MKS&H Articles

Accounting for Cloud Computing Fees has become simpler

[fa icon="calendar'] Apr 20, 2016 11:17:09 AM / by admin posted in Audit and Accounting, Information Technology, accounting, business

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Accounting for cloud computing fees paid by customers became simpler under an Accounting Standards Update.

The accounting guidance previously provided by the generally accepted accounting principles (GAAP) didn’t provide the clarity customers desire for accounting for their fees to cloud service providers

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Deductible Expenses are "Reasonable" on case by case basis

[fa icon="calendar'] Mar 23, 2016 11:59:34 AM / by admin posted in tax deductions, tax deduction, accounting, Deductible Expenses, business, tax, capital, Tax Savings

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To be deductible expenses, a business expense must be ordinary, necessary and reasonable in amount. The part of that three-pronged test that seems to give taxpayers the biggest problem is the reasonable amount.

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The Protecting Americans from Tax Hikes Act Passed! Here's All the Info You Need.

[fa icon="calendar'] Dec 23, 2015 2:04:58 PM / by admin posted in tax deductions, tax deduction, accounting, business, tax, Tax Savings

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It's official! The House, Senate, and President passed the Protecting Americans from Tax Hikes Act of 2015 (PATH Act), which includes momentous tax breaks and incentives for taxpayers. Included in this legislation are over 20 vital permanent provisions that will benefit individuals and businesses alike, including a permanent R&D credit, Section 179 deduction, and the American Opportunity Tax Credit.

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Increase your Chance of Business Growth with a Cash Flow Analysis

[fa icon="calendar'] Dec 22, 2015 10:18:27 AM / by admin posted in Audit and Accounting, financial statements, Cash flow, accounting, growth strategies, business, Entrepreneur

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If you want your business to grow and remain competitive, a solid financial plan and a well-conceived strategy can mean the difference between boom and bust.

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Working out at the Office is a Tax-Free Perk

[fa icon="calendar'] Dec 10, 2015 11:40:51 AM / by admin posted in tax deductions, tax deduction, accounting, business, tax, ceo, Tax Savings

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Your company probably offers an array of fringe benefits to its employees, including health insurance and group-term life insurance. While there are certain requirements, these fringe benefits are generally deductible by the company and tax-free to the employees as long as they are not discriminatory in nature. (If your company decides to reward a select group, such as limiting benefits to only the corporate officers, the benefits are generally taxable to the recipients.)

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Handling Interest on Loans to Inject Capital in your Business

[fa icon="calendar'] Nov 23, 2015 2:53:37 PM / by admin posted in tax deductions, tax deduction, accounting, business, tax, Entrepreneur, Strategy, capital, Tax Savings

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There are instances when you can write off interest on personal loans used for business purposes, such as injecting capital into an S corporation, multi-member LLC, partnership or C corporation. But keep in mind that interest expenses must be classified into one of four categories (see box at the bottom of this article for details).

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Top 5 Succession Tips for your Business

[fa icon="calendar'] Nov 16, 2015 12:46:56 PM / by admin posted in Organizational Alignment, Audit, Audit and Accounting, succession planning, strategic planning, accounting, succession, business, Entrepreneur, Strategy

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Did you know that more than half of the small business owners in the United States are at least 50 years old or older? In the U.S. alone there are 28 million small businesses (fewer than 500 employees) and over 22 million self-employed business. According to CNBC surveys, it is believed that 80% of small-business owners plan to sell their business to fund their retirements, however only 30% percent have a written succession plan. At MKS&H, we work with our clients to be prepared, so here are our top 5 successful succession tips that will benefit small-business owners:

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Transfer Pricing for Multinationals: Maximize Opportunities and Minimize Risks

[fa icon="calendar'] Nov 11, 2015 9:07:11 AM / by admin posted in Transfer Pricing, tax deductions, accounting, business, multinational, tax, Tax Savings, Manufacturing, international

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Transfer pricing continues to be one of the most important matters facing multinational companies. The tax situation in any given country can affect whether or not your business sets up facilities or holds intellectual property ownership there. The IRS and numerous tax authorities worldwide are intensifying their focus on how corporations allocate income and expenses among related entities abroad because of the potential to shift income inappropriately to lower tax jurisdictions.

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Is Choosing an Accountant like Choosing a Presidential Candidate?

[fa icon="calendar'] Nov 4, 2015 12:21:19 PM / by admin posted in Audit and Accounting, accounting, business, tax, Entrepreneur, Strategy

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So you’re in the market for a new accountant? Well it’s time to think about the issues important to you and see how the candidates stack up. Choosing the right accountant is important. Besides operational needs, often times they become a trusted advisor you look to during critical times. Consider these five qualities as a basis for your decision.

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Defending the Status of Independent Contractors

[fa icon="calendar'] Oct 22, 2015 9:37:52 AM / by admin posted in tax deduction, accounting, business, tax, Entrepreneur, independent contractor, Tax Savings

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Many companies use independent contractors to slash payroll taxes and the high cost of fringe benefits. But using outside workers can result in other problems. It's no secret that Uncle Sam wages battle with businesses over freelancers. And the situation is getting worse.

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