Many private company owners who borrowed Paycheck Protection Program (PPP) funds have questions on how to account for the initial loan and subsequent forgiveness. Primarily, does the accounting follow existing debt guidance, or is the loan, in substance, a government grant? Two methods are available to you as a result of two different accounting standards.…
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Is your activity a hobby or business? Do you want to write off expenses from your hobby? Do you want to turn your hobby into a business? Tax-wise, it can be beneficial to turn your hobby into a business because you can write off losses and expenses. The IRS has a checklist for determining the…
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It’s Monday – Back to Business. If you’re thinking about hiring an accountant, consider the types of professionals that are out there. Everything a company does or does not do translates into either a dollar or lack thereof. If you’re in the process of hiring internal accounting staff understanding the level of skill you’re getting will be…
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We all know that accountants are the backbone of any financially successful business. They help keep both you and your money in check. Keeping that in mind, many people overlook the fact that your accountant sees anything and everything you purchase with company funds. Yes – everyTHING…and everyWHERE. Nothing is more entertaining to me on a Monday than seeing exactly how much fun…
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Additional funding for the Paycheck Protection Program has become available. Applications will be accepted as early as Monday, April 27th. We recommend working with your lenders to apply now. Please contact us if you need help finding lenders. Visit our WHH COVID-19 Resource Center for the latest news and up-to-date information.
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Does your company need outsourced CFO services? Do you need a chief financial officer but can’t afford to hire one full time? Or does it simply need someone to help see it through a special project or temporarily replace an executive who has fallen ill or left the organization? An outsourced CFO may be the…
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