MLR

Category: General Business

Accounting for Business

Welcome to our Resources section, where you will find articles pertaining to accounting for business, business financial planning, financial advice, and the industries of our clients. This section is a great source of information, but please contact us if you feel you need professional financial advice. Maxwell Locke & Ritter is here to offer trusted guidance.

 

Depending on a your company’s objectives, when it comes to financial statements your CPA can prepare a financial compilation, review its financial statements or perform an audit. Which route the business chooses to take relies heavily on its reasons for having a CPA examine its financial statements in the first place. This article discusses three types of financial statement work: compilations, reviews and audits.

The new revenue recognition rules apply to all companies that follow United States’ Generally Accepted Accounting Principles (GAAP). The accounting personnel who deal with accounting systems within your private company should ensure they are prepared for this change in financial reporting. No matter what industry your business deals with, you should schedule and follow the new changes in order to remain current in your policies.

The franchisor/franchisee business relationship is a common one, and it offers plenty of growth potential. Whether you’re considering owning a franchise or thinking about taking on franchisees, understanding the process before making a major decision is crucial. Then, it’s essential that you draft a franchise agreement that covers both the immediate terms, as well as any changes that may occur in the future. Maxwell Locke & Ritter can help you complete this when you’re ready, but here is what to know and understand before buying a franchise:

Year-end planning for 2018 takes place against the backdrop of a new tax law — the Tax Cuts and Jobs Act (TCJA) — that was passed last December and that made major changes to the tax rules for individuals and businesses. For businesses, the corporate tax rate is cut to 21%, the corporate AMT is eliminated, there are new limits on business interest deductions and the deduction of pass-through business losses, significantly liberalized expensing and depreciation rules, and there is a new deduction for non-corporate taxpayers with qualified business income from pass-through entities.  Also, in the foreground is the possibility of new tax legislation being passed before or after year-end.

Maintaining accurate records for employee per diem travel expenses can be a struggle. At this point in time, employees are not permitted to claim unreimbursed tax expenses on their personal tax returns, so employers should think about creating appropriate reimbursement plans for employees who incur expenses associated with business travel.

In addition to understanding the amount of money that can be reimbursed, it’s also critical that employers learn about claiming business expenses on taxes using this new, streamlined approach.

It’s common for companies to hit a point during growth where it is difficult without outside assistance. Private equity investment can be a wonderful option for business owners who want to retain some control of their business while also reaping the benefits of an outside investment.

The right private investor can be an incredibly valuable addition to your team — beyond just providing much-needed capital. As long as you consider the details beforehand so you can protect your own best interests, you may find that an investor is the key to your company’s long-term expansion and overall success.

Maintaining accurate records helps you manage the day-to-day operations of a business and makes it possible to prove that your organization is in compliance with various laws and regulations. Keeping good records also helps when hiring business tax services or when seeking business tax advice.

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Maybe you’re starting out and wondering to yourself, “how does a buy-sell agreement work”? If, however, you’re a business owner, you’ve probably established a buy-sell agreement in case you or a partner part ways with the company, whether voluntarily or involuntarily. Either way, it’s important to remember that just drafting an agreement and putting it in storage isn’t enough. From time to time, you may need to review the agreement and make revisions as needed.

The laws for online sales tax have changed. Learn about how the shift impacts digital retail and the need it creates for professional business tax accounting.

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Certain workplace culture characteristics consistently bring about higher financial performance.