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Q&A Forum

Three Types of Common Stock Transactions That May Affect Your IRC §409A Valuation

Jim Timmins
Title: Managing Director
Company: Teknos Associates
(Managing Director at Teknos Associates)
In the past, common stockholders had to wait for a company to complete an IPO or to be acquired in order to sell their shares.  But with the reduction in the number of IPOs and M...
6726 Views | 0 Answers/Comments

Who maintains your company's website?

Ryan Miller
Title: CEO
Company: Miller Manufacturing
(CEO at Miller Manufacturing)

Do you have an in-house person manage/maintain the website? Or do you outsource to a contractor?

2588 Views | 3 Answers/Comments

Accounting for convertible note

(Accounting Manager)
Our private company issued a 24-month convertible note for $5M with 8% simple annual interest. The outstanding principal and accrued interest are payable at maturity date. Prepayment is...
31 Views | 0 Answers/Comments

My private company is having large investors come in mid-month and want me to prorate BS & IS items for mid-month and have a regular close.. how do I keep them separate?

Melissa Rice
Title: Controller
Company: OPRS Services
(Controller at OPRS Services)
I work for a private company which is having investors come in mid-month, however, the investment is really in the company that owns my company. For this reason, they want to keep trac...
24 Views | 0 Answers/Comments

When forecasting financial models in excel, how do you make the timing of cashflows dynamic?

Robert Green
Title: Cofounder & COO
Company: Amina Health
(Cofounder & COO at Amina Health)
I am building a financial model for my company right now. We are a medical device company, so regulatory approvals timing has the ability to dramatically effect when cashflows are expec...
121 Views | 0 Answers/Comments

Checklist for systems controls?

Matthew Dineen
Title: Controller
Company: N/A
(Controller at N/A)
Hi All - I'm a controller of a privately held business with about 400 employees. I was recently hired - the previous controller was promoted to CFO when the old CFO retired. Both of t...
30 Views | 0 Answers/Comments

Need for invoice

Tim Ahern
Title: Retired
Company: Retired
(Retired at Retired)
Does a HOA management company need to provide the HOA an invoice to receive monthly fee, or can they simply withdraw the required amount?
50 Views | 0 Answers/Comments

I'm a Financial Advisor that wants to add Tax Preparation to my practice

Kevin Michels
Title: Financial Planner
Company: Medicus Wealth Planning
(Financial Planner at Medicus Wealth Planning)
I'm a fee-only financial advisor and a big part of what we do, in addition to investment management, is financial planning. We get deep into tax planning as well, at least compared to ...
45 Views | 0 Answers/Comments

How do I account for a revenue share with a vendor.

(Senior Accounting Analyst)
We entered into a revenue share agreement with a vendor in which we buy the product from them and then sell it. They are entitled to 50% of the revenue, which is then reduced by the cos...
80 Views | 1 Answers/Comments

ERP/Accounting Software Search

Nick Tehrani
Title: Accounting Manager
Company: XYPRO
(Accounting Manager at XYPRO)
Hello, I was wondering if anyone in Technology/Software Industry has implemented a new accounting system recently. My company is hoping to move on from QuickBooks due to our need for a...
69 Views | 1 Answers/Comments

What accounts get zeroed out at the end of year?

Example: Accrued items
51 Views | 1 Answers/Comments

Membership Units (LLC Partnership) provided as Compensation - Taxable?

I always find it interesting the differing opinions you get when you have a bundle of Financial Professionals together with varying backgrounds and thought this scenario that came up du...
60 Views | 0 Answers/Comments

How to do Partnership Financial Statement with Negative Capital Account

(Company Accountant)
I am finishing a partnership for the first time in my life. I don't know what I should do. I plan to do a financial statements and lodge final tax return, lodge my last BAS and cancel...
61 Views | 0 Answers/Comments

How do parent and subsidiary audits work?

anonymous person
Title: Associate
Company: Accounting Firm
(Associate at Accounting Firm)
I am starting in audit soon and I am just wondering the mechanics of an audit in regards to a parent and sub. if a company buys another and they have different auditors, would the audit...
100 Views | 0 Answers/Comments

How to book a deferred tax in IFRS and in the local statutory in case of a different result in the books?

Aleksandra Myja
Title: Junior Financial Controller
Company: Fresenius Kabi SSC Poland
(Junior Financial Controller at Fresenius Kabi SSC Poland)
How to book a deferred tax in IFRS and in the local statutory in case of a different result in the books? How can I match one result to another? Thank you in advance
82 Views | 0 Answers/Comments

What is my job title ?

(accounts assisstant)
I recently started a job as a admin/accounts assistant in a new accounting firm, however as the months have passed they have decided to hire a few more bookkeepers and have me over se...
227 Views | 1 Answers/Comments

How can I best help a client that has 10 years of tax filings to catch up on?

Andrew K
Title: Director of Tax and Accounting
Company: Silver Leaf
(Director of Tax and Accounting at Silver Leaf)
I had someone approach my firm and ask to help them file past tax returns. This client has not filed since 2008, and it appears he may owe taxes between 2008-2012 (he withdrew early fro...
1060 Views | 1 Answers/Comments

Submission of US Tax Form (W9 or W8)

(Tax Exexutive)
We are in Hotel business located in India and a tax resident in India. Any service rendered to guests would be performed in India. One of the US company has agreed to hold conference...
586 Views | 1 Answers/Comments

Solving for Net Receivables

(Research Analyst)
Recently took a financial modeling test as part of an interview process. The test was a three statement financial model in Excel with certain cells left blank which had to be filled in ...
148 Views | 1 Answers/Comments

Fixed Assets Verification technical criteria

Greeting, we are in fixed assets verification. we need to choose vendor for it, can anyone advice what shall be technical criteria in order to choose vendor. thanks in advance.
95 Views | 0 Answers/Comments

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