How the Economy Impacts the Value of your Business

If you own or co-own a privately held business, I’m sure you’ve wondered just what your business was worth. In other words, what would a willing and informed buyer pay you for your business? Maybe you’re thinking of selling, doing some estate planning or going through a divorce. Although your interest in the business isn’t actively traded on a stock exchange, your business probably still has a value. CPA’s with special training and experience in valuing businesses can work with you to determine a value for your business.

Protecting Your Wallet Before It's Stolen

We all get the emails..... internet jokes, the latest urban legend, the hilarious YouTube video - all forwarded to your Inbox. I recently received an email from an attorney detailing a personal experience with a stolen wallet. Now, this, is one email I am happy to share.

Read this and make a copy for your files in case you need to refer to it someday. A corporate attorney sent the following to his employees.  Maybe we should all take some of his advice!

1. Do not sign the back of your credit cards. Instead, write “PHOTO ID REQUIRED”.

States Grant Amnesty to Ease Budget Pains

New York is the latest state to create a tax amnesty program. Many states have adopted such programs as a means to not only raise revenue, but also to enter more taxpayers into the system. The details of the program as outlined by the New York Department of Finance and Taxation are as follows:

The program, which will take effect sometime in the first quarter of 2010, is expected to raise $250 million in the 2009-10 fiscal year and provide $100 million in recurring revenues in subsequent years. It was passed as part of a package of bills to eliminate the state's midyear budget deficit of some $3 billion.

Are you Ready for the New Audit Standards?

As you prepare for your audit this year, we want to make you aware of a new auditing standard, Statement on Auditing Standards (SAS) 115: Communicating Internal Control Related Matters Identified in an Audit, which supersedes SAS No. 112 of the same name. SAS No. 115 goes into effect for all financial statement audits for periods ending on or after December 15, 2009. As with SAS No. 112, SAS No. 115 requires that we evaluate deficiencies in internal control that we identify during our financial statement audit to determine whether any of those deficiencies, individually or in combination, are significant deficiencies or material weaknesses.

The "Greatest Generation" Looks to the Future

 One of the most troublesome issues for a closely held business to deal with is succession planning and transfer of business interests. With the aging of the "greatest generation", those individuals who started businesses in the early 1950's are now looking for assistance in preserving and passing on the businesses that they have built.

Electronic Bill Payment Makes Life Easier

About ten years ago I started paying my bills online through my bank's processing service. Back then I was using Rhode Island Hospital Trust's online system and it actually had more features available than the system I currently use. Of course we all know what happened to Rhode Island Hospital Trust Bank, but today paying bills via electronic funds transfer or having the bank prepare and process checks based on the consumer's instructions has never been safer or easier.