Understanding your financial statements

Every Small Company’s Owner Should Understand Their Financial Statements

Do you review your company’s financial statements regularly? Do you understand what they tell you about your business? If not, you are not alone. Many business owners are focused on starting, growing, or maintaining their businesses. As a result, they do not take the time to understand their financial statements and the vital information they provide about their business. When used effectively, your financial statements are a tool that will help you plan better, address …

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Avoid the tax trap of starting a new business

Starting a New Business? Avoid the Tax Trap!

What an amazing time in life! You have a fabulous business idea, you have the skill to pull it off, and you are going for it! Your family and friends are all behind you and you are ready to start. Off you go… Things start really well, you gain momentum as word of your product or service reaches beyond your personal circle. You begin to focus on delivering to your customers and you are doing …

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Important Changes Ahead of us for Tax Amnesty Programs

Important Changes Ahead for U.S. Tax Amnesty Programs

Over the past several years, the IRS has implemented various amnesty programs aimed at reducing the number of delinquent US tax filers. Earlier this year, the IRS announced that one of these programs – the Offshore Voluntary Disclosure Program (OVDP) – would end on September 28, 2018. More than 56,000 taxpayers have taken advantage of this program under which the IRS has collected more than $11.1 Billion in back taxes, interest and penalties. In the …

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Financial Statement Report for my Business

What is the Right Type of Financial Statement Report for my Business?

There are three types of financial statement reports that can be issued for a set of financial statements: Notice to Reader, Independent Practitioner’s Review Engagement Report and Independent Auditors’ Report. The type of report you should select depends not only on what you need, but also on what the other people who rely on your financial statements will require.  The users of your financial statements can include the bank, shareholders who do not take an active role in the business or …

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