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Profit Statements: The P&R Blog

So . . . what exactly is “minimum essential coverage”?

And how does it relate to my healthcare accounting? If an accountant prepared your taxes, he or she probably asked whether your healthcare met the minimum essential coverage (MEC) standards this year. How do you know whether Uncle Sam finds your insurance acceptable?  The good news is most comprehensive general health insurance policies are acceptable, …read more.

Cancelled debt? Maybe it’s not taxable after all.

As a leading accounting firm in Jacksonville, we see many scenarios that can affect your individual income tax return. One such event is a cancelled debt. If you a creditor cancelled debt you owed, you probably know in most cases the IRS counts the amount forgiven as income…and expects you to pay tax on it. …read more.

Bitcoin Befuddlement: How to File Correctly

If you think the tax accounting of your dollars is tricky, try mastering the accounting services needed for bitcoins. Reporting individual tax, business tax or any other taxes on bitcoins can be tough, mostly because the IRS lacks guidelines explaining how to complete the filing process properly. The government doesn’t recognize bitcoins—or any virtual currency—as …read more.

I haven’t received my W-2 yet…now what?

While a W-2 is essential for an accurate individual income tax return, there are a few options if you’re ready to file without your W-2 in hand. First, contact your employer, ask for a copy of your W-2 and verify your mailing address. If you still find yourself without a W-2, the IRS may be …read more.

Avoid Fraud by Working with a Trustworthy Tax Accountant

Many of us don’t think much about who is preparing our taxes, as long as it gets done. Big mistake. We should make the most informed decision possible. Poor choices when hiring a qualified tax accountant could result in a scam—or worse—legal action or fines. Return preparer fraud is one of the most common scams …read more.

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Frequently Asked Questions


My lender is requesting financial statements prepared by a CPA.  Why can’t they accept my income statement from my accounting software?


If you approached a lender to obtain a loan for your business, they may request CPA-prepared financial statements. The terms and amount of your loan will depend on the financial...



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