FASB is coming out with some tough new standards relating to defined benefit pensions that is expected to result in signif­icant new liabil­ities (or increases to existing ones) for companies that had been accounting for their pensions under the more lax require­ments of the old standard. Defined benefit pension plans are definitely the more complicated […]

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A small business usually starts out as a sole propri­etorship, owned and operated by the founder personally and reporting business income on their annual personal tax return. But as the business grows, the question of incor­po­ration will always arise, and there are several factors to consider when this happens. The most important single factor, in […]

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Before accoun­tants can get down to the business of providing service to clients, we have to issue what’s known in the biz as an “engagement letter.” Contrary to what I’d initially thought, this doesn’t tie me down to any one person for the rest of my life, for better or worse, in good times and bad. […]

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