Tag: Accounting

A business owner’s workday is rarely idle. Especially in the early years, it’s not unusual to find an entrepreneur juggling multiple roles, both out of financial necessity and the desire to make sure everything is Read More

Ohio’s unique local taxation laws can make running payroll across state lines complicated. An ounce of preparation can save thousands in tax liabilities, so here are the common payroll and tax issues you should be Read More

Financial statements are central to understanding any business. A public company's balance sheet, income statement and cash flow statement enable investors, lenders, the media and other stakeholders to value the company, forecast short- and long-term Read More

If you rent out a second home — or part of your main residence — you may be unclear about whether you need to pay self-employment (SE) tax on your net rental income. In fact, Read More

The accounting method you currently use for your small business may no longer be appropriate due to changes in market conditions or within your company. The IRS generally allows taxpayers to change their method, but Read More

The IRS has historically considered construction a high-risk compliance industry because of its potential for cash transactions, underreported income and worker misclassification. What's more, as the tax agency rolls into the future under new leadership, Read More

Fraud perpetrated by employees, management, vendors or customers can happen to any business. And if it does, it can take years to recover from the financial losses and reputational damage. In some cases — especially Read More

Small business owners often have accounting questions and financial advisory needs that don’t always occur at regular intervals or around tax time. Opportunities to grow your business crop up with a little warning. How does Read More

One of the not-so-secret ways to run a profitable construction business is to follow sound accounting practices. Mistakes in financial reporting can be costly, potentially leading to budget overruns, cash shortfalls, delayed projects, unpaid bills Read More

Under the accrual method of accounting, the end of the accounting period serves as a strict cutoff for recognizing revenue and expenses. However, during economic downturns, managers may be tempted to artificially inflate earnings or Read More