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Many small businesses experience enormous challenges getting a traditional business loan in these times for many reasons. For one thing tighter lending restrictions were placed on banks after the 2008 financial crisis.  Sometimes the financial institutions have minimums which are above the small business needs and qualification. There is also stringent qualification requirements and challenging terms and collateral requirements that small businesses struggle to satisfy. It is observed that the rate of lending to small businesses have fallen some in preference to lending to bigger firms since the start of the financial crisis.

David Allen Capital, is a small business loan brokerage focusing on getting money for business owners. They have a SIMPLE and FAST method - not requiring a typical bank loan process. They can actually get you a decision in 1 day and funds in a week. CASH FLOW matters more than Credit Score, and there are  programs for all credit situations.

David Allen Capital boast a high approval rate, and simple application process.

Generally  you can be financed up to the amount  you are doing in  a month's sales, and all you need is a short one-page CAPITAL QUALIFICATION form in order to get pre-qualified and within 24 hours you will get a result. 

Some other benefits to keep in mind:

• CASH FLOW matters more than Credit score
• Use the funds as you choose
• 4 + months in business
• $100k in annual sales revenue
• 500+ FICO score
• Available in all 50 states

If you need to expand, want to take advantage of volume discounts, or Need to better manage your cash flow needs, pay back taxes-- whatever the situation  you decide how to use the funds.

The simple four steps to funding See Below:

1. Business Pre-Qualification

Complete the online form here  They will review and match with the best provider for you.  They will then contact you to discuss available options, answer questions, and complete a 1-page application.

2. Complete 1-Page Application

Complete the simple application which will provide the lenders and advance companies with more business, personal, and financial details.  Submit it to them with a few requested documents.

3. Submit Documents

To verify the application and secure approval, they request 4 months of bank statements, a copy of your last year's business tax return, a cancelled check, and a copy of your drivers license.

4. Receive Your Funds

Funds are either wired or ACH deposited into your bank account.  Automatic micro-payments begin thereafter and you can renew your loan application after paying off 50 % of the original loan.

Usefull Tips on Selecting a Tax Return Preparer

The IRS 2016 tax season has commenced on January 19 2016 and the deadline for individual tax return will end on April 18 2016. Some of us have been using the same person to prepare our taxes over the years, while others will be using a return preparer for the first time, or is making changes.If you are looking to engage a tax return preparer here are some tips gleaned from the IRS website https://www.irs.gov/ to assist you in selecting your preparer wisely.

The IRS states the following:

More than half of taxpayers hire a professional when it’s time to file a tax return. Even if you don’t prepare your own Form 1040, you’re still legally responsible for what is on it.A tax return preparer is trusted with your most personal information — all of the sensitive details of your financial life. If you pay someone to prepare your federal income tax return, the IRS urges you to choose that person wisely. To do that, take some time to understand a few essentials.

Most tax return preparers provide outstanding service. However, each year, some taxpayers are hurt financially because they choose the wrong tax return preparer. Well-intentioned taxpayers can be misled by preparers who don’t understand taxes or who mislead people into taking credits or deductions they aren’t entitled to in order to increase their fee. Every year, these types of tax preparers face everything from penalties to even jail time for defrauding their clients.

Here are a few tips to keep in mind when choosing a tax preparer: Check to be sure the preparer has an IRS Preparer Tax Identification Number (PTIN). Anyone with a valid 2016 PTIN is authorized to prepare federal tax returns. Tax return preparers, however, have differing levels of skills, education and expertise. An important difference in the types of practitioners is “representation rights”. You can learn more about the several different types of return preparers on IRS.gov/chooseataxpro.

Ask the tax preparer if they have a professional credential (enrolled agent, certified public accountant, or attorney), belong to a professional organization or attend continuing education classes. A number of tax law changes, including the Affordable Care Act provisions, can be complex. A competent tax professional needs to be up-to-date in these matters. Tax return preparers aren’t required to have a professional credential, but make sure you understand the qualifications of the preparer you select.

Check on the service fees upfront. Avoid preparers who base their fee on a percentage of your refund or those who say they can get larger refunds than others can. Always make sure any refund due is sent to you or deposited into your bank account. Taxpayers should not deposit their refund into a preparer’s bank account.

Make sure your preparer offers IRS e-file and ask that your return be submitted to the IRS electronically. Any tax professional who gets paid to prepare and file more than 10 returns generally must file the returns electronically. It’s the safest and most accurate way to file a return, whether you do it alone or pay someone to prepare and file for you.

Make sure the preparer will be available. Make sure you’ll be able to contact the tax preparer after you file your return – even after the April 18 due date. This may be helpful in the event questions come up about your tax return.

Provide records and receipts. Good preparers will ask to see your records and receipts. They’ll ask you questions to determine your total income, deductions, tax credits and other items. Do not rely on a preparer who is willing to e-file your return using your last pay stub instead of your Form W-2. This is against IRS e-file rules.

