New opportunities to use cash method of accounting

It’s time to start thinking about the most exciting time of year – tax time! As part of the modifications made by the Tax Cuts and Jobs Act of 2017 that generated so much news and discussion at the end of 2017, you may now be allowed to use the cash method of accounting for …

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Record retention for net operating losses (NOL)

Individuals are usually familiar with the general rule that they should keep their income tax returns and tax documents used to prepare those returns for 7 years (see our guide). This is the general rule because the IRS has the ability to audit and adjust tax returns for three years from the date you filed …

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Book challenge! Reviewing your accounting

I’ve seen it too many times, debits in the liability section and credits in the asset section of company books and no one really knows why. Accountants then have to dig down and dissect what happened (which is fine, just realize, time is money) and then put it back in the right place, some easier …

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Wanted: galactic accountant, tax in space

As they say, there is no escaping death and taxes. And that may apply even in space. All the talk that’s been going on for years regarding space tourism and colonization of the moon and Mars are getting closer to reality. Adam Chodorow, a law professor at Arizona State University, pointed out that “taxes matter, …

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The Accountant (the Movie) – True to Form?

I am an accountant. A CPA. So when we first started seeing the trailers for a movie starring Ben Affleck as an accountant, there was some buzz. Because Hollywood was not going to portray us in the same nerdy, stereotypical way. Excitement even! So as my family was winding down activities for Family Weekend at …

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Surviving Recruiting: Land the Job and Keep Your Sanity

Accounting is a unique industry when it comes to recruiting out of college. In very few other industries do you get so many companies that, in reality, maintain such a consistent line of work. Sure, every firm will have its quirks, and some offer lines of service not available in others, but almost every CPA …

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Looking for a Tax Career with a Public Accounting Firm?

Recently, I was honored to be part of a five person panel for the masters of accountancy and masters in taxation students at Arizona State University (ASU). Included on the panel were representatives from an international CPA firm, a national CPA firm, a regional CPA firm and a large corporate entity. And me, of course, …

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No Longer Tax Free – Nevada Enacts Commerce Tax

Nevada has been a favored place to transact business as an income tax-free state. That all ended on June 10, 2015, when Governor Sandoval signed a bill enacting a new “Commerce Tax” applicable to each “business entity” with Nevada gross revenue exceeding $4,000,000 in a taxable year. The Nevada Commerce Tax is a gross revenue …

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Reflecting on Tax Day

Tax day, or as some of us like to put it “D-day” (D is for deadline of course), has come and gone for this year. As I reflect on tax season 2015 and contemplate the last few months, I can’t help but think how grateful I am for the opportunity to do what I do …

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Do You Know and Trust Your Accountant?

What do you look for in a CPA? Knowledge of tax codes? Professionalism? Business advice? Personality? Wait, what? Did that last one throw you for a loop? It may seem odd to include personality on the list, but it is actually important. Think about it. People like doing business with people they like. Do you …

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