5 tips after changing your name due to marriage or divorce

So, you married the love of your life? Or maybe you left him in the gutter where you found him? Either way, the IRS wants you to know that whatever your name is, the name on your tax return must match the name registered with the Social Security Administration (SSA). Here are five things to keep in …

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Managing client expectations

When a trusted advisor tells you that the project you are waiting for will be done by the end of the week, you expect the project to be done by the end of the week. When Friday rolls around and you have not heard from your advisor, you may not be very happy about the …

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Gift card accounting for the holidays

The third quarter of the year is winding down and with the fourth quarter upon us, restaurants will start looking forward to the holiday season and the increased customer traffic, revenues and cashflows. Part of these increased cash flows are the result of the sale of gift cards during the holiday season. Two types of …

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Your banker says you need a QoE, now what?

Sometimes, before your bank will finance an acquisition, they require a quality of earnings (“QoE”) report. You might be saying, what is a QoE report? A QoE report analyzes the earnings power of a business to determine how sustainable and accurate the business’ earnings are. Specifically, a QoE report digs into the seller’s financial information …

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The future of auditing with artificial intelligence

The world of public accounting is ever-evolving, which is what makes it so interesting to most people that choose this career path. It used to be that audits involved toting around loads of papers and documents, but in this day and age, an audit can be completed almost completely paperless if the client’s processes allow …

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Long-term care planning and reporting

Long-term care insurance has become more prevalent in today’s financial planning tactics. This topic can create a great deal of confusion and uncertainty about what is the right decision to make. The main reason individuals are reluctant to consider long-term care insurance is the fact that it may never get used. The truth of the …

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6 Newlywed tax tips

Have you recently married? Do you plan on being married by the end of the year? Likely the last thing on your mind currently is taxes, but there are a few things you’ll want to take care of to avoid unnecessary stress at tax time. Learn more about tax planning as newlyweds Notify the Social Security …

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Late entity classification: IRS guidance

We have often seen clients struggle with their decisions as to what type of tax entity classification they should choose for their businesses. Sometimes business owners or shareholders may decide to change their business’s entity classification after the business has operated for one or more years. These changes may be due to several reasons such …

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Choosing a beneficiary

Choosing a beneficiary for your 401k is a task that should not be taken lightly. Failing to name a beneficiary could cause a nightmare for your loved ones. It is important to consider who you want the beneficiary and to make sure it is updated whenever significant life events happen. Don’t miss: 5 tips to …

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Is it a related party transaction if no amounts were paid?

Related party transactions are required to be disclosed in the footnotes of your financial statements. Once you identify who the related parties are, then you need to disclose any transactions between the Organization and those parties. A common example is when the attorney on the board provides services to the Organization for a fee. But …

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