Debt cancellation in Box 2 of Form 1099-C automatically becomes Taxable Income on Line 21 of Form 1040. However, you can file Form 982, and you may not have to pay taxes. This form became popular for us during the recession. It eliminated the otherwise taxable amount for cancellation of debt. Unfortunately, we still see lots of cancelled debt in 2016. That’s... continue reading →
The Financial Accounting Standards Board (FASB) recently issued new guidance that standardizes when and how every type of company must recognize revenue. The guidance is found in Accounting Standards Update (ASU) No. 2014-09. It relates to Revenue from Contracts with Customers. Further, it supersedes existing revenue recognition rules and makes significant changes to the rules for accounting for real... continue reading →
Ever the specter of governments presence looms over the hapless head of those who find themselves owing back taxes. Worse still, is the plight of the innumerable Americans who also face penalties and interest. In a time of fear and uncertainty, Business and Financial Solutions, has risen up in popularity and notoriety as a reliable firm in the Vienna,... continue reading →
When it comes to your personal finances (or your business), who does your taxes? Is it a specialized tax preparer? Is it a piece of software? Maybe it’s a friend who likes spreadsheets? If the answer to any of these is yes, be careful! There may not necessarily be a problem with any of these options. But depending on... continue reading →
If you’ve noticed, that the IRS hasn’t been exactly easy to work with this year. If you are having tax problems with the IRS, even by IRS standards, you’re in good company. The number of individuals and companies that have had to navigate through the IRS is high. It has become extraordinarily difficult. And tax complications for their 2015... continue reading →
Don’t come up short on at the end of the year. You should hire bookkeeping professionals, accompanied by accountants. Here at BFS, our analysts have examined a microcosm of the Northern Virginia area: including places like Vienna, Sterling, and Herndon—all within the larger Washington DC metro area. There are commonalities we’ve found among cities in this area. Most cities... continue reading →
Building your nest egg means growing your wealth in the most effective way possible. If you are not automated for optimization (AFO), then you are throwing your cash away. What does this mean? It means setting up your finances in a way that clever strategies are being executed for you. All without a lot of micromanagement on your part.... continue reading →
There are a multitude of factors involved in a starting a nonprofit organization. The process can seem overwhelming. Especially if you’re not as concerned with numbers, charts, and graphs. Instead, more concerned with the cause and purpose behind your organization. In addition to regular business concerns, there are also factors involving the registration and certification of your nonprofit with... continue reading →
It has been said that the business of America is business. Besides this borderline-tautology, the truth is that the business of America is also automobiles. Maintaining finances, bookkeeping, management, and tax resolutions are important for any dealership, factory, or larger center. When it comes to day-to-day accounting for small business owners, efficiency is key. The man or woman who... continue reading →
It has been said that the greatest treasure is knowledge. This is especially true when the knowledge gained helps you keep your treasure. The IRS Fresh Start program is an IRS initiative. Itpotentially benefits a given taxpayer in a number of ways. The Fresh Start initiative isn’t necessarily about creating new mechanisms. But it is about supplementing and enhancing existing options... continue reading →
