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Art of Accounting: Overcoming insanity
It has been said that insanity is doing the same thing over and over again, expecting different results. I am not sure who first said
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IRS: COVID tests are eligible medical expenses
As giant retailers prepare to offer cheap at-home COVID-19 tests in the wake of President Biden’s new vaccine rules for employers, the Internal Revenue Service
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$16B in EITC payments in 2020 may have been improper
The Internal Revenue Service’s strategy for examining claims for the Earned Income Tax Credit are falling short, with nearly one-fourth of EITC payments estimated to
Accounting
How to Change Opening Balance in QuickBooks? Explained
QuickBooks is a packaged deal that offers you advanced tools and features that manage the finances of your business. While creating a new account with
Accounting
Why IT Services May Threaten CPA Independence
Do you provide information technology services for your attest clients? Or does the firm that performs your attest work also provide information technology services? Those
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SBA ups EIDL loan maximum to $2M
The Small Business Administration is increasing the cap for COVID Economic Injury Disaster Loans from $500,000 to $2 million. Small businesses that have been hit
Accounting
3 Strategies for Growing an Advisory Practice
For decades, accounting firms have generated organic growth and profits by offering essential services such as bookkeeping, tax and audit. However, the services that got
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CAQ reports on climate risks and audited financial statements
The Center for Audit Quality released a report Thursday on the current requirements for public company auditors regarding climate-related disclosures and where they may be
Accounting
Evolving Tax Landscape: 2021 Regulatory Outlook
As if the tax landscape had not been rattled enough for tax year 2020, the Biden administration’s proposed changes for the 2021 tax year and
Accounting
Calculating Capital Gains Tax on Second Home Sales
Just joining in? Go back to part one, which contains information about a tax hit for sellers of vacation homes, and enlighten yourself on why
Accounting
How to Overcome the Challenges of Growing a Firm
Did you follow a traditional career path? Or was your course altered along the way? For many accountants, their route to business ownership was not straightforward or
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HBK boosts IT services with merger
Canfield, Ohio-based Top 100 Firm HBK CPAs & Consultants is merging in Pittsburgh-based managed service provider Vertical Solutions to combine operations with its subsidiary HBK
Accounting
A Simple Guide to Stock Options & Their Tax Impact
A stock option is an agreement between a buyer and a seller to exchange stock for a pre-set price within a specific period. Employee stock
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Tax relief for disaster victims in California, Tennessee
Wildfire victims in California and storm and flood victims in Tennessee now have more time to file some returns and pay due taxes. California wildfire
Accounting
Xero Tax Return Error Resolved in 4 Quick Steps
Xero is an entirely cloud-based accounting software for small firms fulfilling bookkeeping purposes like invoicing and payroll. One of its striking features is the Tax
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Art of Accounting: Using time most propitiously
Last week a young accountant called me asking if I could help him organize his time so he could get all his client work done
Accounting
Getting to know QuickBooks Fixed Asset Manager
QuickBooks is the best-rated accounting software that provides top tier software solutions to handle your accounts and taxes. One of the prominent features of this
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Senate Democrats eye taxes on stock buybacks, excess CEO pay
Senate Democrats are discussing a wider range of tax proposals than President Joe Biden has proposed, including levies on stock buybacks, carbon emissions and executive
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IRS updates per diem rates for travel expenses for 2021-2022
The Internal Revenue Service has issued the special per diem rates that take effect Oct. 1, 2021, which taxpayers can use to substantiate the amount
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On the move: Weaver promotes pair of partners in charge
The Deloitte offices in LondonJack Taylor/Getty Images Deloitte announces Teju Deshpande, CEO and co-founder of Oya Solutions, and other professionals from the team joined the
Accounting
CPA Firm Metrics From a Client’s Perspective
One of the core concepts of any process improvement initiative is that value is defined from the client’s perspective. But how many firms have metrics
Accounting
Diversity in Accounting? Seeing is Believing
A recent statement by the AICPA, verbalizing its commitment to creating equal opportunities for the black community in the accounting profession, was both heartfelt and
Accounting
Responding to the PCAOB in its State of Flux
Given the current landscape at the PCAOB, firms must act more quickly on remedial actions in 2021 than in the past to ensure the remediation
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IRS lists R&D tax credit among its Dirty Dozen, so is it still safe to claim?
In July, the IRS wrapped up its annual Dirty Dozen scams list, designed to warn taxpayers against abusive tax promotions. One practice mentioned is the
Accounting
Potential Tax Hit for Sellers of Vacation Homes
Back in 1997, a bi-partisan Senate and House cut a deal with President William Jefferson Clinton. They overwhelmingly passed and he signed legislation that amended
Accounting
State Tax Credits and Incentives: Updates to Know
Several states recently enacted notable updates to their credit and incentive programs that may be beneficial in tax year 2021 and beyond. A common theme
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KPMG accused of giving U.K. regulator ‘false and misleading’ data
The U.K.’s accounting watchdog filed a disciplinary complaint against KPMG LLP, a former partner and current and former employees of the accounting firm over their
Accounting
Tech Tips for Bookkeepers for the 2022 Tax Season
Ready or not, the 2022 tax season will soon be upon us. However, most would agree that “ready” is better than “not.” Even if you don’t
Accounting
How To Effectively Resolve Xero Error Account Must Be Valid?
Xero is a cloud-based accounting software used primarily by small and medium sized businesses. It is a new, small accounting software that lives in the
Accounting
Reporting Issues Small Businesses Are Dealing With
As CPAs, when we think about our clients and small businesses facing tax and financial reporting issues, we typically have a hard time articulating value