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Choosing an Accounting Method

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MBDA

Cash and PenCASH VS. ACCRUAL

Every business taxpayer is required to have an accounting method to report income and expenses. The two most commonly used methods are cash and accrual. Once you choose your accounting method, you must follow it consistently. Generally, you may not change your method of accounting unless you obtain permission from the IRS.

CASH METHOD

Due to its simplicity, the cash method is a popular choice for small businesses. To determine gross income, add up the cash, checks, and fair market value of property and services you receive during the year.

If you receive a check on December 28, 2011, but decide not to cash or deposit it until after December 31, 2011, you must still count the check as income in the year you received it.

Business expenses are usually deducted in the year they are paid. For example, you order office supplies in October 2011 and they arrive in December 2011. You send a check to pay for them in January 2012. Under the cash method, you should claim that business expense deduction on your 2012 tax return because that is the year you paid for the supplies. Certain businesses cannot use the cash method. In addition, special rules apply for the accounting of inventory.

Facts You Should Know About Central Contractor Registration (CCR)

Blogged By: 
Angela Washington

Central Contractor Registration (CCR) is the official, free on-line registrant database for the U.S. Federal Government. CCR collects, validates, stores and disseminates data in support of agency acquisition and award missions.

Purpose: Client Resource, Marketing Businesses

Who should register in CCR?

  • Current and potential vendors must be registered in CCR prior to an award or contract, basic agreement, basic ordering, or blanket purchase agreement [See FAR 4.11]
  • Private non-profits, educational organizations, state and regional agencies that apply for assistance awards via grants.gov must now register with CCR
  • A foreign company that performs work outside the US is required to register in the CCR system in order to be awarded a contract [See FAR 4.1102(a)(5)]
  • Exceptions are reserved for classified contracts (see 2.101) or contracts to support unusual or compelling needs

What is required to register?

Guide to Doing Business in China

Blogged By: 
MBDA

China FlagChina responded quickly to the global economic downturn in 2008 and, as a result of a combination of monetary, fiscal, and bank-lending measures China’s GDP grew 9.2 percent in 2009 and an impressive 10.3 percent in 2010. Projections are for the GDP growth to slow slightly in 2011 to between 9 and 9.5 percent.

Accompanying the rise in China’s GDP, U.S. exports to China increased in 2010 by over 32 percent to almost $92 billion. Of course, China’s exports to the U.S. also increased by 23 percent, leading to a balance of trade deficit of $273 billion. After falling in 2009, the trade imbalance with China is now on the rise again. China remains the U.S.’s second largest trading partner after Canada.

After near zero percent inflation in 2009, in 2010 consumer price index rose 3.3 percent, exceeding the authorities’ target of 3.0 percent. Inflation reached 5.1 percent in December 2010, alarming authorities who undertook a multipronged effort to bring real estate prices, food prices and monetary liquidity driven by bank lending under greater control.

Helping Businesses Bring Jobs Home

Blogged By: 
SBA Montana District Office

Metal WorkThe “Made in America” brand remains strong, with a growing number of businesses bringing production and jobs back to the U.S. from overseas.

Recent studies indicate on-shoring is likely to increase over the next several years due to rising transportation costs and as companies take advantage of America’s high workforce productivity and strong quality control.

Do You Plan to Bring Production Home? The U.S. Small Business Administration’s International Trade Loan (ITL) Program Can Help!

The U.S. Small Business Administration’s ITL program provides small businesses with capital to finance their fixed assets, including real estate, and working capital needs. This program offers private lenders a 90% guarantee on loans as an incentive to encourage lending to growing small businesses.

SBA Proposed Size Standard Increases for Health Care and Social Assistance

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SBA News

The SBA also issued a proposed rule to increase the small business size standards for 28 industries in the Health Care and Social Assistance sector.   As many as 4,100 additional firms could become eligible for SBA’s programs and services if the proposed increases are adopted. 

Comments can be submitted on this proposed rule on or before April 24, 2012, at Regulations.gov, identified by RIN 3245-AG30, where they will be posted.  You may also mail comments to Khem R. Sharma, Chief, Size Standards Division, 409 3rd St., SW, Mail Code 6530, Washington, DC  20416.

Did you know...

Between 2002 and 2007, minority-owned firms outpaced the growth of non-minority firms in gross receipts, employment, and number of firms. Minority firms are an engine of job creation.
Graph for MBE Growth

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