On the Summit CPA Virtual CFO Blog, we publish blogs each week, to bring you helpful information that will assist you with your administrative duties. Here are our top five posts last month:
- What's the difference between fraud and negligence?- Every year there are thousands of investigations launched by the IRS in their fraud prevention campaign. IRS criminal investigations during the 2017 tax filing year identified potentially $2.5 billion in tax fraud and the conviction rate was 91.5%. However, the IRS understands that not everyone is out to commit fraud and that mistakes can happen to anyone.
- New Tax Rules for Capital Expenditures- The tax reform bill that was passed in December 2017 has many provisions intended to benefit small businesses. The provisions include rules that will affect the way a small business will explain (account for) the cost of capital expenditures.
- Quickbooks Chart of Accounts: 5 Things You Should Know- As a business owner starting out, you probably didn’t think that you would have to become an expert in accounting. Although it’s not a requirement to have knowledge of accounting principles, there are still certain concepts that you need to understand.
- Pros & Cons of Prepaid Debit Cards- Prepaid debit cards have become quite popular in the past few years. This is especially true for those who don’t have a traditional checking/savings account through a bank. A prepaid debit card can be used most anywhere that you shop. If you run out of money, you can reload the card. It’s also a good alternative to carrying cash.
- Netiquette for Virtual Employees- To realize that a virtual employee must exhibit a certain understanding of netiquette. Netiquette is a combination of “net” and “etiquette”. When practiced in the virtual world, netiquette is a form of communication that exudes respect and normal social practices.
At Summit CPA, we're passionate about changing the way people think about accounting and 401(k) Plans! We're a fully distributed company offering Virtual CFO Services, 401k Audits, and CPA Firm Augmentation. We hope you'll subscribe to our blog (below) if you'd like to connect with us and have our blog posts delivered directly to your inbox!