Strong billing processes are critical to healthy cash flow
- ByPolk & Associates
- Jul, 12, 2023
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Some companies look at billing mistakes as part of the “cost of doing business.” Top-performing companies, however, regularly check on their billing processes to ensure they’re as efficient, effective and accurate as possible. Be sure to listen to customer complaints and track errors so you can identify trends and implement effective solutions. Common mistakes include billing incorrect amounts and failing to apply promised discounts or special offers. For invoice-based businesses, revisit industry norms before setting payment schedules. If you haven’t already, consider sending invoices electronically and letting customers pay online. Doing so greatly speeds up payment. Contact us for help.
Inheriting stock or other assets? You’ll receive a favorable “stepped-up basis”
- ByPolk & Associates
- Jul, 12, 2023
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Are you planning your estate or have you inherited assets recently? You may not know the “basis” of assets for tax purposes. Under the current rules (known as the “step-up” rules), an heir receives a basis in inherited property equal to its date-of-death value. For example, if your grandmother paid $600 for stock in 1940 and it’s worth $1 million at her death, the basis is stepped up to $1 million for your grandmother’s heirs, and that large gain will escape federal income tax. Other rules and limits may apply. For example, in some cases, a deceased person’s executor may be able to make an alternate valuation election. Contact us for help with estate planning and taxes.
Unusual Delivery Service Mailing Scam
- ByPolk & Associates
- Jul, 11, 2023
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The IRS and the Security Summit warned taxpayers to be on the lookout for a new scam mailing that tries to mislead people into believing they are owed a refund. The new scheme involves a mailing which comes in a cardboard envelope from a delivery service. The enclosed letter includes the IRS masthead and wording […]
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