financial statements as the benchmark for financial reporting. But with the increasing cost and complexity of today’s accounting rules — particularly the updated lease guidance that...... Read More

a living trust for your estate has benefits

Tuesday, August 22, 2023
If you have significant assets (more than $12.92 million or $25.84 million if you’re married in 2023), you should consider establishing a living trust to avoid probate. Probate is a court-supervised...... Read More

Transitional relief for RMDs and inherited IRAs

Monday, August 21, 2023
The IRS has issued new guidance providing transitional relief related to recent legislative changes to the age at which taxpayers must begin taking required minimum distributions (RMDs) from retirement accounts....... Read More

My successful business isn't able to pay its bills, why?

Thursday, August 17, 2023
You're not the only one if your prosperous firm struggles to make ends meet. Many business owners wrongly link cash flow with profitability, which results in checking account deficits. The...... Read More

Gig work comes with tax consequences

Tuesday, August 15, 2023
Many workers have become engaged in the “gig” economy in recent years. You may think of gig workers as those who deliver take-out restaurant meals, walk dogs and drive for...... Read More

Make business losses less painful with tax code

Monday, August 14, 2023
Losses can happen whether you’re operating a new company or an established business. The federal tax code may help soften the blow by allowing businesses to apply losses to offset...... Read More

Is QuickBooks a good choice for your nonprofit?

Thursday, August 10, 2023
Non-profit organizations exist to fulfill charitable or non-monetary aims, not to generate profits or increase value for investors. However, they must continue to keep an eye on their financial situation,...... Read More