SME CPA BLOG

The market value of property and equipment often exceeds book value, especially for fixed assets that appreciate (rather than depreciate) in value or if your company uses accelerated depreciation methods. But the reverse sometimes occurs, too. When book value exceeds market value, a write-off may be required under U.S. Generally Accepted Accounting Principles. Understanding Book…

Everything You Need to Prepare for Taxes Did you know that approximately one third of Americans delay tax preparation each year? Many say that the task is too time-consuming and can be stressful. You can speed up the process and decrease stress by getting a jump-start on gathering the information and documentation you need to…

Business owners wear several hats a day. They have to design their services, market themselves, manage a small team, handle salaries and payments, and much more. So, it’s no surprise that when it comes around to doing your corporate taxes, you might find yourself overwhelmed. To remain in good standing with your state and avoid…

Managing and overseeing funds is mission-critical for any non-profit. While an experienced non-profit accountant is a great resource for helping you manage the big-picture financials, perform audits and prepare annual reports, your organization’s treasurer or bookkeeper is still a critical player in keeping the financial wheels turning. If you’re a non-profit bookkeeper or an Executive…

If you’re the executive director of a non-profit organization, you’re likely tasked with keeping all the initiatives moving forward, planning for future campaigns, and managing the business aspects of the organization.  But a non-profit isn’t a standard business. There are many objectives, strategies, and processes that differ for 501(c)(3) and 501(c)(6) organizations, compared to the…

While the tax deadlines are still months away, quarter four is the ideal time to start planning for your filings. The biggest questions taxpayers have going into the 2021 tax season involve the implications of Stimulus Payments and Child Tax Credits issued by the government as a part of the American Rescue Plan Act. As…