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Profit Statements: The P&R Blog

Protect Yourself & Your Business from Embezzlement

It is important to have a professional on your side to look over the books for your business. As professionals, we are here to help guide and prepare you for the future. We want you and your business to thrive. Unfortunately, not everyone wants the same for you. So what do you do when a …read more.

Are your employees ignoring their 401(k)s?

For many businesses, offering employees a 401(k) plan is no longer an option — it’s a competitive necessity. But employees often grow so accustomed to having a 401(k) that they don’t pay much attention to it. It’s in your best interest as a business owner to buck this trend. Keeping your employees engaged with their …read more.

Beware the Ides of March — if you own a pass-through entity

Shakespeare’s words don’t apply just to Julius Caesar; they also apply to calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for tax purposes. Why? The Ides of March, more commonly known as March 15, is the federal income tax filing deadline for these “pass-through” entities. Not-so-ancient history Until …read more.

Beware of ghosts this tax season!

It’s not Halloween but there are ghosts everywhere! Yes, you read that right: ghosts. The Internal Revenue Service (IRS) has warned taxpayers of “ghost preparers”. A person must have a valid 2019 Preparer Tax Identification Number (PTIN) if they are being financially compensated to prepare or assist in preparing a federal tax return. Ghost preparers …read more.

Accounting for Overhead Costs

Accurate overhead allocations are essential to understanding financial performance and making informed pricing decisions. Here’s guidance on how to estimate overhead rates to allocate these indirect costs to your products and how to adjust for variances that may occur. What’s included in overhead? Overhead costs are a part of every business. These accounts frequently serve …read more.

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What Our Clients Are Saying

I have personally known Mark Patrick since 1988. I have worked with him both professionally at the corporate level and personally as he has been my accountant. It is without hesitation that I would re…
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Frequently Asked Questions

Q.

Do I really need to pay a CPA to prepare my financial statements? Couldn’t I save money doing it myself?

A.

You could…but how valuable is your time? What could you be doing to build your business with that time? Could you earn more than what a CPA would cost? Also,...

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