Strategy
-
LLC Distribution Questions - Very New
I'm opening a multi-member LLC (only owned single ones before) and want to make sure that I'm understanding the situation correctly. LLC's are pass-through entities that require members to file their share of profits even if the profits are re-invested (aka no distributions are given). Can I simply…
1
-
Good on Tesla - The right thing to do!
Other Tesla (or political) issues aside, I think this is the right response and more importantly, the right perspective for ALL employers. https://www.teslamotors.com/blog/response-mercury-news-article-hidden-workforce-expanding-teslas-factory At Tesla, we aspire to operate on the principles of har…
1
-
Paying Royalties?
Our American company has partnered with a European company for the past 2.5 years to bring a European "yoga-type" tool to the USA and enter the market. We currently handle the manufacturing, marketing, advertising and sales. They have provided the initial European artwork and visual materials (diff…
1
-
Tracking Commercial Insurance Coverage
Is anyone aware of a software application, or Excel template that helps you track your commercial insurance coverage? Essentially we are trying to look at our overall insurance coverage and want to summarize all our policies it into an easy to use format. I was hoping that with all the new applicat…
1
-
Capitalization of patent expenses
I have just reviewed a balance sheet prepared by a company that has capitalized , and continues to capitalize patent expenses, including legal and filing fees, and then amortizes the expense over a fixed term of x years. While this may have the advantage of smoothing the monthly amortization expen…
3
-
1099 a contractor
if a sales contractor took an advance and a laptop and never came back to work wont answer any calls etc can I 1099 them for the money, laptop and time spent to train them? How do I best handle this to get the most of a write off that I can and how do I write it off do I invoice the contractor for …
3
-
Can I ignore 1099s for non-U.S. residents/entities?
Can I ignore 1099s for non-U.S. residents/entities? We have brought on some service providers in India and the UK this past year.
9
-
Employee v. Independent Contractor
I just got this from a law firm in their 'newsletter' "Another classification issue that received a great deal of attention in 2015, and which will continue to be a thorn in the side of employers, is the distinction between employee and independent contractors. In 2015, the Department of Labor (DOL…
2
-
Accounting For Workers Comp Refunds
How do you folks handle workers comp refunds? I usually get one each year and it skews my monthly expense if I book it as an offset. Refund amount was 29,000 and typical expense is 15,000 to 20,000 per month. This isn't a dividend. The dividend we get goes to other income. Just curious. Thanks!
6
-
Insurance consultant recommendations for a small nonprofit museum/archive?
I'm starting to evaluate whether our broker is right for us. They've been with us for several years, and I'm concerned they've become a bit too relaxed with the annual renewal routine. At the same time, a former broker (recommended by a board member) has resurfaced and wants our business. At other …
3
-
What payroll pay frequency do you use, and why?
In another question someone asked why would a company all of a sudden go from monthly to bi-weekly (among other issues). That got me thinking. What are the reasons we pick a payroll pay frequency? I'm a fan of Semi-Monthly. For me, it was easier on the cash flow, and less work processing but more i…
24
-
Accounting For Insurance Claim Proceeds
I am looking for someone who has practical knowledge of accounting for insurace claim proceeds for a fire loss. In general, it seems that assets should be written off at a loss and the cost of replacement assets written up as a gain. Reimbursed expenses would be a wash. Business interruption/l…
1
-
Capitalization of Legal Expenses Relating to Leases
We are currently in court arguing a lease with a landlord. I do not know the specifics of the case but I am told we will most likely win. My boss wants to capitalize the legal expenses incurred to secure this lease because the amount has become very substantial. We are a retailer and all of our le…
3
-
Anyone have experience with ARIBA?
We're a growing company which sells a physical product (along with services and software). Our supply chain is growing as is our operating network of consultants, contractors, service providers, etc.. I'm trying to get all of these various vendors/suppliers online, automated, visible and reportable…
6
-
IRS auditing S-Corp and asking for backup Quickbooks file - suggestions?
The IRS is auditing 2010 for an S Corp. As part of their audit request, they have asked for an original Quickbooks backup file. By giving them this file, they will have access to all transactions for the entire history of the organization. Have anyone ever dealt with this before? I am concerned…
14
-
Variance analysis - disadvantages
We all do reports with variance analysis. What do you find as the disadvantage of this type of financial analysis?
3
-
accounting for receipt of insurance claim
Hi We had a fire in our plant which resulted in insurance claim for Property damage and Business interruption. For simplicity, Let me put some numbers; Damage to property, corrected by spending on repairs - $500K Business Interruption claim - $400K Total insurance claim $900K Insurance claim receiv…
1
-
How do I find the right outsourcing company for my accounting needs?
I have a small consulting business. What are some things that I should look at? Experience? Cost? What else?
13
-
Commission Plan/agreement for outside sales rep - non-employee
All, I noticed that there were some basic agreements available in this forum, so I thought I would see if anyone has a "standard" commission plan/agreement for an outside sales rep that will be acting as a contractor. The position is for selling uniforms to nursing schools. I have the basic co…
1
-
Services work using an Engagement Letter vs. a formal Master Services Agreement
I recently started work for a services agency and the past Controller/CFO didn't ever push the issue with having a formal contract in place. The thought was so long as the money was paid and the payment terms were somewhat outlined in the Engagement Letter, then all would be fine. Company has ope…
2
-
Documenting a contractor
"How do you document that understanding that a contractor is independent of the company they are contracting to?" This question was asked at a recent webinar, now available on-demand: "Employee or Independent Contractor? That is the Question!" Please add your thoughts about it below. Thanks!
2
-
S corporation resources
Can someone guide me to resources to learn about filing S Corporation taxes? Preferrably the resources would cover Unicap 263a calculations, officer's health insurance, and other items that pertain to the 1020S and how they differ from book financials.
1
-
Top 8 emerging risks for today's supply chains
A recent article on Property Casualty 360d by David Shillingford, dated Jul 7 states the Top 8 risks to supply chains are: 1 Cyber 2 Natural catastrophes 3 Infrastructure 4 Workforce 5 Reputation 6 Environment 7 Regulatory noncompliance 8 Politics After reading the article http://www.propertycasual…
6
Previous
