OSYB Blog: Number Crunch!
News and Views from OutSource Your Books, LLC
Update your buy-sell agreement as part of your end-of-year duties
December 31, 2013 by OSYB Staff
If you have buy-sell agreements as part of your business continuity for difficult times, these need to be reviewed and adjusted each year to ensure they are still sensible in recent market conditions and business performance. Many of these agreements have required annual evaluations that are not accomplished. Find out more here.
WHAT’S NEW FOR NEW YORK INCOME TAXES FOR 2013
December 30, 2013 by OSYB Staff
New changes for New York income taxes for 2013. The major points that are changing for New York state tax filings include: same sex marriage partners now will file under the married filing rules, the standard deduction and tax rate tables have been adjusted for inflation and a credit for alternative fuels and electric vehicle […]
No GAAP yet for Bit Coins
December 30, 2013 by OSYB Staff
Have you heard of bit coins? Do you use them already? They are becoming more and more popular even if many people have no idea what they are. Bit coins are a type of virtual currency. There are no GAAP that specifically address financial reporting for bit coins, meaning they would fall under OCBOA. Read […]
Accelerate equipment purchases to preserve an important 2013 tax break
December 29, 2013 by OSYB Staff
The first year bonus depreciation law expires at the end of 2013. It is advisable for any companies that can afford to purchase equipment and software before the end of 2013 should do it. Between the two laws that exist now, you are allowed 6-% write off in the first year. Read more.
Charitable remainder trusts are a now more useful
December 29, 2013 by OSYB Staff
Charitable remainder trusts are now more attractive, due to the tax rate increase on capital gains. These trusts are useful to avoid capital gains taxes and they provide a charitable donation with tax savings. The other side is that they are irrevocable. For more information about these trusts read this article.
How I Learned Online Marketing (and How You Can Too)
December 28, 2013 by OSYB Staff
Learning online marketing may or may not be for everyone. But it can be done by everyone. And you can get good at it. It simply boils down to four things: doing, teaching, questions and process. You learn by doing. You learn by teaching. You learn by questioning. And you learn through processes. Read more.
Goodwill accounting simplified for private businesses
December 28, 2013 by OSYB Staff
Making goodwill accounting simplified for private businesses. The FASB recently approved two exceptions to GAAP for private companies. It has been believed that private companies can report their financial position fairly with simpler accounting rules. FASB approved a simplification of hedge accounting rules and a change in the accounting for goodwill. The second is more […]
Why Is It So Hard to Manage People?
December 27, 2013 by OSYB Staff
Managing people is a continuous challenge that has so many variables because people are irrational. There are many so called solutions to the people managing issue, but none seem to actually work. Simply because people are unmanageable. Improving your systems is the key. Systems run the business, people run the systems. Read more here.
