http://precisecpa.info Precise CPA Services Tue, 06 Jan 2009 19:39:10 +0000 http://backend.userland.com/rss092 en An internal control warning letter should make businesses aware of certain safeguards.  They should be warned against assigning related duties to the same person.  It is recommended that the bank statements should be scrutinized every month, with particular attention given to the reconciling items.  The check signer should look at ... http://precisecpa.info/business/internal-control-practices/ When gauging the financial health of your business, you should use ratios rather than absolute numbers.  Profitability, liquidity, operating and solvency ratios should be considered.  These ratios could alert you to trends which would require immediate action. Profitability Ratios The Gross Profit Margin measures your profit at the most basic level.   Is ... http://precisecpa.info/business/how-is-your-business-doing/ You're at a fork in the road.  This is no ordinary fork with two choices.  This one has five choices.  Sole proprietor, a C Corporation, an S corporation, an LLC (limited liability corporation), or an LLP (limited liability partnership) are the choices. Tax issues and personal liability are the key issues ... http://precisecpa.info/taxes/your-business-and-your-irs-bill/ More and more people are becoming self-employed as workers lose full-time jobs and take longer to find new jobs.  It is more important to stay on top of one's tax obligations than the skill you're trying to sell. It is extremely important to be thoroughly familiar with the world of 1099s.  ... http://precisecpa.info/taxes/are-you-self-employed-and-pay-taxes/ Many of us have received emails looking like they might have come from the Internal Revenue Service. These requests for personal and financial information are an attempt at identity theft in as much as the Internal Revenue Service never requests such information as personal financial information, PIN numbers, ... http://precisecpa.info/taxes/the-irs-and-security-theft/ Children earning limited amount while students. One can make a limited contribution to an individual retirement account. That amount, however, is limited to 100 percent of earned income or $4,000. Since earned income is not taxed at the “Kiddie Tax” rates, it would make more sense for such a contribution to ... http://precisecpa.info/taxes/how-to-maximize-retirement-savings/ Letter Ruling 200521003 issued by the IRS allowed the parents of two learning disabled children to claim a medical deduction for the school tuition paid for the children. Since regular school is not designed to deal with learning disabilities, regular school education is not medical care. This ruling dealt ... http://precisecpa.info/taxes/tax-tips-for-individuals/ You may be the owner of a small/medium size business and ask yourself, What does SOX (Sarbanes-Oxley Act) have to do with my business? Since SOX was designed to protect investors and creditors of public companies, that does not mean that some provisions of the act cannot help your ... http://precisecpa.info/business/internal-control-tips/