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financials
Financial statements: Take the time to read the entire story
7/30/2021
A complete set of financial statements for your business contains three reports. Each serves a different purpose, but ultimately helps stakeholders — including managers, employees, investors and lenders — evaluate a company’s...
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interest
You may have loads of student debt, but it may be hard to deduct the interest
7/27/2021
More than 43 million student borrowers are in debt with an average of $39,351 each, according to the research group EducationData.org. If you have student loan debt, you may wonder if you can deduct the interest you pay. The answer is yes, subject...
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expenses
The deductibility of corporate expenses covered by officers or shareholders
7/26/2021
Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind up being nondeductible both by an officer and the corporation unless proper steps are taken. This issue is more...
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software
Analytics software: A brave new world in auditing
7/23/2021
Analytical software tools will never fully replace auditors, but they can help auditors do their work more efficiently and effectively. Here’s an overview of how data analytics — such as outlier detection, regression analysis and...
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PPP
PPP forgiveness and repayment: What businesses need to know now
7/21/2021
A critical deadline is approaching for many of the businesses that have received loans under the Paycheck Protection Program (PPP), which was created in March 2020 by the CARES Act. If these borrowers don’t take action before the deadline...
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property
There’s currently a “stepped-up basis” if you inherit property — but will it last?
7/20/2021
If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. The current rules Under the current fair market value basis rules (also known...
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tax
Getting a new business off the ground: How start-up expenses are handled on your tax return
7/19/2021
Despite the COVID-19 pandemic, government officials are seeing a large increase in the number of new businesses being launched. From June 2020 through June 2021, the U.S. Census Bureau reports that business applications are up 18.6%. The Bureau...
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question
Internal control questionnaires: How to see the complete picture
7/16/2021
Businesses rely on internal controls to help ensure the accuracy and integrity of their financial statements, as well as prevent fraud, waste and abuse. Given their importance, internal controls are a key area of focus for internal and external...
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taxpayer
Can taxpayers who manage their own investment portfolios deduct related expenses? It depends
7/13/2021
Do you have significant investment-related expenses, including the cost of subscriptions to financial services, home office expenses and clerical costs? Under current tax law, these expenses aren’t deductible through 2025 if they’re...
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risk
Who in a small business can be hit with the “Trust Fund Recovery Penalty?”
7/12/2021
There’s a harsh tax penalty that you could be at risk for paying personally if you own or manage a business with employees. It’s called the “Trust Fund Recovery Penalty” and it applies to the Social Security and income taxes...
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agile
Is your company ready for agile auditing?
7/9/2021
Agility — or the ability to react quickly — is essential to surviving and thriving in today’s competitive landscape. Though agile techniques were originally used in the realm of software development, this concept has many...
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audit
IRS audits may be increasing, so be prepared
7/6/2021
The IRS just released its audit statistics for the 2020 fiscal year and fewer taxpayers had their returns examined as compared with prior years. But even though a small percentage of returns are being chosen for audit these days, that will be little...
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deduction
10 facts about the pass-through deduction for qualified business income
7/5/2021
Are you eligible to take the deduction for qualified business income (QBI)? Here are 10 facts about this valuable tax break, referred to as the pass-through deduction, QBI deduction or Section 199A deduction.  It’s available to owners...
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audit
Auditing WIP
7/2/2021
Many types of businesses — such as homebuilders and manufacturers — turn raw materials into finished products for customers. Production is a continuous process. So, any work that’s been started but isn’t yet completed before...
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child
Here come the child tax credit payments: What you need to know
6/29/2021
The first advance payments under the temporarily expanded child tax credit (CTC) will begin to arrive for nearly 39 million households in mid-July 2021 — unless, that is, they opt out. Most eligible families won’t need to do anything to...
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IRA
Are you a nonworking spouse? You may still be able to contribute to an IRA
6/29/2021
Married couples may not be able to save as much as they need for retirement when one spouse doesn’t work outside the home — perhaps so that spouse can take care of children or elderly parents. In general, an IRA contribution is allowed...
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ERC
Eligible Businesses: Claim the Employee Retention Tax Credit
6/28/2021
The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA), enacted in March of 2021. Here’s a rundown of the rules. Background Back in March of 2020, Congress...
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time
Follow the cutoff rules for revenue and expenses
6/25/2021
Timing counts in financial reporting. Under the accrual method of accounting, the end of the accounting period serves as a strict “cutoff” for recognizing revenue and expenses. However, during the COVID-19 pandemic, managers may be...
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Medicare
Seniors may be able to write off Medicare premiums on their tax returns
6/22/2021
Are you age 65 and older and have basic Medicare insurance? You may need to pay additional premiums to get the level of coverage you want. The premiums can be expensive, especially if you’re married and both you and your spouse are paying...
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travel
Traveling for business again? What can you deduct?
6/21/2021
As we continue to come out of the COVID-19 pandemic, you may be traveling again for business. Under tax law, there are a number of rules for deducting the cost of your out-of-town business travel within the United States. These rules apply if the...
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