🖨 Print⏱ 3 min readWhen it comes to defining an impaired asset, its fair market value is worth less than the original cost of the asset – or, more formally, its carrying value. As a company re-evaluates its assets’ value, and when it determines there’s a discrepancy between the book or original value and the … Continue reading “Defining an Impaired Asset”
🖨 Print⏱ 3 min readTo rescind certain balances made available to the Internal Revenue Service (HR 23) – Introduced by Rep. Adrian Smith (R-NE) on Jan. 9, this bill would rescind funds allocated to the Internal Revenue Service by the Inflation Reduction Act of 2022. The bill is designed to “defund” specific enforcement activities, operational … Continue reading “Overhauling the National Tax System, Eliminating Oil Sales to China, and Criminalizing Late Abortion Attempts”
🖨 Print⏱ 4 min readSo, we’re a month into 2023, and the sheen might’ve dulled from all your shiny New Year’s resolutions. Though diet and exercise are the top things you might want to change, there’s one you might not need to touch – your budget. Here’s a discussion about who does and doesn’t need … Continue reading “Why You Might Not Need a New Budget for the New Year”
🖨 Print⏱ 4 min readTechnology advancement has brought about great digital transformation. Unfortunately, this has come with a global tech talent shortage. IT executives highlight the shortage as a huge barrier to the adoption of emerging technologies, as reported by this Gartner study. It is estimated that the demand for tech talent will keep increasing, … Continue reading “Handling Talent Shortages in Tech Departments”
🖨 Print⏱ 4 min readWhen it comes to businesses and their inventory and accounting methods for managing it, there are a few different ways to approach the task. The three different options to value inventory/implement cost flow assumptions, include: Last In, First Out (LIFO); First In, First Out (FIFO); and Weighted Average Cost Accounting (WAC). … Continue reading “Understanding the Weighted Average Cost (WAC) Method for Inventory Valuation”
🖨 Print⏱ 4 min readFor the most part, New Year’s resolutions are hard to keep because many times you either list too many things or ones that aren’t manageable for the long haul – especially those that involve money. Here are a few simple tricks to help you make changes that are bite-sized, easy to … Continue reading “5 Financial Resolutions You Can Live With”
🖨 Print⏱ 4 min readRespect for Marriage Act (HR 8404) – Introduced by Sen. Jerry Nadler (D-NY) on July 18, this Act replaces previous provisions that defined marriage as strictly between a man and a woman. It codifies marriage to state that a spouse may be a person of the opposite sex as long as … Continue reading “Expanding Options for Marriage, Defense, Medical Marijuana, Amateur Athletes and Rail Workers”
🖨 Print⏱ 4 min read According to the IRS, ignorance of tax rules and regulations is no excuse. Therefore, it’s essential to use an experienced tax preparer to assist in filing your taxes. The tax code is complex and only gets more complicated as time goes on, making it almost impossible to ensure they are filing correctly … Continue reading “The IRS Versus the Taxpayer”
🖨 Print⏱ 4 min readEven if you have no heirs, you should have an estate plan. Otherwise, the state will determine the fate of your worldly possessions. In fact, if you pass away “intestate” (without a will), the state can even keep all of your assets for itself – if no heirs are found. The … Continue reading “No-Heir Estate Planning”
🖨 Print⏱ 4 min readNow is the time of year to do everything you can to minimize taxes and maximize your financial health with proper year-end planning. In this article, we’ll look at several actions to consider taking before the end of 2022. Thoughtfully Harvest Losses and Gains Before Year-End Tax loss harvesting by selling … Continue reading “The 2022 Tax Guide”
