Small Business Financials

As a business owner, the balance sheet is one of the most important documents you can use to evaluate the financial health of your company and make key decisions. Unfortunately, because some business owners may not fully understand the contents of this document, they may overlook it entirely. Below is some basic information about the balance sheet, as well as some tips to help you better understand this document.  * This article was originally published here Check out https://www.johannakimball.com

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Audio is not supported in your browser What are the differences? * This article was originally published here Check out https://www.johannakimball.com

This past year for business owners has been a challenging one. Despite the COVID-19 pandemic, owners have had to adapt and overcome all sorts of challenges that have led to new trends in how business is done today. Here are 3 trends that have been growing in popularity and will continue to do so as the year progresses. * This article was originally published here Check out https://www.johannakimball.com

Financial reporting Tags Cloud Finance Management reporting * This article was originally published here Check out https://www.johannakimball.com

Business Tax * This article was originally published here Check out https://www.johannakimball.com

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DCAA is short for Defense Contract Audit Agency. If your business seeks or has obtained government contracting work, your organization must establish DCAA compliance . The entirety of your business processes as well as your systems must be fully compliant with DCAA requirements. * This article was originally published here Check out https://www.johannakimball.com

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Audio is not supported in your browser The process for going private, and some pitfalls * This article was originally published here Check out https://www.johannakimball.com

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With the ever-changing corporate climate, companies need to invest in the younger generations. Currently, over 40% of working individuals in the United States fall into the Millennial and Gen-Z categories. To quote Alex Chausovsky of ITR Economics, "Young people are the basis of consumption activity in the future. They are the creators of demand." With the ongoing retirement of the Baby Boomer generation, there is an influx of Millennials and Gen-Z-ers completing schooling programs and flooding into the job market at an incredible pace. These groups are largely interested in getting involved with their desired careers and can be looked at as "sponges" ready to absorb the information you have to offer them and they will, in turn, become a major growth driver for you. While these younger generations may not have the same amount of experience as a Baby Boomer or Gen-X individuals, they are the future and they are very well capable of learning. Technolog...

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Audio is not supported in your browser Where to look for the latest accounting standard updates * This article was originally published here Check out https://www.johannakimball.com

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Personal tax * This article was originally published here Check out https://www.johannakimball.com

This past year has been unprecedented, and it is no surprise that this tax season has been the same way. We are sitting down with TaxAct president, Curtis Campbell to discuss some of the issues facing Americans this tax season and how to navigate into 2021 with positive financial advice. Why is this tax season one of the most unprecedented seasons we have seen? We are indeed facing one of the most complex tax seasons in our country’s history. So many Americans faced unique circumstances in 2020 that will have an immense impact on their tax filing that they may have never encountered before. Many are dealing with reporting unemployment income for the first time, and for the first time we have had not one but three stimulus payments. The IRS recognized that taxpayers are still navigating these complexities and have extended the federal filing deadline to May 17, 2021 and to June 15, 2021 for individuals in Texas, Oklahoma and Louisiana. With this extra time, taxpayers will have more ...

Any time that you make an income , you are legally obligated to pay taxes. Income you earn while working a full-time job or as an independent contractor must be taxed. If you don’t pay it and the government finds out, you could be subject not only to taxes, but also to expensive fees, liens on your property, and withholding from future IRS returns. One area where tax law is not so clear-cut is the eSports and online gaming industry. The eSports Industry Around the Globe Over the years, eSports, which are organized video gaming tournaments and events that take place on regional, national, and international levels, have grown exponentially in popularity. According to Statista, the eSports market revenue worldwide is $1.08 billion, with an audience of 474 million people around the globe. Game developers have taken notice, and the industry will only continue to grow in the future. According to Business Insider, it’ll experience a 9% compound annual growth rate (CAGR) between 2019 an...

Audio is not supported in your browser Unique accounting issues * This article was originally published here Check out https://www.johannakimball.com

Facebook fundraisers have become a popular, easy way to raise money for worthy causes. With the social media platform boasting an estimated 2.74 billion monthly users, people have been able to solicit support for organizations that support causes near and dear to their hearts. Facebook even takes the step to prompt users to set up fundraisers for their birthday. With birthday fundraisers posted on their Facebook page and their friends’ news feeds, it becomes a snap to raise money for charity. The ease of use on both the fundraiser and the donor’s end likely ensure that many are compelled to make charitable donations who otherwise might not have. People can also set up fundraisers for personal causes that can cover anything from raising money for medical expenses to supporting a political goal. Users have generated billions for nonprofit groups by donating money using Facebook, with millions more raised every day. Just because you are making the donation through Facebook does not...