Never sign a blank return. Don’t use a tax preparer that asks you to sign an incomplete or blank tax form.

Review your return before signing. Before you sign your tax return, review it and ask questions if something is not clear. Make sure you’re comfortable with the accuracy of the return before you sign it.

Ensure the preparer signs and includes their PTIN. Paid preparers must sign returns and include their PTIN as required by law. The preparer must also give you a copy of the return.

Report abusive tax preparers to the IRS. You can report abusive tax return preparers and suspected tax fraud to the IRS. Use Form 14157, Complaint: Tax Return Preparer. If you suspect a return preparer filed or changed the return without your consent, you should also file Form 14157-A, Return Preparer Fraud or Misconduct Affidavit. You can get these forms on IRS.gov.

*******Submitted by Selvyn Evans-Enrolled Agent

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Bank Reconciliation-part 2

Bank Reconciliations-part 2— useful for internal control

In our last article we examined the Bank reconciliation and how it is prepared.
In this article we will examine the usefulness of the bank reconciliation report to the company. We try to write this article so that it will be understood by individuals who have little or no accounting knowledge, but who might have an interest in the topic.

Our past experience with auditors, who examined the accounts at year-end, is that they paid much attention to the bank reconciliation. Not just the year-end reconciliation, but also to some or all of the monthly reconciliations. Why is this so important to the audit process and the company?

TIMELY PREPARATION
When the reconciliation is done on a timely basis, expense and revenue items that were missing can be booked in the correct period, not in subsequent period. This will help to ensure that the company’s profit and loss statement more accurately reflects the results of operation for the period. Thus management, owners and shareholders will not be deceived by operating results that are incorrect.

Profit and Loss error
A possible danger when the account is in error is that management could make significant decisions, such as declaring a dividend, agreeing on wage increases, buying expensive equipment, agreeing on bonus etc, bases on erroneous results.

Budgetary control
Another problem when errors are not discovered on a timely basis is that some company budgets that are prepared using prior year monthly expenses and revenue as a base, could be in error, as a result of errors in the source data.

Faulty balance sheet analysis
Yet another problem could be that a non-expense item that is omitted will affect the company’s balance sheet, and the resulting financial analysis. For example, let’s say the bank has provided a loan to the company, and the monthly repayment is being deducted by a standing charge to the company’s bank. If the company’s accountant did not have a timely prepared bank reconciliation, and he forgot to book the repayment,
the company’s working capital will be overstated because the bank balance is higher than it should be. Note that the books are in balance, but the cash and liabilities are overstated.

MONITORED BY SENIOR MANAGERS
All bank reconciliations should be monitored by a senior employee to ensure that proper investigation and corrective measures are done for any reconciling items. Some of the items on a reconciliation that should cause a red flag are:

A) Reconciling items carried over from month to month

If the same reconciling item remains on the bank reconciliation for more than one accounting period, it should raise a red flag. A good example is un cashed checks.
Most companies and individuals would cash or deposit a check they receive within a few days. If this did not happen after a full accounting cycle, it could mean that the check should have been written back for some reason, that the payee may have died, or that the check was a duplicate, in which case another check for the same service was already cashed.

ACT AS DETERRENT
A dishonest employee knowing that bank reconciliations are monitored on a timely basis, will think twice before committing fraud involving the company’s bank account, since he or she knows that the fraud might be discovered very soon after it is committed.

Bank Reconciliation--part 1

When an accounting system is set up, one of the important accounts that will be present to facilitate bank reconciliation is the cash account. Other names used for this account is cash control account, bank account, checking account, bank operating account etc.

Bank reconciliation is a comparison of this general ledger account with the company's bank account as evidenced by a bank statement sent by the company’s bankers, usually at month end. The cut off date could be other than month end, depending on the company’s accounting period end date. The bank reconciliation to prepared to find items that are missing, or not properly treated in either account.

The most common differences and their treatment are:

BANK CHARGES
Each monthly the bank usually charge a fee for the operation of the bank account. This fee is usually not posted prior to month-end close. By arrangement the bank may put through a standing charge for loan interest, loan repayment etc. which the accountant may forgot to record in the general ledger.
To correct this omission: [Debit Bank Charges, interest etc and credit the bank account in general ledger.]

DEPOSITS IN-TRANSIT
This is a timing difference and is due to the fact that deposits near end of month may not have been posted by the bank, because the deposits arrived after month end. No general ledger entry is necessary for this item.

OUTSTANDING CHECKS
These represent checks that were issued in a particular month, but was not cashed by the payee as at the end of that or subsequent month end. No general ledger entry is necessary for this item.

CHECKS ISSUED AND THEN CANCELLED
These represent checks that may have been reported lost by the payee. The accountant called the bank and stopped payment but did not record the entry in the general ledger.
Accounting entry: Debit the bank account to which the check was credited when paid, and debit the relevant expense account—thus reversing the expense.

