The balance sheet is a standard financial report that is often included with a business’ financial statements. It is easy for business owners to understand the profit and loss statement (P&L), which provides business revenues and expenses for a given period. The balance sheet, however,...
Prior to the Tax Cuts and Job Acts, a business owner generally could deduct 50% of business related meals and entertainment expenses. Meals provided to an employee on the business premises for the convenience of the employer were generally 100% deductible. The new tax law...
Is your company doing business in the US market? If you’re not filing IRS Form 5472, you could face large penalties. When a foreign company decides to conduct business in the U.S., not only must it decide what legal entity structure to use, but after...
Buy-sell agreements are among the most important agreements entered into by business co-owners. Notwithstanding the importance, many businesses do not have buy-sell agreements in place, and for many that do, the agreements are ambiguous and outdated. This post shares crucial agreement provisions and discusses why...
Now is the time to contact vendors for any missing W-9 forms, so that you have a less frenetic year-end. Our recommendations and tips for filing 1099s can make the process much easier for you. ...
Recently I had the opportunity to attend the Specialty Food Associations’ Summer Fancy Food Show in New York City. I was drawn to this particular show because we have many clients who are in the food and beverage industry. In addition, I am a “foodie”...
A question I am often asked by my clients is whether they can deduct the dues for clubs at which they entertain customers or that otherwise may be relevant to their business. Here's what you need to know before you pull out your golf clubs....
At KRS, we work with many food startups, as well as established companies in food manufacturing, wholesale and distribution, brokerage, and transportation and logistics. We know how important it is to have the resources you need to grow your business, so we’ve put together this...
Managing partner Maria Rollins was a guest on the Accounting Success podcast, speaking on the topic, “How Successful Accountants Serve Their Clients.” In this session excerpt, host Ian Welham and Maria discuss what it means as a CPA to be more than a trusted advisor....
Selling a vehicle out right or trading it in towards a new vehicle usually involves analyzing the economics of the transaction. However, tax factors can start to complicate things if that vehicle was used in your business. This post covers some of the tax implications...
