Now hiring: 10 questions to ask bookkeeper candidates
Are you looking for someone to manage the books and records for your small business? Whether you’re operating a startup or an established business that recently lost its bookkeeper, hiring the right person for these tasks can be challenging. Selecting […]
Read More Coming soon: 5 accounting rules that take effect in 2023
Five accounting rule changes go into effect for certain entities this year. Which ones are relevant to your organization?
Read More FAQs about QuickBooks
What software does your organization use for its accounting needs? Here are answers to frequently asked questions about one of the most popular options: QuickBooks.
Read More What happened to the international convergence project?
The project to merge U.S. and international accounting rules hasn’t completely been abandoned. Here’s how global accounting rule makers are continuing to collaborate to make worldwide capital markets more efficient.
Read More Pick the right accounting method for your business
Has your accounting method kept up with your financial needs? It periodically makes sense to evaluate how you’re reporting financial results and, when necessary, revise your approach
Read More Auditing accounting estimates
Auditors are skeptical of accounting estimates. Here’s what they’re looking for and why, in recent years, they’ve upped the ante on audit procedures related to estimates and the use of specialists.
Read More New report shows a decrease in CAMs in 2022
Auditors of public companies started reporting critical audit matters (CAMs) in their audit opinions in 2019. This represents a major change to the pass-fail auditors’ reports that had been in place for decades. CAMs relate to accounts or disclosures that are material to a company’s financial statements and involve especially difficult judgment from auditors. A recent post-implementation review of the CAM rules reveals that the average number of CAMs has declined over time. However, stakeholders find them beneficial. In fact, 80% of investors who read CAMs use them to identify key financial reporting risks, but many want more specific language for CAMs.
Read More 5 benefits of outsourcing your accounting needs
Should your organization outsource its accounting needs? Here are some potential advantages to consider.
Read More Reading the tea leaves: Potential tax legislation in the new Congress
With Republicans now in control of the U.S. House of Representatives, what’s the fate of prospective tax legislation in 2023?
Read More Federal Tax News for Individuals
1. Retirement Plan Distribution Tax Rules
2. Consequences of Unpaid Federal Tax Debt
3. A Proposal to Scrap the IRS
4. Advantages of Using Direct Deposit
5. Excludable Income from Some States
Read More New Tax Law Improves Qualified Charitable Distribution Benefits (QCD)
Some charitably inclined seniors will be happy to hear that the tax rules for qualified charitable distributions (QCDs) have just become more favorable under the new SECURE 2.0 law. If you have an IRA, here are two major improvements you might be able to use, along with an overview of how QCDs can have favorable tax implications.
Read More Tax Treatment of Debt Forgiveness: Watch Out for Tax Bills Delivered COD
When times are tough, debt forgiveness may seem like a blessing — but it can result in unexpected tax consequences for the unwary. Here's an overview of rules for so-called "cancellation of debt" (COD) income, including the differences between recourse and nonrecourse loans. Beware: There are many exceptions and exclusions that complicate the rules.
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