Ultimate Account Blog

Contingency Plans

Every work week has its challenges. This week and those leading up to it include consideration of the impact of the Coronavirus to everyone’s health and all business operations. As businesses aim to maintain a safe and healthy work environment, they will also strive to avoid disruptions to the…

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Coronavirus Affecting Tax Deadlines?

The AICPA has made strong recommendations regarding extending both the filing season and tax payments until October 15th. We don’t know if Congress will accept, modify or reject them nor do they necessarily represent our opinion as a firm. I see a lot of planning opportunities around these issues…

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IRS to Visit Taxpayers Who Have Tax Compliance Issues

The IRS has announced that it will begin visiting taxpayers who have ongoing tax compliance issues. The tax issue could be items such as missing tax returns or past due taxes. The IRS has stated that the visits would come after numerous contacts, by mail, with the individual or…

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Are FRF for SMEs the answer to new GAAP standards?

The new GAAP revenue recognition (effective for December 2019 year-ends) and lease accounting (effecting December 2021 year-ends) standards are causing concern with private companies. Concerns about their ability to implement the standards appropriately, the effect of the pronouncements on the financial statements to third-party users, and the time necessary…

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E-Verify in the Construction Industry

Recently, Pennsylvania passed the Construction Industry Employee Verification Act (The Act). The Act will require all construction-industry employers, both public and private, to use E-Verify to determine the eligibility of new employees to work in the United States. Below is some additional information on The Act. Who must use…

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CLASSIFYING WORKERS IN TODAY’S ECONOMY

Are your workers employees or independent contractors? Classifying workers in the today’s economy… Conflicts arise between employers and employees from large older manufacturing businesses such as General Motors (GM) to newer service companies such as Uber. The difficult question becomes how to categorize workers and what that may mean. Properly…

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Lacking An Exit Strategy

Small Business Series – Mistake 8: We started this series a few months back with a post about business owners starting an enterprise for the wrong reasons. If the wrong entrance strategy was our first post, it only makes sense that our final post in this series centers on…

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Not Using Forecasts Or Projections – Part B

Small Business Series – Mistake 7B: In the last edition, we continued our series of common mistakes that small businesses make, by looking at the value of preparing financial forecasts/projections and the dangers of not using them. This edition will expand on that topic by focusing on how financial…

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Not Using Forecasts Or Projections – Part A

Small Business Series – Mistake 7A: Continuing our series of common mistakes that small businesses may make, mistake 7A will consider businesses that are not adequately forecasting or projecting their income statements and balance sheets. A forecast takes a look at financial events that are expected to happen and…

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Avoiding Difficult Decisions In Your Business

Small Business Series – Mistake 6: The next in our series of mistakes that small businesses make is more of a soft skill that goes unrefined as opposed to a financial skill. There are plenty of difficult discussions that business leaders need to have during the course of a…

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