A Guide To Form 990 For Tax-Exempt Organizations

What is Form 990? Although many nonprofit organizations are exempt from paying federal taxes, the IRS requires tax-exempt organizations to file Form 990 for informational purposes. The IRS uses this informational return to determine whether you're still exempt from...

5 Critical Tax Tips For Nonprofits in 2019

No one enjoys filing taxes, but it can be especially problematic for nonprofits. Many nonprofits focus on their cause so much that they neglect proper organization. As a result, they deal with disorganized records and systems, and a lack of clarity around tax issues....


For a business owner, taxes can be overwhelming and cumbersome. Tax deductions allow you to save thousands of dollars each year on your taxes and make tax filing a much more bearable experience. In this post, we'll list some of the tax deductions you can use to...

The Smart Business Owner’s List Of Tax Credits

One of the best ways to cut costs as a business owner is to take advantage of all the tax deductions and tax credits for which you're eligible. As a business owner, you're concerned with the bottom line--increasing your net profits. That probably means you spend most...

PRESS RELEASE: Cassidy Jakovickas, CPA of Fresno, CA Appointed to Intuit’s Accountant Council

Select Panel Advises on Products and Services that Accountants and Their Clients Want Most             FRESNO, CALIFORNIA – June 4, 2019 –Today, Intuit, Inc (Nasdaq: INTU) announced that Cassidy...

Beyond The Numbers: What We’ve Been Reading

Although our team loves using numbers and spreadsheets to help our clients make the best financial decisions, we also enjoy reading great books. Staying well read on both fiction and non-fiction books helps us hone our imagination and introduces us to new, sometimes...

Looking Back At April

It’s hard to believe that we’re at the end of April, but it’s true! This month, we helped our clients wrap up another great (and busy) tax season. There was, as always, a lot of paperwork, emails, and nail-biting involved in the days preceding April 15, but that’s all...

5 Last-Minute Tips For Filing Taxes in 2019

Well, April 15 is almost here, and the tax-related panic is thick. If you haven’t filed your 2018 tax paperwork and are rushing to get your taxes in by the deadline, we’ve decided to give you some last-minute tax advice that will hopefully help ease your stress....

An Introduction To Cybersecurity for Business Owners

Keeping your sensitive business and customer data secure has never been more critical. Whether you are a small business or a national corporation, you can't relax your defenses against those criminals seeking to take advantage of lazy cybersecurity policies. Virtually...

March News Roundup

Wow! It seems like we just started March and we’re already moving into April! As we move into the final stretch of tax season, we’re recapping this month’s news for you, just in case you missed it amid the tax-related hubbub. MBS Accountancy: November Review This...

10 Things to Check As You End 2018

Reading Time: 2 minutes

As you close out the 2018 year, you’re probably readying yourself to begin 2019 with renewed motivation and energy, pursuing greater accomplishments and successes. Before you close out 2018, we’d like to help you avoid future headaches by giving you a short checklist of some important items to ensure you’ve completed before saying goodbye to 2018. Although some of these items may not apply to your business, we hope you’ll find most of these items helpful for you as you turn the page on 2018.

Reconcile bank account balances

Go through the entire year and ensure that you have a difference of zero. Review all uncleared transactions and look especially for duplicate transactions and outdated transactions.

Confirm Accounts Receivable

Run the Aging report for your accounts receivable and ensure that each customer’s balance is outstanding, adjusting as necessary.

Verify Inventory Balances

Compare your physical stock against your inventory report and ensure that all values in the report are reasonable.

Record the cost of major assets

Record the cost of any major assets like vehicles or equipment is recorded in a fixed assets account on your balance sheet. Be prepared to provide a copy of the purchase documents.

Confirm Accounts Payable

Run the A/P Aging report and confirm that each vendor’s balance matches the amount for which you’re liable.

Reconcile Credit Card Balances

Reconcile your credit card balances for 2018, accounting for this upcoming January if your statement has a mid-month end date.

Confirm All Liability Account Balances

For notes payable, loan mortgages, etc. confirm the balances by reconciling them with loan statements.

Review Owner/Shareholder Transactions and Distributions

Ensure that transactions within these areas are either personal funds put into the business or business funds withdrawn for personal use.

Confirm Payroll Reports

In the process of reviewing your annual payroll reports, confirm the total gross wages.

Confirm P&L Transactions

In your Profit & Loss statement, verify that all transactions are in the correct accounts.



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