Accountants CPA Hartford: William Brighenti, Publishes A Collection of Accounting and Tax Articles

Online, October 13, 2009 (Newswire.com) - Accountants CPA Hartford: William Brighenti, Certified Public Accountant, Certified Business Valuation Analyst, and Certified QuickBooks ProAdvisor, is making available to the general public articles explaining and illustrating the preparation of a sundry of accounting and tax methods and forms. All of the articles can be found on its website.

In fact, much of the website of Accountants CPA Hartford is devoted to articles discussing, analyzing, and illustrating the various accounting, auditing, or tax statements, bulletins, codes, guides, interpretations, opinions, pronouncements, and methodologies promulgated by the Financial Accounting Standards Board (FASB), Internal Revenue Service (IRS), Governmental Accounting Standards Board (GASB), American Institute of Certified Public Accountants (AICPA), Securities and Exchange Commission (SEC), and Financial Accounting Standards Advisory Board (FASAB). According to William Brighenti, "although there are a number of guides and interpretations available to professional accountants available on the market today, many of them fail to provide detailed and simplified examples of the implementation of the accounting and tax pronouncements. Within this website are links to articles explaining and illustrating in as simplest terms possible the application of some of these accounting and tax rules."

Many of the articles are dedicated to the subject of construction accounting because of William Brighenti's background as a construction controller and manager for nearly twenty years; consequently, articles can be found discussing construction tax methods, completed-contract method of accounting, percentage-of-completion method of accounting, gain/fade analyses, contracts-in-process schedules (variously referred to as work-in-process, work-in-progress, or simply WIP schedules), Quickbooks Contractor Edition, construction controllers, etc. In addition, there are articles on tax issues for small businesses and individuals, such as those discussing the material tax savings available from setting up a Simplified Employee Pension (SEP) Plan, the process of arranging an Installment Agreement with the Internal Revenue Service, and the application procedures of the Request for Abatement of IRS penalties imposed for failure to file tax returns or to make payments on time.

What follows is a listing of some of the accounting, tax, and construction or manufacturing accounting articles that can be found on the website along with a brief description of its content:

"IRS INSTALLMENT AGREEMENT AND PENALTY ABATEMENT REQUEST": Can't pay your taxes? Has the Internal Revenue Service charged you penalties on failure to file a tax return or failure to pay your taxes? File these two forms and obtain relief and save thousands of dollars in taxes.

"SIMPLIFIED EMPLOYEE PENSION (SEP) PLANS": This article is directed, in particular, to the younger mom-and-pop business owner who is paying too much in taxes. SEP plans offer big tax savings, and potentially an even bigger retirement account, so you can retire at 59-1/2 and enjoy life.

"WHY PREPARE YOUR OWN WORK-IN-PROCESS (WIP) SCHEDULE?" Also known as work-in-progress or construction-in-process schedules, contractors and manufacturers should always consider preparing these schedules in-house before submitting their financial data to outsiders, including their external certified public accountants, bonding agents, and financial lenders.

"HOW TO PREPARE A WORK-IN-PROCESS (WIP) SCHEDULE": Don't know how to prepare a work-in-process schedule? This article explains and illustrates the entire process with various formats included.

"HIRING A CONSTRUCTION CONTROLLER?" Before hiring a construction controller through an employment agency, read this article on how to save from $20,000 to $35,000 in recruiting fees! You can do a better job hiring your own controller and save thousands of dollars in the process.

"THE CALCULATED VALUE METHOD OF SFAS 123R": With the implementation of SFAS123R, the calculated value method is now required for nonpublic companies without an internal market for its stocks or options, or for those unable to identify similar public entities for which share or option price information is available, to value its stock options. The implementation of the calculated value method requires the use of an option pricing model and a volatility measure of an appropriate industry sector index. Herein is a comprehensive example of the calculated value method, illustrating in minute detail each step in its calculations of the valuing of a typical stock option of a nonpublic company.

"HOW TO APPLY THE INVENTORY PRICE INDEX COMPUTATION (IPIC) METHOD AND SIMPLIFY YOUR LIFO RECORDKEEPING": This articles illustrates the use of the Inventory Price Index Computation (IPIC) method, wherein the taxpayer computes an inventory price index (IPI) based on the consumer price indexes (CPI) or producer price indexes (PPI) published by the United States Bureau of Labor Statistics (BLS).

"PERCENTAGE-OF-COMPLETION METHOD OF ACCOUNTING": This article introduces the percentage-of-completion method of accounting to contractors in simplified terms, including calculations and journal entries.

"COMPLETED-CONTRACT METHOD OF ACCOUNTING": Article explains and illustrates by way of journal entries the methodology of the Copleted-Contract Method of Accounting for contractors and manufacturers.

"COMPLETED CONTRACT DEFINED": The Internal Revenue Service specifies a precise definition of a long term contract. Many are unaware of its technical definition and sometimes fail to take advantage of the tax benefits of using the completed-contract method.

"QUICKBOOKS CONTRACTOR EDITION": An introduction to preparing Completed Contracts and Work-in-Process reports using the Quickbooks Contractor Edition.

"CONSTRUCTION TAX METHODS": Choosing an appropriate tax accounting method for a contractor is explored and explained, listing the various methodologies available and the respective requirements.

"ACCOUNTING METHODS FOR CONTRACTORS": Internal Revenue Service summary of the accounting methods for contractors, including the cash, accrual, percentage-of-completion, and completed contracts methods.

"GAIN/FADE ANALYSIS": Fade analysis is a critical analytical tool utilized in reviewing percentage-of-completion schedules and financial reports to detect unusual variances in gross profits, job cost shifting, errors, and fraud.

"QUICKBOOKS TRAINING": Discusses the classes, webinars, and one-on-one individualized training in Quickbooks, whether one is an advanced, intermediate, or novice, user of Quickbooks.

Many more articles on accounting, tax, Quickbooks, bookkeeping, payroll, Sage Master Builder, business valuations, business plans, starting a small business, etc. are planned in the upcoming months. William Brighenti encourages all interested parties to submit questions, comments, suggestions, and articles that they have written via his website. Webinars will be offered on Quickbooks, construction accounting, tax subjects, and any subject in which someone is interested: William invites everyone to submit their subject of interest through his contact form on his website; and if sufficent interest and enrollment ensues, he will prepare a webinar on your topic of interest.