Industry Accounting Solutions
Liability and Workers Comp Insurance requirements, properly documented subcontractors with W-9 forms and insurance on file, taxability of repairs vs. capital improvements, are just some of the things GC's must deal with.
Attorneys must set up their bank accounts and accounting systems to properly account for retainers and deposits. Money held but not yet earned by an attorney cannot be in the their possession not the possession of the firm, but held in trust at the bank.
Restaurant / Bar
Owning a restaurant or bar brings its own brand of headaches. Besides inspections from the health department, the labor laws, especially in NY, are quite harsh when it comes to restaurants. Workers comp, tipped vs non-tipped employees, immigration status, inventory and cost of goods sold, specialized POS systems among other things.
Many tax preparers are not enrolled to represent their clients to the IRS and have very limited ability to deal with tax problems. Unenrolled tax professionals outsource the tax resolution work to us. We can work directly with the client or can be hired as a service provider to the firm depending on the circumstances of the case.
Inventory management and managing accounts receivable are among the most important aspects for a wholesaler. Ensuring the money is coming can be a constant struggle but it doesn't have to be that way.