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Audits, Reviews and Compilations….What’s the Difference, and What Do You Need?

Lenders, suppliers, and others routinely request financial statements to assess a company’s or an individual’s financial health. It’s important to understand the various services available to determine what type of financial statement service best suits your needs. There are three general levels of financial statements on which a CPA can prepare a report: Audited Financial Statements (most costly)... Read More

1099 Repeal

President Obama signed H.R. 4 on April 14. The new law repeals the expansion of business information reporting under thePPACA and rental property expense reporting under the Small Business Jobs Act of 2010 (2010 Small Business Jobs Act). Read More

Using Your Financial Statements to Tell You a Story

Your financial statements tell you a story – how to read them for education and empowerment. Most people view financial statements as numbers on a page, very complex, hard to understand, “too much information that doesn’t have much to do with our business.” To the untrained, this is understandable. But, your CPA or controller should help you understand your financials and assist you in... Read More

Senate sends repeal of Form 1099 reporting to President

The Senate approved House legislation (H.R. 4), which would fully repeal all the expanded Form 1099 information reporting requirements enacted in 2010. The veto-proof 87 to 12 majority vote was sent to the President and virtually assures that it will become law. H.R. 4 would fully repeal all three new Form 1099 provisions that expanded reporting to include payments made for property, to corporations and... Read More

Is Your Plan Taking You in the Right Direction or is it Time to Reinvent

We are coming through a recession/depression that has caused us to reactively do many things. With lower revenue, we had to cut costs. As we cut costs, we looked at our use of employees vs. technology vs. outsourced services vs. part time contractors. We are reexamining benefit plans with changes coming, our commitment to health and retirement plans are changing. We are considering “leasing employees”... Read More

Financial Statements 101

On March 16, Steve Gross was a presenter at the “Stepping Up to Business” conference which was designed to educate small business owners about financing their business. The day long seminar included workshops, presentations, and a luncheon panel discussion which Steve Gross moderated. About 185 business owners from the Atlanta area attended, as well as some from other states. Steve’s... Read More

IRS Penalty Abatement During Troubled Economic Times

The IRS has committed itself to assisting taxpayers who are challenged in these economic times. The good news is that the tax code regulations, Internal Revenue Manual, and case law expressly recognize the financial-distress-merits-penalty-waiver argument. The bad news is that the IRS often rejects this contention. While they are committed to assisting American taxpayers in any way possible to meet their... Read More

Managing Cash Flow When Customer’s Cash is Tight

Pain of Today Business activity is beginning to improve We see it in restaurants, traffic, news and stock market Most of us see it in increased or slightly increased orders We optimistically believe with this order volume increase, revenues, followed by collections, should improve. Increased business activity comes with increased needs for us to spend money up front to support the activity. ... Read More

Jeff Plank to judge Georgia Tech Business Plan Competition

On March 18, Jeff Plank will be a part of the judges panel for the Georgia Tech Business Plan competition, “Experience Entrepreneurship.” This annual competition is dedicated to fostering entrepreneurship among Georgia Tech students and alumni. In 2011, a total of $57,000 will be awarded as prizes as students and alumni compete for the best business plans, and the most fundable venture... Read More