Accounting and Auditing

11 Aug Large cash transactions with your business must be reported to the IRS

Posted at 19:05h in Accounting and Auditing, Business Tips, OnTarget CPA Blog, Small Business Tax Tips by Michael Jamison, CPA, CGMA

If your business receives large amounts of cash or cash equivalents, you may be required to report these transactions to the IRS. What are the requirements? Each person who, in the course of operating a trade or business, receives more than $10,000 in cash in one transaction...

11 Aug Is your business underusing its accounting software?

Posted at 19:02h in Accounting and Auditing, Business Tips, OnTarget CPA Blog, Small Business Tax Tips by Michael Jamison, CPA, CGMA

Someone might have once told you that human beings use only 10% of our brains. The implication is that we have vast, untapped stores of cerebral power waiting to be discovered. In truth, this is a myth widely debunked by neurologists. What you may be underusing,...

31 Aug 5 key points about bonus depreciation

Posted at 16:43h in Accounting and Auditing, Business Tips, Coronavirus, OnTarget CPA Blog, Small Business Tax Tips by Michael Jamison, CPA, CGMA

Under current law, 100% bonus depreciation will be phased out in steps for property placed in service in calendar years 2023 through 2027. Thus, an 80% rate will apply to property placed in service in 2023, 60% in 2024, 40% in 2025, and 20% in...

24 Aug CARES Act made changes to excess business losses

Posted at 16:31h in Accounting and Auditing, Business Tips, Coronavirus, OnTarget CPA Blog, Small Business Tax Tips by Michael Jamison, CPA, CGMA

The Coronavirus Aid, Relief and Economic Security (CARES) Act made changes to excess business losses. This includes some changes that are retroactive and there may be opportunities for some businesses to file amended tax returns. If you hold an interest in a business, or may do...

12 Aug 5 common accounting software mistakes to avoid

Posted at 18:26h in Accounting and Auditing, Business Tips, OnTarget CPA Blog by Michael Jamison, CPA, CGMA

No company can afford to operate without the right accounting software. When considering whether to buy a new product or upgrade their current solutions, however, business owners often fall prey to some common mistakes. Here are five gaffes to avoid: 1. Relying on a generic solution....

11 Dec 2020 Q1 tax calendar: Key deadlines for businesses and other employers

Posted at 18:47h in Accounting and Auditing, Business Tips, Small Business Tax Tips by Michael Jamison, CPA, CGMA

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2020. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable...

10 Sep Auditing grant compliance

Posted at 16:04h in Accounting and Auditing by Michael Jamison, CPA, CGMA

Has your organization received any public or private grants to fund its growth? Grants sometimes require an independent audit by a qualified accounting firm. Here’s what grant recipients should know to help facilitate matters and ensure compliance at all levels. Federal compliance Federal awards require compliance with...

03 Sep Corporate governance in the 21st century

Posted at 12:28h in Accounting and Auditing by Michael Jamison, CPA, CGMA

What’s the purpose of a corporation? For the last 50 years, the answer was “to maximize shareholder value.” But, on August 19, CEOs of 181 leading U.S. businesses, including Amazon, Apple, General Motors and Walmart, pledged to broaden the scope. Beyond shareholder value Putting shareholders first was...

03 Sep The untouchables: Getting a handle on intangibles

Posted at 12:28h in Accounting and Auditing by Michael Jamison, CPA, CGMA

The average company’s balance sheet understates its value by 80%, according to Sarah Tomolonius, co-founder of the Sustainability Investment Leadership Council. Why? Intangible assets aren’t recorded on the balance sheet under U.S. Generally Accepted Accounting Principles (GAAP), unless they’re acquired from a third party. Instead, GAAP...

31 Aug What to expect during a franchise audit

Posted at 16:15h in Accounting and Auditing by Michael Jamison, CPA, CGMA

It’s important for franchisors to periodically audit individual franchisees. These routine “check-ups” are especially valuable in a store’s early years of operations or if performance starts to deteriorate. They can be used to detect symptoms of unhealthy performance and treat problems before they spiral out...