James R Douglas CPA

FIFO (first-in, first-out) means that the oldest inventory items are recorded as sold first. This doesn't necessarily mean that the items are physically tracked; FIFO is simply an inventory management technique.

Can you pick out the accounting software that best suits the needs of your company? That is just one of the many reasons to rely on the advice and assistance of an accountant with experience working with other, similar companies.

Most individuals retain CPAs for financial advice and to handle complex tax filings. Our CPAs also operate in the corporate realm, providing tax advice, accounting services, and performing audits as warranted by the corporation and by statute.

Did you know the mileage reimbursement allowed by the IRS isn't always a fixed number? In times of high gas prices, they may adjust the mileage rate mid-year to help taxpayers.

Did you know that there are special forms you must submit to the IRS when you hire an independent contractor? Simply sending the 1099 to the contractor at tax time isn't enough.

According to Forbes Magazine, only about half of all new small companies are still in business five years later. By seeking out and embracing the expertise of lawyers and CPAs, you are more likely to avoid the many landmines that can impact other fledgling companies.

Have you been thinking of changing your name, due to marriage, divorce or another reason? If so, remember to inform the Social Security offices so the IRS will have the correct name on your refund check.

Although they're generally associated with tax preparation, CPAs can also provide services such as assurance and attestation, corporate governance, estate planning, financial analysis, financial planning, forensic accounting, and management consulting.

How valuable is your time? The IRS estimates that the average tax payer will need to spend approximately 28 hours learning tax law to properly file taxes. Fortunately, our professional CPAs are on hand to help you save time and money.

Did you know that many experts consider CPAs to be one of the most important human resource assets of any business structure? We can help you organize and streamline the financial management of your business in order to boost profits and get the results you are looking for.

Did you know that a mathematics book by Luca Pacioli, the father of accounting, actually served as the world's only accounting textbook until well into the 16th century?

Accountants can do much more than prepare taxes. They can work with you throughout the year and offer advice on business operations that will provide the most tax savings. An accountant can save your business a lot of money in the long run.

Can a CPA represent tax payers in the event of an IRS audit? Absolutely. In addition to tax attorneys, CPAs can serve as enrolled agents, known as EAs, which have authorization to serve as a representative to tax payers who have been audited.