Comprehensive financial statements can help tell the story of your organization’s financial health. Together, a balance sheet, income statement and statement of cash flows can be powerful diagnostic tools to help evaluate its financial well-being. Moreover, by carefully analyzing them, you may be able to uncover potential money-management problems or even fraudulent activity. Assets vs. […]
Finances
Budget for Success: Your Essential Tool for Business Planning, Financing and More
Is your business in growth mode? Over the years, we’ve heard from too many business owners that their budget is in their head. And that may work for some in the beginning — as long as you’re not looking to grow. As your business expands, there’s a spend against revenue. If you grow by $500,000 […]
Executive Pay and Fringe Benefits: Is Your Compensation Plan Triggering an Audit?
Executive compensation has evolved dramatically in recent years, in terms of creativity, complexity and dollar value. For example, stock options, deferred compensation, fringe benefits and other “non-cash” alternative forms of payment are becoming increasingly popular at business types of all sizes, making up a larger portion of executives’ overall compensation packages. But creativity isn’t fooling […]
The Right Time to Build a Banking Relationship? Right Now
If you think about it, running a business is largely about building relationships. And establishing a solid banking relationship is one of the most critical moves you can make as a business owner. When is the appropriate time to begin forming this relationship? According to CPA Nick Magone, Managing Partner of Magone & Company, “Immediately […]
Getting Ahead of 2023 IRS Cryptocurrency Reporting Requirements
Know those 1099-B forms that show up at tax time from your broker? Well, if you’re dabbling in cryptocurrency, you’ll soon be seeing more of them. Starting in 2023, U.S. legislation now extends the same transaction reporting rules to cryptocurrency exchanges, custodians or platforms (e.g., Coinbase, Gemini or Binance), as well as digital assets, such as cryptocurrency […]
Ready to Cash Out on Your Home? Beware of Capital Gains
Home values around the country are soaring. The median price tag on a single-family home in the U.S. jumped 23% since last year. While it seems like a huge advantage for sellers, there’s one factor that may put a damper on your profit: capital gains taxes. Your home is a capital asset, so the […]