Ten million people with tax debt can still move forward with a normal financial and personal life

Posted Leave a commentPosted in Accounting, Financial Planning, Taxes

Millions of Americans are saddled with tax debt that prevents them from moving financially. That financial struggle impacts other aspects of life including mental and physical health and relationships. I’ve observed that the key to resolving these problems – even when they seem insurmountable in the beginning – is to establish a supportive professional relationship […]

Two tips for new nonprofit organizations

Posted Leave a commentPosted in Accounting, Cannabis, Nonprofit

There are more than a million nonprofit businesses in the U.S. with more every day. State requirements that new cannabis companies be in nonprofit form bring more attention. Yet most nonprofit organizations are small volunteer-driven businesses with small budgets. They still need to make smart business management decisions, beginning with the business start-up. Starting out […]

Accounting for volunteer services provided to a nonprofit organization

Posted Leave a commentPosted in Accounting, Nonprofit, Taxes

The accounting treatment of services donated to a nonprofit frequently comes up in conversation. This blog post is meant to simplify three of the most common scenarios if those discussions: Should a nonprofit include the value of donated services in its reported revenue? No, unless the contributed service either: 1) creates a new non-financial asset, […]

Sample small business bill payment policies and procedures

Posted Leave a commentPosted in Accounting, Small Business

Every small business – even one person firms where one person wears all the hats – benefits from having a well-considered bill payment policy. This sample policy is one that I drafted for a client with about $25,000 per month in expenses. The intent is to allow this to spark some ideas about how your […]

‘Assurance’ though a web app is not insurance

Posted Leave a commentPosted in Accounting, Insurance

‘Assurance’ based on technology is nice but it does not include the financial risk shifting of insurance or the legal force of a contract. I recall writing a blog post years ago about how health insurance was morphing into a web app. Consumers seemed unaware or unconcerned of the distinction between a legal contract that […]

Initial thoughts on tax season wrap up and where to go from here

Posted Leave a commentPosted in Accounting, Tax Planning, Taxes

Initial thoughts on the wrap up of tax season: 1. OVERALL: It was the roughest tax season in my 30+ years, yet it was not as bad for me as many others tax professionals reported. Tax accountants’ online discussion groups are filled with stories of excess stress, it’s health impact, and threats of retirement from […]

Update on accounting business practices

Posted Leave a commentPosted in Accounting, Security, Small Business, Taxes

In the normal course of business it is necessary to periodically update for changing trends, technology and legal and industry standards. This month I made the following six changes that will be reflected in future engagements: 1. Elimination of fax communications. Fax is just outdated, often insecure and inefficient. Instead, I encourage the use of […]