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Avoiding  the Wrong Decision--Selecting an Accounting Method for Your Media Business--Cash versus Accrual Accounting

Posted by Jack Craven on Tue , Dec 29 , 2015

 In the first year of a startup business, you, as a business owner, will need to make certain elections for tax purposes. These start up tax choices (elections) establish precedents for tax years to come. An important election you will make is selecting an accounting method for your business. The two methods commonly used are cash basis  accounting or accrual basis accounting. You may be reading this and thinking, “What do cash and accrual basis mean?” and “What difference does this make to me and my business?”

Making the wrong decisions could cause your business to become just another failure.

Simply put, as our whitepaper explains, under cash basis accounting, a business owner such as yourself recognizes revenue and expenses (and pay taxes) when you receive or pay cash. Under accrual basis, you recognize income and expenses (and pay taxes) when they are earned without regard to being paid. In the attached whitepaper, we provide media company tax tips and advice.

Many accountants automatically suggest that all of their small business clients automatically adopt cash basis accounting. As we discuss on the whitepaper that follows, this should not automatically be the case for many media and entertainment companies. The remainder of this paper explains cash basis versus accrual basis accounting and how they impact your business.

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Topics: Tax ideas, #startup, cash flow, tax tips

A Roadmap for Startup NY

Posted by Jack Craven on Wed , May 21 , 2014

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Topics: Startups, Jack Craven, Media CPA, NYSSCPA, Startup-NY, Startup-NY, Startup-NY, Start up, NY incentives, #startup, #startup, Start up NY

Watch Jack Craven on AriseTV !

Posted by Jack Craven on Wed , Mar 19 , 2014

Start-up New York is a program that offers tax-free incentives to start up companies in New York State.  Jack Craven has been interviewed on AriseTV's business news show  Xchange to discuss this program. 

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Topics: Startups, CPA, Jack Craven, Media CPA, Startup-NY, Start up, NY incentives, #startup, tax, Tax-free, Arise Xchange

Startup-NY: Tax Free Zones to Attract and Grow Business in NY

Posted by Jack Craven on Fri , Dec 27 , 2013

New York has thrown out the welcome mat to startup businesses.   New York has one of the highest tax levels. 

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Topics: Startup-NY, Start up, NY incentives, #startup