Introduction Family businesses are the backbone of economies worldwide, representing a significant portion of global enterprises. However, one of the most challenging aspects of running a family business is managing compensation, as it often involves the intersection of professional performance and familial dynamics. In this blog post, we’ll explore the complexities of compensation in family
Category Archives: Advisory|Financial Reporting|Strategic Guidance
Advisory|Financial Reporting|Strategic Guidance
The Key to Success: Understanding Your Financial Statements
04
Oct
Oct
Introduction Do you feel like your financial statements are just a bunch of lines of words and numbers with no meaning? This is something very common for most business owners since they never had the opportunity to learn. Well these confusing words and numbers can actually tell a story about your business and can be
Advisory|Financial Reporting|Strategic Guidance
Rental Property Repairs Vs. Improvements: A Tax Perspective
27
Sep
Sep
Introduction Investing in rental property can be a lucrative venture, but it comes with its fair share of responsibilities and financial considerations. One crucial aspect of managing rental property is understanding the difference between repairs and improvements and how these distinctions can impact your taxes. In this post, we will dive into the world of
Advisory|Financial Reporting|Strategic Guidance
Why is it Important to Understand Financial Statements?
30
Aug
Aug
Not being able to understand your financial statements is something most business owners struggle with. Many people think they are just numbers on a page, but in reality they tell a story about your business As a business owner, you have a multitude of responsibilities that shape the success of your business. From product development
Advisory|Financial Reporting|Strategic Guidance, Advisory|Tax, Strategic Guidance|Tax
How do I know if my tax return is correct?
21
Jun
Jun
This is not a question that we hear often, but I want to address it because it has led to many people seeking our services and occasionally client frustrations. I would preface this with the fact that when you are signing your tax return or authorizing your CPA to electronically file your tax return, you
Advisory|Financial Reporting|Strategic Guidance, Advisory|Strategic Guidance
Internal Vs. External Accounting
26
Apr
Apr
A Question we often get asked is whether a business should hire an in house accounting team or outsource their accounting work. This can vary depending on the business but there are pros and cons to each option. Outsourcing With some of our clients, we see the business owners are primarily responsible for their accounting
05
Apr
Apr
Different Types of Obsolete Inventory When it comes to dealing with obsolete inventory, the solution isn’t always the same. Every company has some form of inventory that they might be deemed as obsolete. Because of this, it is important to determine why the inventory is considered Obsolete. It is also not usually just one item.
16
Jan
Jan
Tax Relief Information As a result of the recent storms in California, the governor declared a state of emergency in many counties affected by the storms. This declaration extended tax payment and tax return filing deadlines to May 15th, 2023, as discussed below. We are notifying you of this recent
Advisory, Advisory|Financial Reporting|Strategic Guidance
What are the Different Types of Cash Flow?
21
Dec
Dec
What is Cash Flow? When it comes to understanding cash flow there are a couple of different things you need to be aware of. Cash flow specifically refers to the amount of cash going in and out of a business. There are three distinct categories of cash flow that each refer
29
Jul
Jul
Throughout the year we get many inquiries on annual changes in tax laws. This post is a summary of the more frequently asked questions around tax laws in a rapid-fire format. IRS Mileage Rate First will be the IRS standard mileage rate for reimbursement. This would typically be how much a business reimburses employees if