Krumm & Associates, CPA's & Consultants

To address a business risk, there are five common strategies. They are risk avoidance, risk reduction, risk sharing, risk transfer, and risk acceptance and retention. When choosing the best strategy to work for you, consider combining multiple strategies. Have more questions about risk management? Our team is dedicated to help you. Contact us today at (701) 222-8256

Not sure when to stop claiming your young adult children as dependents on your tax returns? Don’t worry – you’re not alone! Many people also share this question and it’s important to note that this decision can significantly impact both yours and your children’s tax benefits and credits or deductions. https://bit.ly/47kp2RW

Where is your business' money coming from and going? Cash flow statements exhibit this and are divided into three categories: operating, financing, and investing. For help preparing or analyzing your cash flow statement - for example: are your assets paying off? - contact us at (701) 222-8256.

To be successful, a risk management plan must meet legal, contractual, internal, social and ethical goals. There are three steps to follow in order to achieve these goals. They are: 1) risk identification; 2) risk analysis and assessment; and 3) risk mitigation and monitoring. Risk identification means finding and documenting risks to the organization. Risk analysis and assessment requires determining the probability of a risk and the potential outcomes. Risk mitigation involves developing methods and finding options to reduce the harm that can occur. Need help with your business? We've got you covered. Contact us today at (701) 222-8256

It's important to pay any federal taxes that you owe. If you don't, the IRS will take steps to collect that tax debt. One of the most severe is a tax lien, which is a legal claim on any property you own. To remove a tax lien, you generally must pay your tax debts in full. The IRS will release the lien within 30 days. Worried about the IRS putting a lien on your property? Let us help you get your tax situation in order. Contact us today at (701) 222-8256.

You might be aware that bookkeeping is the backbone to owning a business – so having and maintaining an effective system is crucial to your success. Not only does it keep your finances in order, but it also helps you to build a solid financial foundation for your company for years to come to achieve all your entrepreneurial goals! https://bit.ly/4egXyij

A company's financial statement preparation is governed by its accounting policies. Accounting principles are a set of guidelines that a business should follow. Nevertheless, the framework is quite adaptable and the business' management team can select particular practices that improve the company's financial reporting. A company's specific rules are crucial because accounting standards can be lax. Examining a company's accounting practices may determine whether the business is aggressive or conservative when reporting profits. ??: (701) 222-8256

Estate planning is the process of designating who will receive your assets in the event of your death. Often done with guidance from an attorney and tax advisor, a well-constructed estate plan can help ensure that your heirs and beneficiaries receive assets in a way that manages and minimizes estate taxes, gift taxes and other tax implications. Looking for some guidance on where to start and how it will affect your finances? Call us at (701) 222-8256.

Your company's assets, liabilities, and owner equity are displayed on your balance sheet. In essence, it is a comparison of your assets and liabilities. Keep in mind, liabilities are what your business owes, and assets are what your business owns. Equity represents the ownership interest in the company and is calculated by subtracting the liabilities from the assets of your company. Contact us at (701) 222-8256.

Traveling internationally for business goes hand in hand with unique tax challenges and opportunities. Be sure you’re maximizing your benefits and minimizing your risks by keeping detailed records and being aware of any local and foreign tax obligations. Stay on top of things through proper planning and informed decision making. https://bit.ly/4cVh1nl