Your business may be eligible to choose between the cash or accrual method of accounting for tax purposes. While the cash method often provides significant tax advantages — especially for small businesses — the accrual method can be a better fit in certain circumstances. Choosing the right method isn’t just
Running a closely held business is no small feat. Owners often prioritize core operations — managing employees, serving customers, and driving sales — while tasks like bookkeeping fall to the bottom of the to-do list. But overlooking the financials can be risky. Complex accounting rules, paired with the time-consuming nature
The Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2016-13 seems like it would be old news. But the provision for accounting for current expected credit loss (CECL) went into effect for not-for-profits in calendar years ending in 2023 and fiscal years ending in 2024. Also, it doesn’t apply
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