March 19, 2014 | Accounting Standards, Business Plans, Debt & Financing
If your Maine-based small business has customers that don’t pay their bills, there could be a last resort: You can deduct a bad business debt in the year it becomes worthless, as long as you’ve tried everything to collect. In order to get the write-off, you have to prove that the debt will not be paid. Continue Reading »
September 11, 2013 | Business Plans, Debt & Financing
Companies on the brink of collapse must now use the liquidation basis of accounting, according to new guidance from the Financial Accounting Standards Board. Financial statements will now have to be prepared that show the values of assets and liabilities in terms of expected cash proceeds from liquidation. Plus, any assets not previously recognized under Continue Reading »
Subscribe by RSS
Subscribe by Email