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Tom Hallissey

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Nonprofit Accounting Tips every Agency Should Know

Posted by Tom Hallissey on Oct 10, 2019 10:00:00 AM

Even though an organization doesn’t earn a profit, it is not exempt from financial reporting. 501(c)3s must also submit tax returns and follow IRS rules. From internal polices to tax regulations, these four nonprofit accounting tips will help any agency be better prepared to manage its finances.

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Topics: Insider, Business Accounting

Baffled by Bitcoin? Try this Basic Guide to Digital Currency

Posted by Tom Hallissey on Sep 20, 2019 10:00:00 AM

Ten years after its release, Bitcoin is still somewhat of a mystery to many. With no bills or even a gold standard, this digital currency operates much differently than the dollar, the yen or the euro. If you are considering investing in Bitcoin or another type of cryptocurrency, first learn the basics about the world’s trendiest monetary system.

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Topics: Insider

What is Capital Lease Accounting, and How does it Work?

Posted by Tom Hallissey on Sep 6, 2019 10:00:00 AM

For financial reporting purposes, there are two different types of leases: capital and operating. One major difference is that in capital lease accounting the asset is treated like a purchase, giving the lessee the same benefits and drawbacks of ownership. With new guidelines recently taking effect, this type of lease may now apply to many more leasing contracts.

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Topics: Insider

When Captive Insurance Companies Beat Traditional Options

Posted by Tom Hallissey on Aug 27, 2019 10:00:00 AM

To manage financial risk properly, your business must make astute choices. By knowing when to pick captive insurance companies over traditional insurers, you can gain significant protection, cost savings, potential tax reductions and even wealth preservation opportunities.

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Topics: Insider

Retail Accounting vs. Cost Accounting: The Pros and Cons

Posted by Tom Hallissey on Aug 14, 2019 10:00:00 AM

Small businesses have two choices when considering how to calculate and track inventory: cost and retail accounting. Although the cost method is more popular today, there are valid arguments for using both types of accounting. Learn more about which method might be the right solution for your company.

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Topics: Business Accounting

Fun Things to do to Improve your Child’s Financial IQ

Posted by Tom Hallissey on Jul 29, 2019 10:00:00 AM

Just like making a bed, money management is a basic skill every parent can teach at home. If you haven’t introduced financial concepts to your kids yet, try out these fun strategies for improving financial IQ.

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Topics: Insider

How to Detect Fraud and Identity Theft

Posted by Tom Hallissey on Jul 15, 2019 10:00:00 AM

Fraud has emerged as a major financial concern for both businesses and individuals. In fact, 30 percent of American consumers were notified of a data breach in 2018 alone, according to data from the Federal Trade Commission. Avoid becoming the next victim of this troubling trend by learning how to detect fraud and identity theft today.

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Topics: Insider

Accounting Firms Near Me vs. the Big 4: A Quick Comparison

Posted by Tom Hallissey on Jun 27, 2019 10:00:00 AM

Choosing an accounting firm is a critical business decision, which requires careful thought. Although some automatically assume big city accountants are better, there are several big reasons why you should consider the accounting firms near me and you.

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Topics: Insider

What you Need to do after Filing an Extension for Taxes

Posted by Tom Hallissey on Jun 13, 2019 10:00:00 AM

After filing an extension for taxes, the first thing you should do is take a deep breath. You now have until October 15, 2019 to file your paperwork with the IRS. But don’t get too comfortable, that six months will come and go before you know it. To make sure you don’t miss the next deadline, follow these three tax tips.

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Topics: Insider

3 Small Business Valuation Methods used to Calculate Worth

Posted by Tom Hallissey on May 28, 2019 10:00:00 AM

Small business valuation is an accounting method that helps a company determine its worth. The valuation is usually conducted before a sale, acquisition or merger. Companies may choose between several different models, but they all achieve the same goal: determining fair value.

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Topics: Business Accounting

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Since 1949, S,L&C has provided professional accounting and business advisory services from New York to California. Now, our blog contains some of the latest news, trends and tips to help you prosper financially.  

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