Ultimate Account Blog

Ignoring GAAP or Tax Effects of Business Decisions

Small Business Series – Mistake 5: Continuing our series of common mistakes that small businesses may make, I think how many things business owners or executives have to know. They have to know their product or service, their pricing strategy, their competition, their people, their customers, their vendors, their…

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Failing to Price or Buy Appropriately

Small Business Series – Mistake 4: A television show that I enjoyed during the earlier part of this decade was A&E’s Pawn Stars, which takes place in a Las Vegas pawn shop. Members of the public bring items that they personally own to see what the shop will pay…

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Failure to Implement Proper Capitalization Planning & Equity Retention in Your Business

Small Business Series – Mistake 3: A third mistake that we see small businesses make is in regard to their equity. Equity, or capital, is the amount in which a business’ assets exceed its liabilities. It is a common component of many covenants that lenders apply to business loans, including…

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Forgetting ‘Achievable’ When Setting SMART Goals for a Small Business

Small Business Series – Mistake 2: The next installment in our series of mistakes to avoid as a small business owner is related to goal setting. We’ve written about goal-setting previously, but improper goal planning is a common small business failure. The concept of “SMART” goals is widely known, but specific…

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Confusing Knowing a Trade with Knowing a Business

Small Business Series – Mistake 1: We are starting a series of blog posts regarding mistakes that are common to small businesses, brought to you by Dan Massey, a Partner in the firm’s Assurance Division. Although it may seem negative to highlight areas where business owners occasionally have erred…

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How The New Tax Law Helps Businesses Who Carry Inventory

It is that time of the year where we as tax and consulting professionals are in the thick of tax season. At this point there are only a few adjustments that can be made in 2019 to have an impact on 2018 taxes. Contributions to retirement accounts and profit-sharing plans…

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Getting Ready for Tax Season: How to Prepare & File Your Taxes

Another tax period has gone by and now it’s time to start getting ready for tax season! Use our tax preparation checklist to prepare and file your taxes this year, whether you’re filing for yourself or for your business. When Does Tax Season Start and End? Tax season typically begins…

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Year-End Payroll Checklist: Are You Prepared?

As another year comes to a close, there are many important things that need to be wrapped up before the end of the year. For your business, your to-do list must include year-end payroll duties. So, what is year-end payroll and how do you complete it effectively? We have the…

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Gift Card Fraud Prevention: How to Avoid Being Scammed

In June of 2018, prosecutors from the U.S. Attorney’s Office indicted five people from Washington who admitted to using gift cards to steal almost $800,000 from Target and its customers. One of the scammers cracked the gift card algorithm and managed to identify the unique barcode numbers from thousands of…

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Medical Loss Ratio Rebates: How They Impact Your Business & Employees

As insurance companies collect payments from U.S. employers, the profit is split into two general categories. One category is for clinical services and quality improvement, also known as the Medical Loss Ratio (MLR). The other is for administrative costs and profits (executive salaries, overhead, and marketing). If too much of…

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