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Why on earth, you may ask yourself, would I care about being a good client to my tax prep professional? I mean, you are a paying client and aside from treating them with the same decency and respect that you would…
Here we go again. The new year is approaching and those resolutions are staring us in the face – and the most common? Saving money. In fact, according to…
Fiduciary accounting, which is also referred to as court accounting, is a way to document and report financial activity during a discrete period of time for legal entities, such as a conservatorship, estate, trust or guardianship…
The unrelenting advancement of technology is still going strong even as we enter 2024. The business landscape is poised for transformative changes, driven by ongoing developments that demand organizations to be innovative…
For many, buying a home is the biggest asset they will ever own. However, you aren’t able to fully benefit from that asset until you pay off the mortgage; until then it is technically a liability. The most common…
The top leadership in the IRS is set to change. IRS Commissioner Daniel Werfel believes the changes are needed for the agency to meet its new goals. He aims to create greater flexibility and efficiency over the agency…
Unless you’re near retirement, chances are you’re depositing a certain amount of cash each year in your IRA at tax time, then kind of forgetting about it, not thinking much about it until the next year. This dynamic can cost you a lot of…
The emergence of digital currency is reshaping how businesses operate and account for financial transactions. As accounting professionals navigate this transformative wave, understanding the profound impact…
According to the United States Department of Labor’s Consumer Credit Protection Act (CCPA), wage garnishments are a complex legal process for employers to account for when it comes to employment matters. This article…
The biggest difference between managing taxes throughout your career versus during retirement is that when you are retired, you are responsible for calculating how much you owe and paying it on a timely basis. Retirees…
It’s that time of year again: time for year-end tax planning. With the end of 2023 coming fast, the time to act is now. In this article, we’ll look at the moves you can make to optimize your tax situation in 2023 as an individual taxpayer…
Next year, something called Peak 65 is happening. This moniker refers to the fact that more Americans will reach the traditional retirement age of 65 in the same year than at any time in history. Crazy…
When it comes to measuring revenue, it’s essential that businesses analyze it from a variety of perspectives. While there’s revenue and net income on an income statement to show a company’s quarterly financials, another way…
In one year’s time, the U.S. inflation rate dropped by more than half, from 8.2 percent in September 2022 to 3.7 percent in September of 2023.
As technology advances, users crave convenient and feature-rich solutions. In mobile app development, the concept of super apps is taking the tech world by storm. These…
New per diem rates were recently announced by the IRS and are effective for per diem allowances on or after Oct. 1, 2023. These updated rates include changes for the transportation industry, incidental expenses…
With accounting fraud and financial reporting mistakes creating a lack of confidence, understanding how financial reporting mistakes occur and are detected is an important topic. According to the Association for Federal Enterprise Risk Management and…
Since tax time isn’t until next April, organizing your documents right about now might not be top of mind, or even something you want to do. However, if you don’t want to have to scramble come springtime, you might want to…
Data breaches have been on the rise as cybercriminals keep coming up with new ways to steal user-sensitive information. Just in the second quarter of 2023, 110.8 million user accounts were breached…
You can work and still receive Social Security benefits, but how much you receive depends on a number of factors…
Recently, IRS Commissioner Danny Werfel spoke of changes within the IRS, announcing several initiatives focusing on high-income earners and partnerships, as well as integrating the use of AI within the agencyâ??s work. According to the…
Looking at expenses for one’s business is essential to reduce cash flow issues. For example, it would show if there’s too much money leaving the business or what type of scenario the business might face if there’s an unexpected and large…
Even though numbers are probably the biggest thing in an accountant’s wheelhouse, getting people in the door with the right words in your bio can make all the difference in the world. Here are a few tips…
A widow or widower is eligible for a survivors benefit from Social Security even if they never worked – as long as the deceased spouse qualified for benefits based on his or her own income record. Also note that surviving spouses must…
Marketing efforts today depend on collecting, analyzing and leveraging data to make informed decisions. Therefore, business owners need to understand how to harness the power of data and…
The US tax system is progressive, meaning that the more you earn the more you pay. For the years 2021-2023 there are seven different brackets for each year (2020 was the same…
You wake up in the middle of the night. Heart racing, drenched in sweat and breathing heavy. Thankfully, it was just a nightmare when the IRS showed up at your doorstep unannounced. Recently, however, this was the reality for…
One of the most devious and often underestimated dangers in cybersecurity comes from within an organization. These dangers originate from individuals within the organization who have access to sensitive data and systems, making them…
