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So far staff has created 102 blog entries.

Retirement Plans for Small Businesses

Generally, there are two types of qualified retirement plan: Defined contribution plans and Defined benefit plans. Defined contribution plans include profit sharing, stock bonus and money purchase plans in which a separate account is provided for each employee covered by the plan. The employee retirement’s benefit plans are based on the contribution to the account, [...]

2020-09-25T16:15:47-05:00October 21st, 2020|Accounting|

New FAQs Address PPP Loan Forgiveness & EIDL Issues

The new ​FAQs​released as of August 11, 2020 are divided into four sections addressing different aspects of the process and calculations PPP borrowers should use to determine how much of their loan is forgivable. Following is a brief description of each section and highlights from the guidance provided. General loan forgiveness:​The first FAQ of this [...]

2020-09-25T16:13:28-05:00October 16th, 2020|Accounting|

Invoicing and Accounts Receivable in QuickBooks

For business owners, getting business in the door is only part of the challenge, receiving payment for the work is another. It’s easy to focus on generating revenue and lose track of the fact that you haven’t been paid for the work - until you realize that there is a cash flow issue and wonder [...]

2020-09-25T15:58:23-05:00October 14th, 2020|Accounting|

Fraud Schemes Series – Part I: Bust Out

When engaged to investigate a fraud examination, a forensic accountant has to be aware of the multiple fraud schemes that may have been employed by a fraudster. One such coom scheme is a bust-out. Bust-out occurs when a company obtains goods from creditors and sells those goods for cash with the intention of never repaying [...]

2020-09-25T15:55:52-05:00October 9th, 2020|Accounting|

Depreciation on Leasehold Improvement

The purpose of this article is to discuss the definition of leasehold improvements, qualified improvements and the depreciation method for tax purposes. Leasehold improvements are major improvements or enhancements done by a tenant to make the leased property fit for his use. The examples of improvements can be: Installing furniture and fixture; Carpeting or tiling [...]

2020-09-25T15:52:49-05:00October 7th, 2020|Accounting|

Credit Card Transactions and your Business

Credit cards are a convenient tool for businesses to use in everyday operations; they allow a business to build or expand their credit history, as well as track spending. However, it’s easy to lose sight of how much (and what) is actually purchased on those credit cards if the data is not correctly or timely [...]

2020-09-25T15:49:03-05:00October 2nd, 2020|Accounting|

Business Interruption Loss Claims: Isolating the Damaging Event from Other Influencing Factors

In a prior blog post, we discussed the Dictiomatic case, which illustrated a number of principles and occurrences that often arise when calculating business interruption loss claims. Today, we will narrow in on one of the more common hurdles faced when performing loss calculations: what to do when multiple factors, not solely the covered loss [...]

2020-09-24T09:33:35-05:00September 30th, 2020|Business Interruption|

Business Interruption and Lost Profits: Restaurants

Restaurants are greatly impacted by the COVID-19 crisis. Most are impacted negatively at least in the early times of Coronavirus while some restaurants unexpectedly outperform during these times. The differences are driven by factors including but not limited to types of restaurants, local competition, neighborhoods, and local restriction orders. Business interruption and lost profits calculation [...]

2020-09-25T07:22:59-05:00September 25th, 2020|Business Interruption|

Why There is No Need to Rush for PPP Forgiveness

Although forgiveness for Paycheck Protection Program (PPP) loans is a foremost topic on the minds of borrowers, there are several reasons why borrowers should not rush to apply for forgiveness. Long-expected FAQs expected to clarify many PPP-related issues are still awaited from the U.S. Small Business Administration (SBA) and Treasury. In addition, the loan forgiveness [...]

2020-08-26T18:31:21-05:00September 18th, 2020|Accounting|

Sales tax on Computer Software and Services in Texas

The state of Texas levies sales tax on sale of tangible personal property and enumerated taxable services. Taxable services are defined in section 151.0101. Tangible personal property is defined on code section 151.009 as “the personal property that can be seen, weighed, measured, felt or touched or that is perceptible to the senses in any [...]

2020-08-26T18:30:05-05:00September 16th, 2020|Accounting|
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