General Accounting

Categories

Consider Tax Consequences Before Making an Employee a Partner

Offering employees an equity interest in your business can be a powerful tool for attracting, retaining and motivating quality talent. If your business is organized as a partnership, however, there are some tax traps you should watch out for.
More Info »

Loans Between Your Business and Its Owners

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?
More Info »

How Nonprofit Youth Sports Leagues Can Prevent Fraud

Many not-for-profit youth sports leagues are at risk for fraud and don’t even know it. Because cash transactions are common and leagues usually are managed by volunteers with little oversight, it’s easy for crooked individuals to take advantage of the situation. Unfortunately, sports league fraud is usually committed by board
More Info »

Where Has All My Cash Gone?

Do you ever feel like you just never seem to have any cash on hand? Is your cash leaving the business as quickly as it comes in? Take a few minutes to get a better understanding of your cash flow and review the controls you have in place over cash.
More Info »

Corporate Credit Card or Expense Reimbursement?

How management monitors employee expenses whether using reimbursement method or company credit cards is a key internal control of the business. There are some pros and cons for both options and they have slightly different nuances when it comes to monitoring the controls over these expenditures.
More Info »

Choosing Between a Calendar Tax Year and a Fiscal Tax Year

Many businesses use a calendar year as their company’s tax year. It’s intuitive and aligns with most owners’ personal returns, making it about as simple as anything involving taxes can be. But for some businesses, choosing a fiscal tax year can make more sense.
More Info »

Scott Hoyles Receives ABV Designation

Olsen Thielen is happy to announce that one of our Tax Principals, Scott Hoyles, has been awarded the Accredited in Business Valuation (ABV) designation from the American Institute of Certified Public Accountants (AICPA).
More Info »

Do You Know How Much Your Business is Worth?

As the owner of a small or closely-held business you likely consider your enterprise to be your life’s work. It is an area you have poured tremendous time, energy, and money into to build an important portion of the legacy you will leave behind.
More Info »

The Top 10 Things Every CEO Needs to Do

There are ten fundamental information security practices that should be followed in every organization: Think Right, Get Help, Get Involved, Lead, Plan, Set Goals, Measure, Seek, Encourage and Prepare. Some of these things you can delegate to others, and some of these thing you can’t. As CEO you need to
More Info »

Dual Signatures

An important internal control related to cash disbursements can include requiring two authorized signatures on all company checks generally over a specific amount that has been set by management or the board directors. By requiring two signatures, the company is verifying that both signers agree that the payment is proper
More Info »
We Value Your Privacy

This site may use cookies to store information on your computer. Some are essential to make our site work and others to improve the user experience. By using this site, you consent to the placement of these cookies and accept our privacy policy.