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Mike Thrift

Marketing Manager

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15 min read

Form 5471 in 2026: How the OBBBA Rewrites CFC Reporting, NCTI Replaces GILTI, and What Every 10% U.S. Shareholder Needs to File This Year

A 2026 walkthrough of Form 5471 after the One Big Beautiful Bill Act — QBAI is repealed, GILTI becomes NCTI, the Section 250 deduction drops to 40%, the FTC haircut tightens to 10%, and the pro rata share rule moves to daily ownership. Covers all five filer categories, Schedules J/M/P/Q, Form 8992 and 1118 coordination, Section 989 currency translation, and $10,000-per-CFC penalties.

Mike Thrift

taxinternational-taxforeign-corporations
13 min read

Court Reporter Bookkeeping: Per-Page Revenue, ASC 606, and the KPIs of a Six-Figure Steno Practice

A practical bookkeeping guide for solo court reporters and stenographers — covering per-page transcript revenue, ASC 606 recognition of appearance fees and copy sales, Section 179 deductions for stenotype writers, multi-state tax nexus, and the KPIs (pages per workday, effective hourly rate, DSO) that separate six-figure practices from break-even ones.

Mike Thrift

bookkeepingself-employmentfreelance
11 min read

How Independent Music Venues Stay Profitable in 2026: A Bookkeeping Playbook for Door Deals, PRO Licenses, and Per-Cap Bar Revenue

A working playbook for independent live music venues and concert promoters: separating the five revenue streams, settling door deals under ASC 606, budgeting ASCAP/BMI/SESAC fees, applying Section 179 and bonus depreciation to PA and lighting rigs, classifying stagehands correctly, and tracking per-cap bar revenue against industry benchmarks.

Mike Thrift

bookkeepingcreative-industriesrevenue-recognition
10 min read

Independent Microbrewery and Taproom Bookkeeping: From Mash Tun to Margin

A craft barrel sold through a taproom can fetch over $1,200 in revenue while the same barrel through distribution brings $160 to $220. Independent breweries need bookkeeping that captures Section 263A WIP cost layers, TTB Form 5130.9 excise tax filings, CBMA reduced rates, three-tier channel margins, keg deposit liabilities, and Section 179 brewhouse depreciation to see which channel actually pays the bills.

Mike Thrift

microbrewerybookkeepingmanufacturing
16 min read

Independent Veterinary Clinic Bookkeeping: Pharmacy, DEA Form 222, Wellness Plans, Section 179, and AVMA Benchmarks

An independent veterinary clinic is really four businesses under one roof — medical services, pharmacy resale, boarding, and prepaid wellness plans. Here is how to structure the chart of accounts, defer wellness-plan revenue under ASC 606, comply with DEA Form 222 and biennial-inventory rules, capitalize diagnostic equipment under Section 179, and measure against AAHA, VMG, and AVMA benchmarks.

Mike Thrift

healthcarebookkeepingrevenue-recognition
13 min read

Indoor Climbing Gym and Bouldering Facility Bookkeeping: ASC 606 Membership Revenue, Route-Setter Classification, and Section 179 Strategies That Climbing Wall Association Operators Use

How indoor climbing and bouldering operators apply ASC 606 to prepaid memberships, classify route-setters under state ABC tests, and use Section 179, bonus depreciation, and QIP cost segregation to manage a capital-intensive facility — with CWA retention benchmarks (39.6% one-year average) and the bookkeeping mistakes that quietly bleed cash.

Mike Thrift

bookkeepingsmall-businessrevenue-recognition
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