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Friday, 22 August 2014 14:08

5th annual Center Stage Gala

The Center is excited to announce our 5th annual Center Stage Gala, presented by Eisenhower Medical Center! This year's gala will be headlined by the internationally acclaimed singing string quartet Well-Strung, and the quick-witted comic Kate Clinton.

 Coming off a three-month run of their new show 'Popssical' at the Art House in Provincetown, the openly gay Well-Strung, features singing classical musicians who put their own spin on the music of Mozart, Vivaldi, Rihanna, Adele, Lady Gaga, and more!

Friday, 22 August 2014 14:01

Cash Flow Statement

The statement of cash flows (or cash flow statement) summarizes the significant reasons for the change in a company’s cash and cash equivalents during a period of time. The items are presented in the following categories: operating activities, investing activities, financing activities, and supplemental information.

Since the income statement is usually prepared under the accrual method of accounting, the statement of cash flows provides information on the amounts of

Friday, 22 August 2014 13:55

LLCs are a Hot New Trend

LLCs are a Hot New Trend Among Sole Proprietors

Unless you are an accountant specializing in small business, you may not be aware of a new trend in the world of sole proprietorships: registering with the Internal Revenue Service (IRS) as a limited liability company (LLC). While LLCs have been around since 1977, their popularity among sole proprietors has accelerated in the past decade, data from the IRS reveals.

The figure above shows the fraction of sole proprietorships organized as LLCs

Wednesday, 20 August 2014 18:43

What is a Garnishment?

How to keep up to date......

New hire reporting laws applicable to all US businesses have one goal in mind – to quickly identify where parents who owe child support are employed. In some states, it applies to independent contractors as well.  Businesses can expect wage garnishments on some of these individuals shortly after these reports are filed. Of course, garnishments are also filed against workers who owe taxing agencies or other creditors as well.

Timely processing of garnishments is essential to avoid their liability becoming yours. For multiple garnishments on the same

Wednesday, 20 August 2014 18:34

College Savings

How to get there.........

Make an arrangement. Fifty-nine percent of folks studied had a plan to achieve their school investment funds objectives, and 52 percent of those felt they were on track to achieve that objective. Just 16 percent of folks without a funds arrangement felt they were on track to achieve their objectives.

Focus on a 529 school funds account. Ninety-three percent of folks sparing in a committed school account said it helps them spare and stay on track. Families utilizing 529 records felt certain about how best to spare, they spared all the more every

Wednesday, 20 August 2014 18:28

The Income Statement

The income statement (statement of operations, or P&L for profit and loss statement) reports a company’s net income for a specified period of time. Net income is revenues and gains minus expenses and losses. Some terms associated with the income statement include:

revenues amounts earned, sales, service fees, interest earned.

expenses costs incurred to earn revenues, costs used up or expiring during the accounting period, and costs for which the future value cannot be measured.

Wednesday, 20 August 2014 18:18

Enrolling in EFTPS

During each tax quarter business owners are mandated by the IRS to provide the following information regarding paying and filing federal payroll taxes. While it is not necessary for you to enroll in the IRS tax payment and filing system (EFTPS), the following statement below from the IRS recommends that you do so:

Please be aware that you are responsible for the timely filing of employment tax returns and the timely payment of employment taxes for your employees, even if you have authorized a service provider to file the returns and make the payments.

Wednesday, 20 August 2014 01:00

Start Planning for Your 2014 Taxes

It's Time to Start Planning for Your 2014 Taxes

A month away will be the 2013 tax filing deadline for those who filed extensions. By now, most of your headaches have subsided, which makes now a great time to start planning for your 2014 personal and business taxes. As much as most want to push off, you'll likely wind up in a far better position when February approaches and the March and April 15, 2015 deadlines are in the forefront. If you've prepared for the inevitable. You'll likely see one or more of these benefits by planning now:

Wednesday, 20 August 2014 00:34

Insurance lingo

Insurance lingo can sometimes be hard and confusing. There are a lot of words out there. We're already brought you a comprehensive Car Insurance Cheat Sheet, but we decided to also bring you a general insurance cheat sheet. Just to help you understand the insurance realm a little bit more!

80/20 Insurance - Two parties in an accident agree that one driver is 80% at fault, while the other is 20% at fault. This can lessen the financial pain of getting into accident, as neither party is completely at fault.

Actual Cash Value - The cost of replacing damaged items at current full prices minus depreciation.

Wednesday, 20 August 2014 00:27

Accounting "Cheat Sheet" Balance Sheets

The balance sheet or statement of financial position reports assets, liabilities, owner’s or stockholders’ equity at a point in time. Some terms that apply to balance sheets include:

resources, things owned, and prepaid or deferred expenses; examples include cash, accounts receivable, inventory, prepaid insurance, land, equipment, vehicles, furnishings.

liabilities obligations and deferred revenues; examples include accounts payable, loans payable, wages payable, interest payable, customer deposits, deferred revenues.

Financial statements are general purpose, external financial statements prepared according to generally accepted accounting principles. Some terms that apply to the financial statements include:

balance sheet reports the amounts of assets, liabilities, and stockholders’ equity at a specified moment, such as midnight of December 31; also known as the statement of financial position.

income statement reports revenues, expenses, gains, losses, and net income during the period of time stated in its heading; also known as the statement of operations and as the profit and loss (P&L) statement.

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