TaxAct makes it easy to do your own taxes. But sometimes, such as when you have unexpected changes to your finances or questions about new tax laws, you might want a little extra help without shelling out for an accountant. That’s where TaxAct’s Xpert Help comes in. Xpert Help bridges the gap between do-it-yourself tax software and tax professionals. This gives you the ability to do your own taxes from the comfort of your home with support from a team of tax professionals.   As with any TaxAct product, it comes backed by a $100,000 Accuracy Guarantee . What is Xpert Help? Xpert Help is an add-on service for TaxAct products. It provides unlimited, on-demand help from certified public Accountants (CPAs), enrolled agents (EAs), and tax specialists. Xpert Help covers both federal and state taxes for comprehensive coverage of a wide range of tax situations. Whatever your tax concern, our tax professionals will be able to provide a solution, as well as clarity about why you’re...

The American Rescue Plan had more benefits for taxpayers than just the 3 rd stimulus payment. The plan that was signed on March 11, 2021 includes an update to the Child Tax Credit. We are here to break down everything you need to know about this credit, the updates that were made, and if they apply to you. What is the child tax credit? A tax credit for parents of dependent children. How much is the child tax credit worth? In Tax Year 2020, the child tax credit is worth $2,000 for eligible dependents under the age of 17 at the end of the year.  The credit is partially refundable and begins to phase out with AGI over $200,000 ($400,000 if married filing jointly). In Tax Year 2021, the child tax credit is 100% refundable and increased to $3,000 for eligible dependents age 6 to 17 and $3,600 for eligible dependents under age 6. The increased credit of $1,000 or $1,600 begins to phase out for individuals with AGI over $75,000, $150,000 (if filing jointly) and $112,500 for head o...

Audio is not supported in your browser Lease accounting is now more complex * This article was originally published here Check out https://www.johannakimball.com

 You know you're an accountant when..... .....Friends always ask YOU to divide the restaurant bill and the tip. .....Tipping a waiter makes you wonder who is acting as the troncmaster. .....You are always expected to be the one controlling the fund for office sweepstakes, lottery and fantasy football syndicates. .....Strangers sidle up to you at parties and ask "How do I pay less tax?" .....You can repeat all the HMRC 'on hold' messages word-perfectly. .....You are annoyed when you see journalists giving inaccurate tax advice .....When you pop into an independent retail outlet you wonder how much profit they make. .....You refuse to buy certain products retail because you know how big the sales margin is. .....You have quoted certain tax cases so often you know how to spell the obscure names involved (eg: Mallalieu v Drummond)  .....You count an unnumbered list like this one to check whether it really contains 10 items.  * This article was originally published he...

Audio is not supported in your browser When to Upgrade Processes * This article was originally published here Check out https://www.johannakimball.com

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Trends * This article was originally published here Check out https://www.johannakimball.com

It's been many years since HMRC (the taxman) started to use the word 'customers' to refer to all types of taxpayers and tax credit claimants.  Of course 'customers' normally get a choice as to where they shop so it's not the right word.   Here are 11 alternative, not too serious, descriptions. Do you have any other suggestions? Slaves Victims Codees - Anyone who deals with the tax authorities has to have a code, so that's the common element. Punters Suckers  Cash cows Mugs Muggles  Prey Government financiers Lemons (as in "squeeze them until the pips squeak") * This article was originally published here Check out https://www.johannakimball.com

Financial planning and accounting are two critical aspects when operating a business. With proper outsourced accounting in place, both of these components are well taken care of for you. Today, many businesses are outsourcing their financial and accounting services to outsourcing firms. Knowing the current trends in the industry of outsourced accounting services will help you know where the industry is moving. It will also assist you in choosing the best services available. Here's an outline of the current trends in the industry of outsourced accounting services. * This article was originally published here Check out https://www.johannakimball.com

Clients * This article was originally published here Check out https://www.johannakimball.com

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Audio is not supported in your browser Steve discusses payroll controls for both manual and computerized systems. * This article was originally published here Check out https://www.johannakimball.com

General practice Tags Clients Coronavirus Wellbeing * This article was originally published here Check out https://www.johannakimball.com

Would your business benefit by using outsourced accounting services instead of an internal accounting department or a CPA firm? Good accounting provides your business with the information it needs to make better decisions, stay in compliance with regulations , and maintain your company's image with employees, potential investors, and the public. It also helps you manage cash flow, make certain employees get paid on time, and keep up with accounts receivable. Very often, the difference between thriving and struggling companies lies in their accounting practices. * This article was originally published here Check out https://www.johannakimball.com

Growth * This article was originally published here Check out https://www.johannakimball.com

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