Blogging Beyond the Numbers

Are you looking for a specific check or invoice? Perhaps you just made an entry, but you can't seem to find it anywhere? Here is a way to find those missing transactions without wasting precious time. You can search for transactions in Peachtree based on specific criteria that you enter. 1.  From the Edit menu, select Find Transactions   2.  Select a Filter range This is a 2-step process. Fir...

The IRS’s Large Business and International Division has identified 13 “campaigns,” or issues it will target in examinations, in the coming year. While the list targets large businesses, don’t be surprised if the issues trickle down to mid-sized and smaller businesses, too. The IRS is turning to an issue approach to audits and is focusing on those compliance issues that present the greatest ...

During the past year(s), did you have a foreign bank account or a financial interest/signature authority in any foreign account? If so, be aware…the IRS wants to know about it. If the combined aggregate value of all those foreign bank accounts exceeded $10,000 at any time during the calendar year, even if just for 1 day, you are required to file FinCEN Form 114, Foreign Bank Account Report (FBAR) with ...

The Section 199 deduction is intended to encourage domestic manufacturing. In fact, it’s often referred to as the “manufacturers’ deduction.” But this potentially valuable tax break can be used by many other types of businesses besides manufacturing companies. Sec. 199 deduction 101 The Sec. 199 deduction, also called the “domestic production activities deduction,” is 9% of ...

The rules for accounting for leases in a set of financial statements in accordance with GAAP (Generally Accepted Accounting Principles) will change significantly starting in 2020. The logic for making the change is that balance sheets are currently very different for businesses that own a building compared to businesses that rent a building. To enhance comparability between businesses the Financial Accounti...

President Obama signed into law the 21st Century Cures Act (the Act) on December 13th which allows small employers to provide Health Reimbursement Arrangements (HRAs) for their employees without facing penalties for failing to satisfy certain Affordable Care Act (ACA) requirements. Furthermore, the Act retroactively grants penalty relief for plan years beginning on or before December 31, 2016. HRAs are esse...

One of the most important financial statements for a business is the cash flow statement. The cash flow statement is the best resource for testing a company's liquidity and short-term viability. It records the inflows and outflows of a business's cash and cash equivalents, therefore showing how a company spends and receives cash. This article will explain how a cash flow statement is prepared based...

More than 90 percent of businesses in the United States are family owned, but fewer than 30 percent make it to the second generation. And less than 12 percent make it to the third generation. The key reason cited for failure is that they had a poor - or worse yet - no business succession plan. In fact, recent surveys show that only 30 percent of business owners have a succession plan. Whether yo...

What is your business worth and why does it matter? Valuations can be used for a variety of reasons including: business sale and purchase price analysis, establishing value for estate and gift taxation, obtaining financing, succession planning, and matters tied to divorce and ownership disputes. In addition, one of the best reasons to obtain a business valuation is to use it as a management tool. ...

If you go on a business trip within the United States and tack on some vacation days, you can deduct some of your expenses. But exactly what can you write off? Transportation expenses Transportation costs to and from the location of your business activity are 100% deductible as long as the primary reason for the trip is business rather than pleasure. On the other hand, if vacation is the primary reason fo...