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September 2020: Stock & Debt Basis-Overview, Examples and Planning Tips for Partners and Shareholders (S-Corporations)

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 September 2020: Stock & Debt Basis-Overview, Examples and Planning Tips for Partners and Shareholders (S-Corporations)
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By Mike Faremouth
In Advisory/Consulting, Michigan Accountant, Taxation
Posted September 2, 2020

September 2020: Stock & Debt Basis-Overview, Examples and Planning Tips for Partners and Shareholders (S-Corporations)

Building on my August 2020 newsletter, I want to tackle a tax topic specific to Partners (Partnerships) and Shareholders in S-Corporations, namely, Stock and Debt Basis. This is a fairly complex [...]

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 August 2020 Newsletter: Entity Structures Explained, Some Common Business Deductions, Hints on Pricing for Goods and Services
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By Mike Faremouth
In Advisory/Consulting, Taxation
Posted August 18, 2020

August 2020 Newsletter: Entity Structures Explained, Some Common Business Deductions, Hints on Pricing for Goods and Services

August 2020 Newsletter-Summertime! An old proverb once stated, “May you live in interesting times.” But interesting is not how I would classify the current situation, and problems facing our [...]

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 Understanding Your Costs and the Financial Health of your Small Business
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By Mike Faremouth
In Advisory/Consulting, Michigan Accountant, Small Business Finance
Posted April 17, 2019

Understanding Your Costs and the Financial Health of your Small Business

If you’re in business, an Investor or you just like to read the business press or news, you’ll often hear words or phrases like, “This Company makes Money,” “Gross Profit,” “Margins,” “Earnings,” [...]

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 Accuracy in Accounting & Bookkeeping:  The Practical Consequences to Small Businesses
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By Mike Faremouth
In Accounting & Bookkeeping Tips, Advisory/Consulting, Michigan Accountant, Taxation
Posted February 26, 2019

Accuracy in Accounting & Bookkeeping: The Practical Consequences to Small Businesses

If you’re an Accountant, you should be practical and also do not harm-a Hippocratic Oath for Accountants.  Accountants should be driven with a desire to help their Client’s understand the [...]

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 The Problems with Employer Identification Numbers (EIN)
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By Mike Faremouth
In Advisory/Consulting, Michigan Accountant, Taxation
Posted January 28, 2019

The Problems with Employer Identification Numbers (EIN)

When it comes to EIN Numbers having more is not better, in fact, it could lead to a lot of grief and have you reaching for the Excedrin.  Let me start with a few definitions to frame this: EIN’s [...]

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 Accounting & Bookkeeping Tips
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By Mike Faremouth
In Accounting & Bookkeeping Tips, Michigan Accountant
Posted January 21, 2019

Accounting & Bookkeeping Tips

Winter has finally hit here in Michigan…daytime high was 14 degrees! Ok, back on topic – here are a few Accounting & Bookkeeping tips to improve the accuracy and [...]

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 The Importance of Cash Management-A Planning Tool for Small Business
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By Mike Faremouth
In Michigan Accountant, Small Business Budgeting
Posted January 10, 2019

The Importance of Cash Management-A Planning Tool for Small Business

My Firm is about helping the small business owner with practical tools.  So let me address a topic no business wants to discuss or acknowledge-Failure.  Businesses fail for a variety of reasons, [...]

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 Accountants & Bookkeepers, Obsolete? No; Outsourced? Yes.
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By Mike Faremouth
In Michigan Accountant
Posted November 29, 2018

Accountants & Bookkeepers, Obsolete? No; Outsourced? Yes.

Some argue that with advances in technology and AI, there won’t be a need for Accountants or Bookkeepers,  evidently, because these advances will have evolved to the point where even the [...]

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 The Differences between Accounting and Bookkeeping
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By Mike Faremouth
In Accounting & Bookkeeping Tips, Michigan Accountant
Posted November 27, 2018

The Differences between Accounting and Bookkeeping

Both are necessary and interdependent but hiring someone with expertise in one without the other can be problematic. Understanding how QuickBooks is structured, the necessary workflows, and how [...]

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Mike Faremouth is an Enrolled Agent and Quickbooks Advanced Pro Advisor. In addition, Mike is also a CPA “Candidate” having satisfied academic requirements and completed all sections of the CPA Exam.

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