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Licensed contractors in the state of Virginia are not required to carry general liabilty or workers’ compensation insurance. It is always a good idea to only hire contractors that have current general liabilty and workers’ compensation policies. All applicants for A and B contractor licenses are required to complete a pre-license education course that has […]
Here are some tips to make sure your payroll doesn’t put a damper on everyone’s holiday spirit. We also offer full-service payroll & tax handling so you can focus on growing your business. However, if an employer gives a turkey, ham, or other item of nominal value for the holidays, it’s generally not considered taxable […]
Understanding how to account for these upfront payments is important for accurate financial records. This article clarifies whether prepaid rent is treated as a credit or a debit in accounting. If the prepaid rent is used to pay for a major repair a few months earlier, and no longer exists, this becomes a huge problem […]
These programs are subject to revenue recognition standards like ASC Topic 606, requiring estimation and deferral of revenue for future redemptions. It usually has a debit balance and is a helpful tool for the company to know the product specifications, whether it is optimum or not, as per customer requirements. A contra revenue account needs […]
For example, if an employee begins work on Monday, the employer should count Tuesday as Day 1 and count 90 days to determine the validity period of the receipt. Form I-94 and Form I-20 do not establish employment authorization for reverification in the case of F-1 students seeking employment under optional practical training (OPT), STEM […]
When teams use different forecasting methods, it’s hard to combine their individual forecasts into a cohesive whole. Implement a standard forecasting platform and methodology across the company. This ensures everyone uses the same processes and definitions, leading to more consistent and reliable results. HubiFi offers integrations with popular accounting software to streamline this process. Comparing […]
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