Les Smeach
The Statement That Tells All – The Cash Flow Statement
In a set of financial statements, the one that lends credibility to the others is the Cash Flow Statement. Management, lenders, stockholders, potential investors, and valuators use this statement to assess the financial health of a business, whether the organization is for profit or a not-for-profit. The statement reports three primary activities: Operating Investing Financing [...]
New Value Standard for Divorce?
In July of this year, the Pennsylvania Superior Court in the Case of Balicki v. Balicki ruled on valuation standards for equitable distribution in divorce cases. This ruling could have implications in several states and possibly nationwide in the future. The Court considered whether it was proper to reduce the value of a business, in [...]
IRS to Step up Procedures on Audits of Sole Proprietors
If you are a sole proprietor, you need to take notice: the IRS is going to take a more aggressive approach to see if you are hiding sources of income. The Treasury Inspector General for Tax Administration (TIGTA) believes that IRS field agents should take further steps during an examination to see if all income [...]
What Does the Small Business Health Insurance Tax Credit Mean for Your Business in 2010?
For tax years beginning after December 31, 2009, this tax credit is provided to eligible small employers (ESEs), who are employers with no more than 25 full-time employees (FTEs) employed during the tax year. These FTEs are defined as employees having annual full-time equivalent wages that average no more than $50,000. The full credit is [...]
Intensified Small Business Expensing, Is It Time To Buy?
The Small Business Jobs Act (the Act) of 2010 provides for significantly faster cost recovery of business property purchases (machinery, equipment, and certain software). Under the new law for tax years beginning in 2010 and 2011 the $250,000 expensing limit is increased to $500,000 and the purchase amount of property placed in service is increased [...]
