If your business is facing a cash crunch, you’re not alone. In good economic times and bad, businesses in every industry can find themselves struggling to maintain financial balance from month to month or even week to week. Cash challenges can come from a number of directions. Perhaps a key customer has stopped or delayed
Author Archives: Whittaker
03
Feb
Feb
Summer is heating up, but an economic snowball is growing larger every day. Many businesses are seeing wild fluctuations in revenue and cash flow, which may translate into ballooning accounts payable (AP) ledgers and could have you wondering, “how can I control my accounts payable?”. The cascading effect of interconnected businesses not paying their bills
03
Feb
Feb
Whittaker & Company Senior Manager Daniel Sohn moved a lot when he was younger. Born in Korea, Daniel later moved with his family to Vancouver, Canada. Next they swapped coasts for New York City, then hopped back west to a variety of cities in Orange County. The constant change likely informed his aversion to stasis.
03
Feb
Feb
The Tax Cuts and Jobs Act (TCJA) imposed new limitations on business deductions for meals and entertainment expenses that were incurred or paid after December 31, 2017, the effective date of the applicable Tax Cuts and Jobs Act (TCJA) provisions. The Consolidated Appropriations Act of 2021 (CAA) allows a 100% deduction for certain business meal
Financial Reporting|Strategic Guidance
To Understand Cost Segregation Studies, Start at the Beginning
03
Feb
Feb
Cost segregation—“cost seg” to a tax accountant—can be a potent strategy for owners of commercial real estate to take advantage of the faster depreciation schedules applicable to qualified components of their properties. The basic contours of today’s approach to cost segregation were established in 1997 by the United States Tax Court in its decision in
Financial Reporting|Strategic Guidance
The Federal R&D Tax Credit is an Untapped Resource for Many Businesses
03
Feb
Feb
How much time and money does your business spend figuring out how to do something new or something better? We talk to businesses all the time who don’t know their activities could qualify for the federal research and development (R&D) tax credit. Meeting the requirements of the credit takes effort and planning, but a business
03
Feb
Feb
A cost segregation study categorizes the component parts of a commercial property for tax purposes, which allows the owner to optimize depreciation claims. A textbook cost seg analysis takes place not long after a property is acquired or a new building is completed, so the owner can begin taking full advantage of depreciation in the
03
Feb
Feb
Streamlining of financial records was key for this business, who came to us with so many records, tax issues and strategic questions they weren’t sure where to start. They had three separate sets of financial records and we worked with them to come up with one. Because we did that, their property taxes were properly
COVID-19 Resources|Financial Reporting|Strategic Guidance
Tax Strategies In Turbulent Economic Times
03
Feb
Feb
Surprisingly few businesses take a proactive approach to tax planning. For many, the time for thinking about tax strategies is during the preparation of tax returns. By then, many of the most impactful tools for lowering tax liability and improving cash flow are no longer available. There is never a bad time to start being
03
Feb
Feb
For this business, the powerful results of seeing profits go from $500k to $6.7 in a period of 18 months were primarily the result of implementing a financial dashboard, and holding monthly meetings. It sounds simple, but these two solutions are based on what we know works for businesses of this type. First, it’s critical
