Friday, May 14, 2010

Facebook and Twitter Changing Business Models

Great video on how Social Media is changing corporate branding and online presence.
Favorite quote: "I can't connect to a logo, but I can connect to people."

(click for full TechCrunch article)

Tuesday, May 4, 2010


Recently there have been e mail messages purportedly from the Internal Revenue Service. The e mail will look like it is from the Internal Revenue Service showing your social security number,as well as your bank account number. This is called a "phishing" scam. In short, someone was trying to deceive you into revealing personal and financial information over the internet. These scams can also involve phony versions of a bank,investment firm, or utility company.

When it comes to the IRS it is important to note that the agency would never use e mail to contact taxpayers regarding tax issues. So be careful and do not compromise personal data,especially on the internet. Visit us at for other pertinent tax and accounting topics.

Friday, April 30, 2010


The new health care reform legislation will require businesses to report all payments in excess of $600 for sevices or merchandise to the Internal Revenue Service on a 1099. In essence any purchase that a business makes will have to be reported on a 1099. Uncle Sam projects that they will raise 17 billion dollars over a 10 year period. The intitial year for reporting will be in 2012.

This requirement will obviously be an additional cost for all business as well a problem for many small businesses that do not have the resources to comply with these new requirements.

It is always interesting to see lawmakers passing legislation and not taking into consideration the burdens they put on small business. Please visit out website at

Wednesday, April 28, 2010


The economy is still "on the mend "and we have not seen an increase in lending from the banking system. To create cash we have noticed that some businesses may be selling assets . If the buyer pays the note over a period of time the seller can pay the tax on the sale as he receives the funds. This will provide the seller with cash over a period of time. But seller BEWARE!

If the asset sold has been depreciated over a number of years you need to pay tax on the gain attributable to the "recapture of depreciation" in the year of sale. The consequence could be disastrous and may result in all of the first years proceeds ,from the note ,going to Uncle Sam. Additionally,it may cause the seller to come out of pocket for the taxes in year one.

If you are looking to create cash through a sale,specifically an installment sale, be sure you get the correct advise regarding the transaction to maximize your cash flow. BSPJ can help and you can learn more about our firm at

Monday, April 5, 2010


Businesses of all sizes are subject to theft and fraud . Usually, the smaller the business the less financial controls exist because of the smaller number of employees. However, as a business expands owners do not pay enough attention to putting controls in place. Below are some bullet points that need to be considered in instituting some financial controls and possibly minimize the risk of fraud or theft.

  • Keep Accounting Duties Separate (i.e. the person who opens the mail should not post the accounts receivable)
  • Guard your company checks(be sure they are prenumbered and locked in a drawer)
  • The owners should receive the bank statements and review cancelled checks.
  • Require vacations and cross training
  • Understand your financial statments (savvy employees will take advantage of owners who do not understand their numbers)
  • Establish a budget and make comparisons

These are just a few of the steps one can take in order to ensure proper financial controls of the business. We have uncovered fraud for many clients and usually one of the points mentioned above was not being implemented.

Friday, March 26, 2010


Whether you are struggling in this economy (which most businesses are) or have found a niche that is resilient to the effects of the economic environment, the successful business person surrounds themselves with advisors who are in tune with their individual needs and desires, as well as, the business issues. We believe Certified Public Accountants (CPA's) are in the position to assimilate issues at a higher level. This is the reason our clients look to us as trusted advisors.

We Care

Caring about our clients on a personal level is our first priority. Our clients are like family and we take time to understand their needs as well as what makes each individual tick.

We Understand

We understand the transactions of the business and how goods and services are recorded into the accounting system. This knowledge is key in helping us make suggestions to our clients.

We Have Knowledge

Our partners and professional staff are always up to date on current tax law and accounting changes.

We Have a Sixth Sense

Our firm can assimilate your personality, systems, procedures, tax and accounting issues into plans and solutions that work.

The success of your business is greatly enhanced when you partner with a CPA. See how Braver Schimler Pierce Jenkins LLP can become your trusted advisor by clicking here.