Who pays with cash anymore? Many customers prefer electronic payment methods, such as credit cards, PayPal, Venmo or even Bitcoin. But modern forms of payment require a modern audit approach. Cashless transactions require the exchange of …Read More

 

Limited liability company (LLC) members may be subject to back taxes and penalties if they underpay self-employment tax. Find out if your business could be at risk. SE Tax Background Self-employment income is subject to …Read More

 

Private companies have a good reason to celebrate this New Year: The FASB recently updated its guidance to allow them to opt out of the complicated rules for consolidating variable interest entities (VIEs). Consolidating financial …Read More

 

Since a lot of money flows through accounts payable (AP), it is important to get it right! Auditors can help by using four key procedures on AP: reviewing standard operating procedures (SOPs), analyzing source documents (such as …Read More

 

Independent Contractor vs. Employee: Worker Classification Matters Many employers mistakenly believe that the misclassification of employees as independent contractors doesn’t really matter, so long as the contractors satisfy all of their tax obligations. This couldn’t …Read More

 

You’ve probably heard of “bitcoin” and its overwhelming popularity in the world of cryptocurrency, but have you considered the tax consequences of using this form of payment? Most small businesses do not accept bitcoin or …Read More

 

If you’ve ever had a job, odds are, you’ve seen nepotism (or some form of hiring family members) in the work place. The college intern that doubles as a partner’s daughter or the new secretary …Read More

 

It’s important to fully understand the role of the audit committee in order to present on the operations of your business. These tips by Brandon Rosenthal, CPA will help you better understand their role. The …Read More

 

Bitcoin is one of the so-called ‘cryptocurrencies,’ and the most successful by far. Its market value has at times been greater than that of Disney or IBM. In fact, Bitcoin is bigger than the total …Read More

 

A “cash gap” can occur when a business tries to overcompensate for a shortage of cash by continuing to sell more. Robb Prestholdt, CPA, CMA explains this term to help your business steer clear of …Read More