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July 28, 2021
Why Your Company Should Consider Agile Auditing

Companies looking to survive and thrive in today’s competitive landscape will need agility, or the ability to react quickly. Although they were originally used in software development, agile techniques have many applications in the world of modern business, and can be useful to companies approaching their internal audits. Here’s a quick guide to agile auditing […]

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July 27, 2021
Can I Deduct Related Expenses If I Manage My Own Investment Portfolio? The Answer Is: It Depends

Under current tax law, investment-related expenses—including the cost of subscriptions to financial services, clerical costs, and home office expenses—aren’t deductible through 2025 if the costs are considered investment expenses for the production of income. However, these costs are deductible if they’re considered trade or business expenses. Although production-of-income expenses were deductible for years before 2018, […]

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July 27, 2021
Ransomware: Are you next? The answer is yes! Get Prepared or Get Hacked

For businesses today it isn’t a question if they’re going to be exposed to ransomware, but how and when. So how do you prevent it? Two cybersecurity experts who have worked first-hand with hacked businesses are joining us to show you how to: Put a proactive prevention plan in place Prevent hacks caused by users […]

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July 22, 2021
How to Avoid the Trust Fund Recovery Penalty

If you own or manage a business with employees, you could be at risk for paying a harsh tax penalty called the “Trust Fund Recovery Penalty.” The Trust Fund Recovery Penalty applies to the Social Security and income taxes businesses are required to withhold from their employees’ wages. The employer holds these taxes in “trust” […]

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July 21, 2021
Auditing and Work in Progress (WIP) Reporting

If you work in an industry that takes raw materials and turns them into products for your customers, you know that production is a continuous process. Under U.S. Generally Accepted Accounting Principles (GAAP), any work you’ve started but haven’t yet completed by the end of the accounting period must be reported as work in progress […]

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July 19, 2021
The Qualified Business Income (QBI) Deduction: Ten Facts You Should Know

You may be eligible to take the deduction for qualified business income (QBI), a valuable tax break also known as the pass-through deduction, QBI deduction, or Section 199A deduction. Here are 10 things to know about the deduction: The QBI deduction is available to owners of sole proprietorships, partnerships, S corporations, and single member limited […]

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July 15, 2021
Ensure Your Estate Plan Treats Your Grandchildren with Fairness

When planning their estates, many people choose to divide their assets equally among their children—but an equal distribution may not always be the same as a fair one. Different families have different circumstances, and when it comes to providing for your grandchildren, equal division of your assets among children could result in unfairness. One example […]

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July 13, 2021
How to Comply with GAAP Revenue and Expense Recognition Rules

When it comes to financial reporting, timing matters. The end of the accounting period serves as a hard “cutoff” for recognizing revenue and expenses—but during the COVID-19 pandemic, managers may wish to show earnings or reduce losses, and may want to delay reporting expenses until the next period or extend revenue cutoffs beyond the period’s […]

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