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Every business has some degree of ups and downs during the year. But cash flow fluctuations are much more intense for seasonal businesses. If your company defines itself as such, it’s important to optimize your operating cycle to anticipate and minimize shortfalls. A high-growth example Consider a manufacturer and distributor of lawn-and-garden products such as…
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It’s common for closely held businesses to transfer money into and out of the company, often in the form of a loan. However, the IRS looks closely at such transactions: Are they truly loans, or actually compensation, distributions or contributions to equity? Loans to owners When an owner withdraws funds from the company, the transaction…
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Many business owners buy accounting software and, even if the installation goes well, eventually grow frustrated when they don’t get the return on investment they’d expected. There’s a simple reason for this: things change. Technological improvements are occurring at a breakneck speed. So yesterday’s cutting-edge system can quickly become today’s sluggishly performing albatross. And this…
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Nonprofit special events can be lucrative from a fundraising standpoint, but they also carry significant risks. Proper insurance coverage can help protect your organization. Special event, special planning Risks associated with special events run the gamut — from accidents and personal injury, to fraud and theft, to cancellation due to inclement weather or non-appearance by…
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Now that we’ve hit midsummer, if you own a vacation home that you both rent out and use personally, it’s a good time to review the potential tax consequences: If you rent it out for less than 15 days: You don’t have to report the income. But expenses associated with the rental (such as advertising…
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The American Institute of Certified Public Accountants (AICPA) has clarified its guidance on pro forma compilations. Here’s an explanation of when the new Statement on Standards for Accounting and Review Services (SSARS) applies and what your CPA now expects from you when performing these nontraditional attestation services. What does this mean? SSARS 22 applies when…
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It’s that time of year again — time to fill the bus! tonneson + co is teaming up with Catie’s Closet to provide basic necessities that students in need require for a successful start to their school year! We are collecting items between now and August 4th at our office in Wakefield, MA. Catie’s Closet…
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What could stop your company from operating for a day, a month or a year? A flood or fire? Perhaps a key supplier shuts down temporarily or permanently. Or maybe a hacker or technical problem crashes your website or you suddenly lose power. Whatever the potential cause might be, every business needs a disaster recovery…
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Donating to charity is more than good business citizenship; it can also save tax. Here are three lesser-known federal income tax breaks for charitable donations by businesses: 1. Food donations Charitable write-offs for donated food (such as by restaurants and grocery stores) are normally limited to the lower of the taxpayer’s basis in the food…
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It’s common for a business to own not only typical business assets, such as equipment, inventory and furnishings, but also the building where the business operates — and possibly other real estate as well. However, there can be negative consequences when a business’s real estate is included in its general corporate assets. By holding real…
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