Reflecting on the past decade of accounting

As we head into a new decade, it is beneficial to reflect on the past years to see the things that we have done and where we are going. Looking back, we are able to take a look at the accounting profession and see how it has changed in the recent years and where those …

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New tax law changes: Taxpayer First Act

The Taxpayer First Act of 2019 was signed by President Trump on July 1, 2019. The purpose of the Act is to ultimately make taxpayers’ experience with the IRS easier and safer by improving customer service and adding safeguards during contact with the IRS. Included below is a list of some of the most interesting …

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Don’t get scammed by fake IRS

The impostors, impersonators and general all-around bad guys are at it again. According to the IRS, notifications to phishing@IRS.gov are up substantially on unsolicited emails, claiming to be from the IRS. It begs the question, would there ever be a solicited email from the IRS? Don’t miss: Call from the SSA? Don’t fall for it. …

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Should I be outsourcing my restaurant accounting services?

Restaurant owners wear a lot of different hats in the course of running a business. Unfortunately, accounting-related duties can easily fall by the wayside when you are being pulled in so many different directions. It often comes up at inopportune times, like when you need to better understand cash flows or get ready for tax …

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What you need to know about the Equifax data breach settlement

In September 2017, Equifax announced a data breach that exposed personal information of 147 million people. Yes, you read that right. 147 MILLION. So, what do you do if you were affected? The credit reporting company allegedly failed to take reasonable steps to secure its network. Now millions of vulnerable names, dates of birth, social …

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IRS expands list of preventive care allowed with High Deductible Health Plans

The IRS recently released Notice 2019-45 which expands the list of preventive care allowed with health savings accounts (HSAs). This notice focuses on treatment and testing for individuals diagnosed with certain chronic conditions, making care and prevention more affordable to taxpayers with high deductible health care plans. Created in 2003, HSAs have become an increasingly …

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What can finance learn from the control-heavy environment of IT?

IT is built around control. Control of all digital applications and information. IT picks apart sensitive information and reviews it frequently to ensure criminals are unable to gain access to our systems. Is there anything finance can take away from this control-heavy environment? Don’t miss: City of Atlanta ransomware  One item worth considering is called …

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New revenue recognition for contractors: wasted or unproductive costs

Topic 606, Revenue from Contracts with Customers, of the Accounting Standard Codification has been discussed extensively for the past few years and while most discussions focus on the technical issues, I want to discuss application of the standard, particularly on how it affects the construction industry. Don’t miss: Accounting for payments and discounts to customers …

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What is ACP & ADP Testing?

When you have a 401(k) plan it can get a little overwhelming at times, especially when you start to worry about passing all the non-discrimination tests. These tests ensure a plan does not favor highly compensated employees (HCE) over non-highly compensated employees (NHCE) and mandates that corrections be made if one of these tests are …

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Excel and data management: making information usable

Let’s be honest, data management in your organization is probably not the most important step in your nonprofit’s hierarchy of needs. And love it, or hate it, there’s a good chance your organization relies on Excel for many tasks, including data management. Here are three useful tips that may make life inside the spreadsheet a …

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