In the world of startup/emerging growth technology, there is a reoccurring accounting question that inevitably requires serious consideration: should I be capitalizing my software development costs, or should I expense them all or a portion of them? If you are also asking this question, take comfort in that determining whether to capitalize software costs is…
Proposed Changes in Congress Could Affect Law Firms Law firms with over $10 million in revenue need to be aware of two proposals in Congress that may fundamentally change the way income is reported for federal tax purposes. Currently, most large law firms use the cash method of accounting, but new proposals would force taxpayers…
Final Employer Shared Responsibility Regulations Issued The U.S. Treasury Department (“Department”), on February 10th, issued final regulations implementing the employer shared responsibility provisions of the Affordable Care Act (“ACA”). The final regulations provide transitional relief for large and mid-sized employers and address several other areas related to the employer shared responsibility provision of the ACA….
Share One of the biggest barriers to proper cash flow and a source of anxiety for many business owners is overdue accounts receivable (AR). Getting a customer is a big win for you and your marketing/sales team; getting that customer to pay in a timely manner is essential for your company’s financial health. Besides hounding…
Wealth In Family – Achieving Balance While Achieving Goals By Raymond G. Russolillo, CPA/PFS, CFP® , Partner, Family Wealth Services Successful business and not-for-profit leaders have long known that the establishment of a formal and communicated mission and vision statement within their organizations goes a long way toward organizational self definition and the creation of…
Business Models Are Not Business Plans Ace Ventura: [to Lt. Einhorn] Whew… now I feel better. ‘Course, that might not do any good; you see nobody’s missing a porpoise. It’s a dolphin that’s been taken. The common harbor porpoise has an abrupt snout, pointed teeth and a triangular thoracic fin. While the bottlenose dolphin, or…
Keeping a Broad Vision Scene at The Olympia Restaurant (from SNL skit) Patron: I’ll have a grilled cheese. Gus: No grilled cheese – – Cheeseburger Gus: What do you want to drink? Patron: Coke Gus: No Coke; Pepsi Probably one of the most difficult concepts for an entrepreneur…
Spring Clean Your Plan with Word Searches This week’s sunscreen moment provides a quick and effective way to spring clean your plan. Retirement plans with over 100 eligible participants are required to include audited financial statements with their Form 5500 filing. Watch this week’s video to learn more. Previous Post Next Post
IRS is Catching Up With Modern Technology: The Taxation of Bitcoin Bitcoin, the virtual currency that tech savvy consumers can use to purchase anything from the latest music on iTunes to a Lamborghini off a showroom floor, has been around since 2009 but just recently hit the radar of U.S. regulators. Recently, the IRS issued…