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.


The Tax Cuts and Jobs Act (TCJA) has brought many changes for business owners to consider, including whether to change the structure under which their business operates.


When physicians in the same practice disagree about how to handle job responsibilities, administrative issues or other matters, they can sow discord that can make the problems even worse. This article notes that it’s important to foresee this possibility and have strategies in place for resolving issues before the practice becomes completely dysfunctional.


Training a new volunteer is time-consuming and costly, which is only one of many reasons why you want to hold on to your volunteers once you bring them into your organization.

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.

There are quite a few different types of retirement plan options that cater to the particular needs of businesses of varying sizes- from the self-employed individual to large enterprises.  Three retirement plan options stand-out depending on what you want to accomplish with your plan and how much flexibility you need. These are: 401(k) plans, SEP IRAs, and SIMPLE IRAs.

One of the surprising changes under the Tax Cuts and Jobs Act (TCJA) is the treatment of transportation fringe benefits paid or incurred after December 31, 2017.  These benefits are no longer deductible for for-profit businesses and may result in unrelated business taxable income (UBTI) for nonprofit organizations.

Several positive changes were made to the federal income tax depreciation rules because of the Tax Cuts and Job Acts (TCJA). The following information is provided to assist investors with their real estate accounting, to help them understand the resulting real estate tax breaks, and to keep them from any unforeseen pitfalls.

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.


Nonprofits have traditionally relied on large donations from multiple sources in order to maintain their livelihood. In an effort to decrease their reliance on donations, some have opted to find other sources of financial assistance. One way they have sought financial freedom is by opening their own business, yet this is not fail-proof because the commerciality doctrine often negates federal tax-exempt status

Tax season is underway. This means many elderly people will become targets for financial manipulation. Scam artists are always on the prowl for financial data, and they know the elderly population is easy to take advantage of. Whether you happen to be a senior yourself or you have an elderly loved one who needs protection, here are five tips can help you avoid elder financial abuse.