LOAN PROCEEDS FROM BANK
Sometimes getting a loan approved by the bank can be exciting. Once the excitement is over everyone forget to record the entry in general ledger. To correct this omission, debit the general ledger bank account set up to represent the amount of the loan, credit the relevant loan account to show the liability.

The above list of reconciling items is not exhaustive, but represents some of the items that might need adjusting at period end.

Constructing the reconciliation

Using the items described above,the reconciliation would be:

Balance per bank statement as at……2011…
say $220,000

ADD
Deposits in-transit say 30,000

LESS
Uncashed checks balance at month end (30,000) Reconciled bank balance
215,000


Balance on general ledger bank account
111,200

Add: Bank loan received 100,000
Check issued and then cancelled
4,000

LESS: bank charge
(200)
Reconciled general ledger bank account 215,000

The above statement demonstrates that the correct bank balance at the end of the period is $ 215,000, this will be the balance after the adjusting journal entries to record the bank loan, cancelled check and bank charges have been posted in the correct reporting period. The bank statement is currently showing $220,000 because $30,000 deposit is not yet received by the bank, and $35,000 checks have not been cashed by the payee.

NEXT: Our next article will discuss the importance of the bank reconciliation.

Governor Rendell Announces New Investigation of Health Insurance Companies

Governor Rendell Announces New Investigation of Health Insurance Companies

The Various Types of Life Insurance

Life Insurance comes in many forms and is often the subject of confusion. In the following article we attempt to clear up some of the confusion surrounding the various types of life insurance. However, the article is not exhaustive; therefore the reader is encouraged to seek professional advice if they have further interest in the topic. There are numerous sites online that offer valuable information on insurance.

Term Life
Term Life Insurance, is a relatively straight-forward product that has a fixed term - say 10 years or 20 years etc. A 10-year term life insurance policy provides protection for 10 years; a 20-year policy for 20 years and so on. The amount paid out is called the death benefit and is paid upon death. Unlike a whole life policy, this form of insurance does not accumulate any savings or cash value.
Premiums can be paid monthly, quarterly or annually. If the policy is cancelled before the owner dies, there is no payout.

Policy holders have the option of choosing from a number of policy duration. Some common duration is: 1, 5, 10, 20, and 30 years, depending on the insurance carrier. Term life premiums are usually lower than other life insurance premiums, due to the fact that there are no provisions for cash value or savings. Once the policy is set up the premiums are usually fixed for the duration of the initial term.

When the term runs out, many companies will give you the option to renew your policy, but the premiums will be higher for the same coverage, since age plays a role in premium cost. The basic concept is that an older person is likely to die sooner than a younger person and this is factored into the premium cost.

Permanent Life Insurance
Permanent or whole life Insurance provides protection for the life of the policy holder. Providing the premiums are paid, the death benefit will be paid as agreed.

Most people feel they don't need life insurance after the kids have graduated from college and the mortgage has been paid off. But in reality, your surviving family will still have to deal with your burial expenses as well as their own living expenses for however long they live, without your help. Your family's survival period could be as much as 10, 20 or more years.

Whole Life insurance also bundles the death benefits with the opportunity to build savings tax-deferred. Each month the premium is paid, a percentage of the premium is invested by the insurance company. This investment builds up a cash value, which you can use in several different ways; such as by way of taking a loan, or by surrendering the policy and taking the accumulated cash value. If a Loan is not repaid it will be deducted from the final payout at death.

With all permanent life insurance policies, the cash value is different from the policy's face amount. Cash value is the amount available if you surrender a policy, while face amount is the money paid by the insurance company at your death. Premiums for permanent life insurance are generally higher than for term life insurance because of the cash value cost and administration. However, as mentioned above, the younger you are when you buy the insurance, the lower your premiums will be.

Types of Permanent Life Insurance
The Following are common types of Permanent Life Insurance:

Whole Life Insurance
Whole life insurance are designed to last an insured person's entire life. The amount of the premiums generally remains the same over the duration of the policy and must be paid timely for coverage to continue. The insurance company invests part of your premium in its general portfolio to build the cash value of your policy. Whole life is the most common type of permanent insurance, and has a fixed guaranteed rate and guaranteed cash value.

Universal Life
Universal life insurance also covers the insured life, providing the premiums are paid. Part of the premium covers the cost of the policy, and the remainder is invested in the insurance company's general portfolio to earn interest tax-deferred. This type of insurance usually guarantees a minimum interest rate on the invested portion. After your first premium payment, there can be variations in the date you can pay premiums, and in the amount paid, proving it meets the policy's required minimum and maximum payment. You can also reduce or increase the death benefit more easily than with a whole life policy.

Variable Life
Variable life insurance incorporates investing. You can invest your premiums in the stock, bond, and money market funds that you choose from the insurance company's portfolio. While the cash value of variable life policies is not guaranteed, you have control over how your money is invested. The cash value and death benefit of your policy are determined by how well your investments are doing. This type of life insurance usually has fixed premiums.
The ideal coverage for a consumer depends on his or her particular situation. A good Insurance representative can give guidance in making the right choice.