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December 16, 2008
Editor's Note
When I think California, I think of warm weather and sunshine, beaches, cool drinks, sunscreen, flowers. Winter coats are certainly not on the list when I think of California. But this week we're happy to report on a California CPA firm that is collecting donations of winter coats for underprivileged children. CPAs have warm hearts for cold kids describes the collection process and other projects in which the firm has participated.

What has your firm been doing to help out this holiday season? Please let us know - we'd be happy to share your story with our audience.

Best regards,
Gail Perry, CPA
Managing Editor

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Questions & Advice
Accounting for new building for business with investors

Please advise on accounting for new building bought for business with several investors involved. Some of the money was passed thru bank account and some went directly to escrow account for purchase. Business is a building with several tenants.
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Sole proprietor taking a year off

A sole proprietor client has run his business part-time for a few years and never had much of an income from it. He has always had employment income too. During 2008 he has had no self employed income. He was spending time developing the business and working on marketing etc. for a big push. He plans to go full time 6 months after year end. Can he still claim his expenses on his 2008 tax return?
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