by groupm7 | May 23, 2025 | Uncategorized
Now that the April 15 filing deadline is past, it’s easy to turn your attention to more interesting and exciting things – like that long-awaited summer vacation! But for many people, April 15 was just the time to request an extension of the filing deadline, and the...
by groupm7 | May 13, 2025 | Uncategorized
Even well-run companies experience down years. The federal tax code may allow a bright strategy to lighten the impact. Certain losses, within limits, may be used to reduce taxable income in later years. Who qualifies? The net operating loss (NOL) deduction levels the...
by groupm7 | May 13, 2025 | Uncategorized
For many businesses, accounts receivable (AR) are more than just a line item on the balance sheet. This account provides a key indicator of potential cash flow, customer relationships and overall financial health. So proactive AR management is critical. The AR aging...
by groupm7 | May 13, 2025 | Uncategorized
Even after your 2024 federal return is submitted, a few nagging questions often remain. Below are quick answers to five of the most common questions we hear each spring. 1.When will my refund show up? Use the IRS’s “Where’s My Refund?” tracker at IRS.gov. Have these...
by groupm7 | Apr 21, 2025 | Blog, Uncategorized
Under U.S. Generally Accepted Accounting Principles (GAAP), property, plant and equipment (PPE) assets aren’t immediately expensed. Instead, they’re capitalized on your company’s balance sheet and gradually depreciated over their useful lives. While that sounds easy...
by groupm7 | Apr 14, 2025 | Uncategorized
Many balance sheet items are reported at historical cost. However, current accounting standards require organizations that follow U.S. Generally Accepted Accounting Principles (GAAP) to report certain assets and liabilities at “fair value.” This shift aims to enhance...
