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  • June 25, 2019
    • Uncategorized

    How auditors use nonfinancial information

    Every financial transaction your company records generates nonfinancial data that doesn’t have a dollar value assigned to it. Though auditors may spend most of their time analyzing financial records, nonfinancial data can also help them analyze your business from multiple angles. Gathering
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  • June 21, 2019
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    Thinking about moving to another state in retirement? Don’t forget about taxes

    When you retire, you may consider moving to another state — say, for the weather or to be closer to your loved ones. Don’t forget to factor state and local taxes into the equation. Establishing residency for state tax purposes may be more complicated than it initially appears to be. Identify
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  • June 19, 2019
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    Hiring this summer? You may qualify for a valuable tax credit

    Is your business hiring this summer? If the employees come from certain “targeted groups,” you may be eligible for the Work Opportunity Tax Credit (WOTC). This includes youth whom you bring in this summer for two or three months. The maximum credit employers can claim is $2,400 to $9,600 for
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  • June 17, 2019
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    AUP engagements: A middle ground between audits and consulting services

    Your CPA offers a wide menu of services. An audit is a familiar type of attestation service that provides a formal opinion about whether the company’s financial statements conform to U.S. Generally Accepted Accounting Principles (GAAP). Consulting services, in contrast, provide advice or
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  • June 14, 2019
    • Uncategorized

    Thinking about moving to another state in retirement? Don’t forget about taxes

    When you retire, you may consider moving to another state — say, for the weather or to be closer to your loved ones. Don’t forget to factor state and local taxes into the equation. Establishing residency for state tax purposes may be more complicated than it initially appears to be. Identify
    READ MORE
  • June 12, 2019
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    Employers: Be aware (or beware) of a harsh payroll tax penalty

    If federal income tax and employment taxes (including Social Security) are withheld from employees’ paychecks and not handed over to the IRS, a harsh penalty can be imposed. To make matters worse, the penalty can be assessed personally against a “responsible individual.” If a business makes
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  • June 10, 2019
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    Measuring “fair value” for financial reporting purposes

    The standard for valuing certain assets and liabilities under U.S. Generally Accepted Accounting Principles (GAAP) is “fair value.” This differs from other valuation standards that may apply when valuing a security or business interest in a litigation or mergers and acquisitions (M&A)
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  • June 7, 2019
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    The chances of IRS audit are down but you should still be prepared

    The IRS just released its audit statistics for the 2018 fiscal year, and fewer taxpayers had their returns examined as compared with prior years. However, even though a small percentage of tax returns are being chosen for audit these days, that will be little consolation if yours is one of
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  • June 5, 2019
    • Uncategorized

    Tax-smart domestic travel: Combining business with pleasure

    Summer is just around the corner, so you might be thinking about getting some vacation time. If you’re self-employed or a business owner, you have a golden opportunity to combine a business trip with a few extra days of vacation and offset some of the cost with a tax deduction. But be careful,
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  • June 4, 2019
    • Uncategorized

    Predicting future performance

    CPAs typically report historical financial performance. But sometimes they’re hired to predict how a company will perform in the future. Prospective reporting options There are three types of reports to choose from when predicting future performance: Forecasts. These prospective statements
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