Audit Procedures: Risk assessment
Audit Procedures and Risk assessment: A critical part of the audit process Audit season is right around the corner for calendar-year entities. Here’s what your auditor is doing behind the…
Audit Procedures and Risk assessment: A critical part of the audit process Audit season is right around the corner for calendar-year entities. Here’s what your auditor is doing behind the…
Medical expenses: What it takes to qualify deductible expenses Are your medical services and prescription drugs deductible expenses? You may be able to deduct some of your expenses on your…
GAAP vs. tax-basis: Which financial statement is right for your business? Most businesses financial statements report financial performance using U.S. Generally Accepted Accounting Principles (GAAP). But the income-tax-basis format can…
Is your filing status up to date? For tax purposes, December 31 means more than New Year’s Eve celebrations. It affects the filing status box that will be checked on…
Using your 401(k) and Roth plans to save this year and next You can reduce taxes and save for retirement by contributing to a tax-advantaged retirement plan. If your employer…
Nonprofits: New accounting alternatives for reporting goodwill and other intangibles Did you know that the Financial Accounting Standards Board (FASB) recently extended the simplified private-company accounting alternatives to not-for-profit organizations?…
Measuring fair value for financial reporting Financial reporting for business assets are generally reported at the lower of cost or market value. Under this accounting principle, certain assets are reported…
Understanding and controlling unemployment tax costs As an employer, you must pay federal unemployment (FUTA) tax on amounts up to $7,000 paid to each employee as wages during the calendar…
Putting together the succession planning and retirement planning puzzle Everyone needs to plan for retirement. But as a business owner, you face a distinctive challenge. You must save for your…
Gift tax exclusion rules As we head toward gift-giving season, you may consider giving gifts of cash or securities to your loved ones. Taxpayers can transfer substantial amounts free of…