What Do Banks Look for in Your Financial Statements? Your Lender Isn’t Just Looking at Profit Many business owners assume that if their company is profitable, obtaining financing should be straightforward. In reality, lenders evaluate far more than net income.
Polaris Tax & Accounting Blogs & Articles
Polaris Tax & Accounting Blogs & Articles focus on tax compliance and enforcement issues primarily affecting North Carolina taxpayers. The blog covers topics such as the interaction between state tax problems and federal IRS enforcement, the impact of North Carolina income tax changes on federal tax filings, and strategies for resolving tax notices and penalties. It also discusses practical guidance on when to engage with the IRS, how to interpret IRS transcripts, and options for penalty abatement. The content is aimed at helping taxpayers understand and navigate the complexities of state and federal tax regulations and enforcement actions.
Blog Authors
Latest from Polaris Tax & Accounting Blogs & Articles
Bookkeeper vs. Accountant vs. Controller vs. CFO: What’s the Difference?
By Joe Serrone
Bookkeeper vs. Accountant vs. Controller vs. CFO: What’s the Difference? Understanding These Roles Can Help You Build a Stronger Business Many business owners use the terms bookkeeper, accountant, controller, and CFO interchangeably. Although these professionals often work together, they perform…
Why Does My CPA Make Journal Entries Every Year?
By Joe Serrone
Why Does My CPA Make Journal Entries Every Year? Year-End Adjustments Are Normal. Repeating the Same Ones Every Year May Not Be. Many business owners notice that every tax season their CPA prepares a list of journal entries before the…
Why Are There Negative Numbers on My Balance Sheet?
By Joe Serrone
Why Are There Negative Numbers on My Balance Sheet? Some Negative Balances Are Normal. Others Are Serious Warning Signs. Business owners are often surprised when they review a Balance Sheet and discover negative numbers. A negative cash account. Negative Accounts…
How Much Does It Cost to Fix Bad Bookkeeping?
By Joe Serrone
How Much Does It Cost to Fix Bad Bookkeeping? The Real Cost Depends on the Condition of the Accounting—Not Just the Number of Transactions One of the first questions prospective clients ask is: “How much is this going to cost?”…
The Previous Bookkeeper Made Mistakes. Now What?
By Joe Serrone
The Previous Bookkeeper Made Mistakes. Now What? Focus on Fixing the Accounting—Not Assigning Blame One of the most common conversations we have with new clients begins like this: “Our previous bookkeeper messed everything up.” Sometimes that’s true. Sometimes it isn’t.…
How Long Does It Take to Fix Bad Bookkeeping?
By Joe Serrone
How Long Does It Take to Fix Bad Bookkeeping? The Honest Answer Is: It Depends on the Condition of the Accounting—Not Just the Number of Years One of the first questions prospective clients ask us is: “How long is this…
Why Doesn’t My Balance Sheet Balance? | Common Causes | Polaris Tax & Accounting
By Joe Serrone
Why Doesn’t My Balance Sheet Balance? If Your Balance Sheet Doesn’t Balance, Something Significant Has Usually Happened Business owners frequently tell us: “My Balance Sheet doesn’t balance.” Sometimes that’s literally true. Other times, what they really mean is the Balance…
How to Read a Balance Sheet (Without Being an Accountant)
By Joe Serrone
How to Read a Balance Sheet (Without Being an Accountant) The Financial Report That Tells You What Your Business Actually Owns, Owes, and Is Worth Ask most business owners which financial report they review first and the answer is usually…
Can QuickBooks Be Fixed Without Starting Over?
By Joe Serrone
Can QuickBooks Be Fixed Without Starting Over? In Many Cases, Yes—And Starting Over May Actually Create Bigger Problems One of the first questions business owners ask after discovering accounting problems is: “Should we just start over?” It’s understandable. If your…