Sandeep Basu CPA

Concerned about you or your business being audited by the IRS? If you've documented everything, there’s no reason to freak out. Audits are mostly about seeking documentation, not making accusations. Stop being your own accountant. Talk to us today at (347) 571-3137 about how our comprehensive service can benefit your business! https://bit.ly/3O0Ocfv

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 (347) 571-3137.

VAT, standing for value-added tax, plays a large role in several countries’ tax systems. It is important to consider when a business is looking to conduct and manage financial affairs abroad as it is employed by over 160 countries worldwide. To best navigate the VAT landscape, learn the principles of tax credits and VAT refunds. https://bit.ly/4atdflg

There's no sure way to predict an IRS audit, but these 19 audit red flags could increase your chances of drawing unwanted attention from them. Need an accountant? Why wait? Call us today at (347) 571-3137 to schedule a consultation! https://bit.ly/3anzb2V

It is advisable to retain documents such as payroll and inventory management records for tax and other business needs. When in doubt as to whether it's important to keep, scan and save the document to help avoid being caught without it! One effective technique to keep your bookkeeping records organized and accessible is to separate them into folders by record type and keep them on your computer in a password-protected file. Contact us for more information at (347) 571-3137.

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 (347) 571-3137

If you receive an audit notice, don’t fret! It’s crucial to remain calm to approach the situation with clarity and strategically to avoid any rash decisions that may have negative effects on you and your experience. https://bit.ly/3zVspC2

As the end of the year approaches, it’s important to have all your accounting ducks in a row and maximize your deductions to make tax-smart investment decisions. This helpful guide can keep you on track to ensure you have all your finances in order. Contact us at (347) 571-3137 for all your tax-related needs - we are here to help you! https://bit.ly/48PeavR

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 (347) 571-3137.

We can’t exercise once a quarter and expect to be in great shape. Just like fitness, effective bookkeeping requires our attention and energy on a regular basis. Ideally, you should log expenses and payments received as they occur. If not applicable for you, set aside 20-60 minutes once a week to record transactions and review financial statements. Books behind? Get caught up by contacting us at (347) 571-3137 to discuss how we can help you!