If I had one hour with Gabby Douglas…

Gabby Douglas Olympics

  Imagine experiencing a substantial windfall of money - talk about everyone’s fantasy! Well, Gabby Douglas is one of these lucky people. CONGRATULATIONS GABBY!! As a CPA, I do worry about her sudden success. Can she manage and maintain this financial windfall? She’s a talented young woman with a good head on her shoulders, but it’s a big responsibility and a complex task to take on at such a young age. So, instead of yelling my advice to her through the TV, I thought I would blog about it. Everyone will tell her to assemble a good financial team around her – but really, what does that mean? What comprises a good financial team and what will they (hopefully) tell her? Gabby, here are my 3 pieces of advice… 1) When selecting your financial team, be sure to get a CPA who understands international tax law in addition to US tax law for entertainers and athletes. As a US citizen you are taxed on your entire worldwide income. The country you’re in may tax you too. There are … [Read more...]

It May Be Time to Upgrade Your Quickbooks

QuickBooks is the most widely used accounting program for small businesses and individuals. Annual updates keep the program current, adding new functions and increased record-keeping modalities. As they release new versions each year, Intuit also discontinues supporting older versions of QuickBooks. As of May 31, 2012, Intuit no longer supports QuickBooks 2009 for payroll, credit card processing, electronic bill pay or emailing customer invoices. If you use any of these services, you will need to upgrade. You might also want to consider updating to QuickBooks 2012 now if you’re using QuickBooks 2010, as it is scheduled to be discontinued on May 31, 2013. By switching over to the new version, you’ll be able to access new capabilities that make your accounting and bookkeeping processes easier. Some of the new and improved features of QuickBooks 2012 include: Attach Documents/Document Center: This new feature encourages a paperless environment. It allows you to scan and attach … [Read more...]