“Tracing Rules” that Apply for Deductibility of Interest

Often times, we get asked whether certain interest that clients paid during the year is deductible on their income tax return.  Unfortunately, not all interest that an individual pays is deductible.  The rules for deducting interest vary, depending on whether the loan proceeds are used for personal, investment, or business activities.

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BGH Blog Series: QuickBooks Most Common QuickBooks Mistakes & How to Fix Them - Lists

Lists are an essential foundation of QuickBooks functionality.  Two of the lists that may become cumbersome are the Chart of Accounts and the Items List.   The Chart of Accounts is the complete list of all the company’s accounts and balances. In QuickBooks, it represents and organizes the company's assets, liabilities, income, and expense. You can tell how much money your company has, how much money it owes, and how much money is coming in and out by simply looking at your Chart of Accounts. Items are important for effective tracking and reporting.

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Operating Leases Now Join Capital Leases on Balance Sheets

According to the new Financial Accounting Standards Board (FASB) accounting standard release (ASU 2016-02) regarding the treatment of leases, most operating leases will need to be reported as an asset and liability on the balance sheet of businesses and not-for-profits just like its counterpart, capital leases. 

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The Cultural Alliance of Greater Washington has worked with Bormel, Grice & Huyett, P.A., since 1988. Their knowledge of the arts and the arts community make their services invaluable. They can translate accounting terminology into a comprehensive language. For many organizations, the accounting firm of Bormel, Grice & Huyett provides the financial "information bridge." We whole-heartedly recommend Bormel, Grice & Huyett, excellent accountants who care about our arts organizations.
Jennifer Cover Payne, Executive Director, Cultural Alliance of Greater Washington

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