News & Articles

New IRS Guidance on Changing Accounting Method for Retail Inventory

Posted on Thu, Sep 04, 2014

Retailers often find accounting for merchandise inventory challenging and time-consuming, especially when they carry many different types of products. The retail inventory method simplifies the process by allowing taxpayers to approximate ending inventory without necessarily taking a physical inventory count. In August, the IRS issued final regulations on certain changes within the retail inventory method. Then, the IRS followed up by issuing guidance to explain how taxpayers can obtain automatic approval from the IRS to make certain accounting method changes within the retail inventory method.

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Tags: Accounting, EHTC Article, Retailers, IRS, Newsletter, Articles, Accounting Methods, Inventory

Business Finance: The Art of Bill Collecting

Posted on Sat, May 31, 2014

Like it or not, some customers always lag in their payments. It hurts your company's cash flow and causes frustration for both your accounts receivable personnel and the customers.

But you can get your receivables in better shape and to keep them there if you get your staff on this regular exercise routine:

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Tags: Accounting, EHTC Article, Customer Relationships, Bill Collecting, Articles, Business Finance, Accounts Receivable, Payment Agreement

Q&As About the IRS Scandal and How to Obtain Tax-Exempt Status

Posted on Mon, Jun 03, 2013

The highly publicized scandal involving the IRS targeting of certain groups continues to unfold. The situation highlights the steps an organization needs to take in order to gain tax-exempt status and how the IRS failed to handle certain applications properly. This article provides answers to questions you may have about the current controversy in Washington and what a not-for-profit group must do to be considered for tax-exempt status.

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Tags: Accounting, IRS Scandal, How to Obtain Tax-Exempt Status, Echelbarger, EHTC

A Safety-First Approach to Year-End Gifting

Posted on Tue, Nov 27, 2012

Benjamin Franklin famously said, "In this world nothing can be said to be certain, except death and taxes." But right now, nothing seems more uncertain than taxes, especially when it comes to the estate and gift tax rules for 2013. The IRS recently announced the annual gift tax exclusion amount is going up for 2013. However, things are clear for this year, so if you are inclined at year end, you can make gifts to loved ones to reduce your estate. Here are the basics.

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Tags: Accounting, Tax, Ron Kaley, Financial Management, business consulting, Articles

6 Tax Breaks for 'Going Green'

Posted on Tue, Nov 13, 2012

Concerned about global warming and other environmental challenges? Many businesses are getting on board the green train. Besides being socially responsible, businesses and employers may derive some tax benefits for going green. Here are six examples:

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Tags: Accounting, Tax, Tax Benefits, Environmentalists, business consulting, Tax Credits

Are You Owed Money from a Business that Filed for Bankruptcy?

Posted on Tue, Nov 13, 2012

Suppose you've been doing business with a company that owes you money or has been late in paying for services you have provided. You might have even filed a lawsuit to obtain the payments. But then you receive a notice that the company has filed for bankruptcy. This article will explain some of the rights and responsibilities in this situation.

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Tags: Accounting, Bankruptcy, Law, Financial Management, business consulting, Articles

How Can Our Organization Arrange Corporate Sponsorships and Avoid Paying UBIT?

Posted on Tue, Oct 30, 2012

The Tax Code requires exempt organizations to pay UBIT on income from activities that are not related to its missions. But payments other than "qualified sponsorship payments" are not automatically subject to UBIT.

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Tags: Accounting, Tax, Nonprofit, business consulting, Articles

Tax Tips for Michigan Businesses

Posted on Tue, Oct 30, 2012

Tax season is just around the corner. Now is the perfect time to begin planning for 2012 tax year. If you would like assistance, please contact EHTC at (616) 575-3482. Our goal is to help you maximize your profits by cutting your taxes.  Below are some Michigan tax tips to consider for your businesses:

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Tags: Accounting, State and Local Tax, Ron Kaley, Grand Rapids, business consulting, Articles

Employee vs. Independent Contractor

Posted on Tue, Oct 30, 2012

There are great benefits to hiring an outside contractor and many employers choose to take that route. Since an outside contractor is not an employee, this eliminates overtime payroll taxes, unemployment tax, health benefits and other fringe benefits. Furthermore, you are unhappy with their performance, you can simply discontinue using their services. Given all these incentives, it may be advantageous to contract with people outside the company. However, be very careful not to misclassify employees as independents.

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Tags: Accounting, Audit, State and Local Tax, Corporate Income Tax, Consumer Alert, business consulting, Articles

8 Ways to Help Improve Your Company's Cash Flow?

Posted on Tue, Oct 09, 2012

Is this your situation: Your cash flow is not sufficient to pay your bills. Even if you are profitable, you don't have enough cash. Pretty soon, you won't be able to borrow any more money or you'll have to put more personal capital into the company. If so, continue reading.

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Tags: Accounting, Audit, Consulting, Financial Management, business consulting