Though it's natural for management to focus on its profit-making areas, the importance of a sound accounting foundation to support the operation cannot be overemphasized. The more diligent and meticulous your accounting team is, the more easily the rest of the organization can function and grow. If the system you currently have in place is relying on charts of accounts that are sloppily maintained [...]
Article Highlights Disaster Losses Extension of Filing Due Dates Hurricane Ida California Wildfires Elections Net Operating Loss Possible Gain With the wildfires in the west, hurricanes, and flooding in the southeast and eastern seaboard, we have had several presidentially declared disaster areas this year. Use the FEMA site to determine if you are within a federally declared disaster area. You can also use the [...]
Article Highlights October 15 is the extended due date for filing federal individual tax returns for 2020. Late-filing penalty Interest on tax due Other October 15 deadlines The normal April 15, 2021 filing deadline for 2020 individual tax returns was extended by the IRS to May 17, 2021, due to the continuing Covid-19 pandemic. If you could not complete your 2020 tax return by [...]
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