If you own income-producing properties in New York City, you're likely familiar with the challenges of preparing a Real Property Income and Expense (RPIE) statement. These statements are essential for assessing the value of various property types, including commercial properties, residential buildings with more than three units, hotels, motels, and parking...
Auditing for nonprofits can be complex and challenging. Dedicated to making a positive impact on their communities, these organizations often rely on the support of donors, grantors, and government agencies. Ensuring transparency and accountability in their financial reporting is crucial to maintaining trust and credibility.
This blog is a...
As a New York-based Certified Public Accountant (CPA) serving clients nationwide, Brooklyn CPA provides individuals and businesses with first-rate accounting services tailored to their needs. A fundamental aspect of accounting is the distinction between public and private accounting. Let’s take a closer look at these two branches of accounting and how...
Starting a new business is exciting, but navigating the contemporary financial landscape can be daunting. Proper accounting and financial management are critical for the success and sustainability of any business. That’s where the expertise of a qualified accountant (CPA) becomes invaluable. Let’s explore the challenges facing startups and how an accountant...
Nonprofit organizations play an important role in society by providing essential services and addressing social issues, and their financial stability is crucial to their success. To this end, nonprofits must prepare financial statements to provide transparency about their financial health; understanding nonprofit financial statements is essential to effectively managing their finances.
As a business owner or manager, having accurate financial information is essential for making informed decisions. This is where the expertise of an accountant or CPA comes in. CPAs can provide various financial services such as audits, reviews, and compilations. Let’s take a look at compilation reports and why businesses require...
Hiring a Certified Public Accountant (CPA) is a crucial decision for small businesses. A CPA can help small business owners manage their finances, minimize their tax liability, and ensure compliance with accounting regulations. Not all CPAs are the same, however, and choosing the right one for your business can be challenging....
All businesses must keep track of financial transactions and records. Choosing the best accounting method will provide an accurate overview of your organization’s expenses and profits. Let’s look at the different accounting methods and the importance of choosing the right one.
Common Types Of Accounting Methods
As a small business owner, your primary objective is to manage and grow your business. With so many demands on your time and limited resources, you may need help with your accounting requirements. Let’s look at the benefits of outsourcing your accounting and bookkeeping services.
What Is Outsourced... In December, the IRS announced a one-year delay for a new tax reporting rule, requiring payment services to issue Form 1099-K for business transfers over $600. Whether the agency intends to amend the rule by raising the transaction amount is unclear, but the delay is welcome news for taxpayers.
