May 2019

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…