What We Know
How to Set Up a Small Business in New York: General Partnership
Though the news is filled with stories of small businesses closing their doors during the pandemic, small business applications are rising at the fastest rate since 2007. Recently, the Wall Street Journal reported that “applications for employer identification numbers have passed 3.2 million so far this year, compared with 2.7 million at the same point in 2019.” Read More >
How to Set Up a Small Business in New York: Sole Proprietorship
Congrats! You’ve decided to start a business. What’s next? One of the first questions you’ll be asked is what type of business entity you’d like to conduct business under. The options include a Sole Proprietorship, General Partnership, Limited Partnership, Limited Liability Partnership, Limited Liability Company, C Corporation, S Corporation and finally a Professional Service Corporation. Read More >
What tax changes can we expect from the Biden administration?
Good question! Well, it might be the understatement of the year, but over the last 10 months, our lives have been filled with change and uncertainty. Now we face even more unpredictability with a new administration coming in. Read More >
The Three A’s Made as Simple as Your ABC’s
Over the last 5 years or so, there have been major changes to the accounting standards that must be implemented by businesses. If that’s not enough, many companies are struggling in the new COVID world, Read More >
We are all in this together….
Sure we are.
Sorry for the subject line but we couldn’t help ourselves. After a week of dealing with various bank requirements relating to the PPP loans, some of which seem nonsensical, such as changing SBA requirements, opaque reasons for approval, non-approval, regional approval disparities and just no feedback at all, we understand why there are so many angry and frustrated applicants. Read More >
Accounting for Impairment of Property, Plant, and Equipment (US GAAP)
Accounting for Property, Plant, and Equipment (PP&E) can usually be relatively straight forward: The asset is recorded at cost when purchased and then depreciated over its useful life. But what happens if the carrying value of PP&E is not recoverable? What if the asset becomes impaired? What is impairment and how is it determined? ASC Topic, 360, Property, Plant, and Equipment covers the accounting for PP&E and addresses some of these questions. This post discusses the specifics of accounting for impairment of PP&E. Read More >
Recognition of Lack of Recoverability of Inventories (US GAAP)
Accounting for the recognition of lack of recoverability of inventories can be a complex area that often requires the exercise of judgment. Although, US GAAP provides guidance under ASC 330, Inventory, it is the obligation of each entity to establish procedures to comply with the guidance. In this post, we’ll take a deeper dive into accounting for recognition of lack of recoverability of inventories. Read More >
Tax Tips for Gig Economy Workers
In 1938, Congress passed the Fair Labor Standards Act, which eliminated brutally long work days and ushered in the 9 to 5 workday. Today’s work world is dramatically different, with almost half of today’s workers freelancing or self-employed. Here are the basic facts about what self-employed workers need to know in order not to be hit with a massive tax bill or penalties. Read More >
6 Year-End Tax Tips That Can Save You Money
As the leaves fall and the weather cools down, it’s time to make moves that can reduce your 2019 taxes or increase next year’s refund. Here are 6 tips we share with our clients to make their personal or business tax return less painful. Read More >