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What Is a Cash Flow Analysis?

A business cash flow analysis shows all the income and expenses for a specific time period, often the quarter or the year. Unlike the income statement, which records transactions when they occur, the cash flow analysis indicates that funds have actually been deposited or withdrawn from the company accounts. Encino accountant Wallace and Associates can [...]

What Does a Budget Analysis Do?

A budget analysis details the cash flow into and out of your business for a given time period, often a month. Conducting this type of study allows you to ensure that you have cash available when needed to make purchases and pay bills. Encino payroll and accounting firm Wallace & Associates can analyze your business [...]

Is There a Penalty for Being Audited?

Is There a Penalty for Being Audited? As a taxpayer, the last thing you want to receive from the IRS is an audit notice. This means a representative from the agency will do a thorough review of your tax records to determine whether you have underpaid. Although the audit itself does not carry a penalty, [...]

How To Set up Your Payroll Taxes

Your small business has expanded and it’s time to hire outside help for the first time. Before listing that job online, however, make sure you understand the ins and outs of payroll taxes. This advice from Encino accountant Wallace & Associates can help ensure you’re in compliance with federal, state, and local payroll laws. Understanding [...]

What You Need To Know About Tax Return Preparation

Too many people take the information on their W2s and use it to fill in the blanks on their annual tax return. While doing this makes tax preparation decidedly easy, it can actually result in huge losses. If you want to maximize your return, you need to know how your choices when it comes to [...]

Ready To Retire? What You Need To Know and How To Make Your Financial Decisions

Retirement is one of the final milestones that a person reaches in his or her life, preceded by becoming an adult, turning 21, landing a first “big person” job, getting married, buying a house, having children and becoming a grandparent. Yet, unlike any of the other milestones (save for getting married and buying a house), [...]

How To Report Foreign Bank Accounts

It is not unheard of for people with large amounts of wealth to hide their money in foreign bank accounts. In fact, the practice is so common that it is a recurrent theme in Hollywood films and TV shows. Hiding money in foreign accounts is illegal, which is why American citizens who have foreign accounts [...]

How To Know When Your Company Is Ready for Computerized Payroll Services

When you’re small and just starting out, it makes sense to take care of the books yourself or to have a knowledgeable employee take care of the accounting. However, as your company grows, you may find that you or the designated employee is unable to keep up with billing, invoicing and payroll. When this happens, [...]

Will There Ever Be Electronic Tax Filing?

The short answer is yes, and it’s actually here already. The IRS has supported electronic filing for tax returns for over a decade now, and there is already a plan in place to make electronic tax filing the standard. Of course, due to a combination of technological limitations and practicality, the agency will need to [...]

What Are Your Chances of Getting Audited?

One of the most common questions tax advisors get from clients is this one. Everyone worries about audits because they are time consuming and heavy on your personal resources and time even when they do not find anything amiss. Luckily, the right tax preparation advice can lower your chances of getting audited. Overall Likelihood of [...]

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