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…
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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…
Predicting future performance
CPAs typically report historical financial performance. But sometimes they’re hired to predict how a company will perform in the future….
It’s a good time to check your withholding and make changes, if necessary
Due to the massive changes in the Tax Cuts and Jobs Act (TCJA), the 2019 filing season resulted in surprises….
Close-up on financial statements
There are three types of financial statements under U.S. Generally Accepted Accounting Principles (GAAP). Each one reveals different, but equally…
Selling your home? Consider these tax implications
Spring and summer are the optimum seasons for selling a home. And interest rates are currently attractive, so buyers may…
Comparing internal and external audits
Businesses use two types of audits to gauge financial results: internal and external. Here’s a closer look at how they…
Check on your refund — and find out why the IRS might not send it
It’s that time of year when many people who filed their tax returns in April are checking their mail or…
Lean manufacturers: Reap the benefits of lean accounting
Standard cost accounting doesn’t necessarily work for lean operations. Instead, lean accounting offers a simplified reporting alternative that generates more…