Month: September 2016
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QuickBooks security risk
9/17/2016 Update – Apparently the only reported successful attacks are in Australia. Security experts reported a new scam yesterday (9/15/2016) targeting users of the desktop version of QuickBooks small business accounting software. The scam uses a virus attached to an email. When a user opens the email, the virus attacks QuickBooks and reportedly sends out…
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The Accountant’s ‘Come to Jesus Moment’
“We don’t see things as they are, we see things as we are” – a Talmudic saying attributed to Rabbi Shemuel ben Nachmani who lived 1600 years ago. I read an online discussion thread last night among accountants describing a series of talks they are having this week with some of their small business clients. Some…
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New Jersey health insurance exchange choices disappear
The New Jersey individual health insurance exchange appears to be on the verge of collapse as one after another insurance companies pull out of the state. The latest is Health Republic. Earlier drop-outs include UnitedHealthcare’s Oxford plans and Oscar. An observer quoted in NJ.com commented “The collapse of the Health Republic Insurance of New Jersey…
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Health care crisis management
Our health care finance and delivery system was a state of national crisis when I left Wall Street and entered the small business advisory field in the 1980s. This was a huge concern for my first clients who were mostly building contractors. The connection between successful management of health care costs and overall financial success in…
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The IRS requirement for personal auto mileage records
You drove your car on business trips. You made a report of how many miles you drove for business, the dates, the specific destination and the purpose of the trips. You have all the expense receipts for gas and other out-of-pocket expenses. You submitted the expense documentation to your employer who reimbursed you. This is a…
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Tips for using the Health Insurance Marketplace
Open enrollment season is fast approaching for 2017 health insurance. I compiled 50+ tips in a new easy to read publication titled “Tips for using the Health Insurance Marketplace“. The 7 page booklet in PDF format is offered free of charge.
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Tips for new nonprofit board members
When elected as a director you want to make a good impression, help the organization and boost your own career as well. That’s understood. Here are some tips published by the NJCPA for getting involved in community organizations: 1. Block out the year’s board meeting schedule on your calendar. Plan on attending them all. Carefully read the…
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Mistakes to avoid as a new nonprofit board member
When elected as a director you want to make a good impression, help the organization and boost your own career as well. That’s understood. But some new directors take it too far and make strategic errors, according to tips published by the NJCPA. Most of these should be obvious but we spelled out nine pitfalls to avoid…
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QuickBooks improves management reports
QuickBooks, the accounting platform used by about 2 out of 3 small businesses and nonprofit organizations, recently announced improvements in the formatting of machine-generated reports. This is important for several reasons: The automated reports save a lot of time and expense over the ‘old days’ when these reports had to be prepared by humans. The…
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The myth of the ‘correct’ tax return
I occasionally have a conversation with a client, a potential client or another accountant on the topic of the accuracy of a tax return and IRS action. The comments might sound something like one of these: “The last two accountants messed this up and it needs to be made right.” “I am very particular about my…