News & Insights
Why some small businesses are switching to tax-basis reportingAre you fed up with all the recent accounting rule changes? For many private companies, the new lease standard that went into effect in 2022 was the last straw. Here’s an alternative reporting framework to consider. 
Virtual currency lands in the IRS’s crosshairsIf you do business with virtual currency, it’s time to bone up on related tax requirements. The IRS is paying closer attention. 
Why can’t my profitable business pay its bills?Bills, bills, bills! From utilities and payroll to taxes and supplies, there’s always a bill that needs to be paid when you own a small business. When cash is short, it pays to understand the differences between profits and cash flow. 
Strategic tax-planning Q&As for construction businessesMost people, including construction business owners, feel a sense of relief when their taxes are filed. But contractors need to make tax planning a year-round activity. Here are some Q&As to consider. 
In financial planning, forecasts and projections aren’t the sameNo business owner has a fully functional crystal ball. But a carefully created forecast or projection can help you better prepare for the future. 
Why businesses may want to consider ESG in strategic planningBusiness owners: You’ve probably seen the abbreviation “ESG” in an article or maybe heard about it on a podcast. You may want to consider whether and how the concept applies to your company. 
Commit to continually improve your nonprofit’s accounting processesAccounting inefficiencies and errors can cost your nonprofit time and money. Here’s how to root out and repair less-than-perfect processes. 
What’s in the Fiscal Responsibility Act?With a financial crisis averted, let’s take a look at the highlights of the Fiscal Responsibility Act. 
How to leverage AI in your accounting departmentWho performed better on a recent accounting exam administered by Brigham Young University: ChatGPT or undergraduate students? While AI software can’t yet replace humans for complex accounting tasks, here’s how you could put it to the test at your organization. 
Misleading Employee Retention ScamsIRS alerts businesses, tax-exempt groups of warning signs for misleading Employee Retention scams; simple steps can avoid improperly filing claims 
FASB votes to exempt private companies from disaggregation of income statement projectAs costs rise, investors and lenders are eyeing profits closely. Here’s the latest development on the FASB’s project to up the ante on expense disclosures. 
5 tips for avoiding profit fadeExperienced contractors know the pain of seeing a potentially lucrative job incur costly losses. Here’s how to fight back against profit fade. |
© 2024 Mullen Sondberg Wimbish & Stone, P.A.. All Rights Reserved.