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IRS Audit Red Flags

clock January 22, 2014 8:25 AM by author StephanieE

Does the thought of an IRS Audit strike terror in your heart? Check out this list of IRS Audit Red Flags, written by Joy Taylor of Kiplinger's.

14 IRS Audit Red Flags

CenterPoint Accounting - Comments from Sharon at Chase City Tastee-Freez

clock December 5, 2013 9:39 AM by author StephanieE

By Stephanie Elsen

Red Wing Software recently received feedback from Sharon at Chase City Tastee-Freez. Wow, amazing comments and much appreciated!

Sharon has owned and operated Tastee-Freez Restaurants in Chase City and Wylliesburg, Virginia since 1985. In addition to being an experienced business owner, Sharon is experienced in managing accounting systems, having used many different accounting programs since the 1970s. Sharon has been using CenterPoint Accounting and Payroll since 2009. Here’s what Sharon has to say about CenterPoint!

“CenterPoint Accounting is extremely easy to use! When I purchased the software, I took all of the “Getting Started” online webinars Red Wing Software offers. These online courses offer extraordinary teaching, and I felt comfortable working in the program after completing them”

“I love the fact that I can correct a mistake, if I find one. For example, if I am balancing the checkbook and find an error, I can go right in and fix the mistake from there. Or if I put something in the wrong account, I can easily go back in and fix it, right from the report I am viewing. My accountant loves CenterPoint too. When he asks for any report at all, I can go into CenterPoint and easily get the information he has requested.”

“Payroll is also very simple, and I can complete payroll in one-third of the time it took with my previous payroll program. I appreciate the fact that I can reprint checks with the same check number, for example in the case that a check gets jammed in the printer.”

“Red Wing Software’s support is great, and if I ever have questions, I can just give them a call or else go online and find an answer. All of the updates to the program are fabulous and I have found them very useful.”

“I just love CenterPoint, and I will never change software! I recommend the software to other businesses whenever I can. It’s one of the best accounting programs I have ever used, and I have been doing accounting since the 1970s.”

2013 Tax Guide - Changes for Individuals and Businesses, by CPA Practice Advisor

clock December 3, 2013 3:25 PM by author StephanieE

Some good tax considerations for year end by CPA Practice Advisor.

2013 Tax Guide Highlights Changes for Individuals & Businesses

MSN Money Shares Year End Tax Tips

clock November 27, 2013 11:55 AM by author StephanieE

Here are some good suggestions by MSN Money about what to do with year end approaching!

MSN Money shares year end tax moves

FFSC Recommendations on Accounting for Hedging Transactions

clock October 11, 2013 11:16 AM by author StephanieE

By Stephanie Elsen

Jim Kelm 2013 President of the Farm Financial Standards Council

The Farm Financial Standards Council (FFSC) has been working on developing recommendations for hedge transactions for agricultural operations. In January 2014, nearly 70 pages of additional content will be added to the Financial Guidelines for Agriculture. The content will provide content and examples of how to account for hedge (futures and options) transactions on financial statements for agricultural producers.

The additional content to be released contains information about two types of hedging: fair value hedges and cash flow hedges. Fair value hedges are when a producer stores grain that is valued on the balance sheet at fair market value and is readily available for sale. In this case the resulting hedging gains and losses are included in the revenue section of the income statement. Cash flow hedges occur when a producer hedges items not available for sale, including planned or growing crops or livestock. These items are valued at cost on the balance sheet, and the resulting hedging gains and losses may be excluded from the income statement and instead shown in other comprehensive income.

To learn more about the FFSC recommendations on accounting for hedging transactions, look for the new content in January of 2014 at

The FFSC was created to promote uniformity and integrity in financial reporting and analysis for farmers. Learn more about their mission and the tools they offer by visiting their Web site:


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