Emotional Intelligence in accounting

We’ve all heard about IQ, as the measurement has followed us through school and in pursuing careers. However, what about EQ? Emotional Intelligence matters both in the workplace and in interaction with the public. So, what is it? Emotional intelligence is “the capacity to be aware of, control and express one’s emotions, and to handle …

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Help! I need an Uber, the IRS is coming!

After going public last year, Uber reported in its first quarter report to the SEC that they were currently under audit by the IRS. The 2013 and 2014 returns are being examined but no other information is available at this time. I know what you all must be thinking; can they really go back that …

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The auditor’s role in detecting fraud

“How did the auditors not catch this? Isn’t it the auditor’s job to detect fraud?” It is a common misconception that fraud is detected by external auditors. According to the Association of Certified Fraud Examiner’s 2018 Report to the Nations, tips are the most common detection method, at 40%, for occupational fraud while external audit …

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IRS installment agreements: how to pay your taxes

Have you been faced with a large tax bill and do not have the funds to pay the entire balance? Do you have prior tax returns that have not been filed and there are outstanding balances calculated by the IRS? There is a solution to this dilemma. The important thing to remember is that the …

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New overtime threshold proposed by Department of Labor

In case you missed it, the U.S. Department of Labor (DOL) announced on March 7, 2019 its proposal to raise the minimum salary for employees to qualify for Fair Labor Standards Act white-collar exemptions from $23,660 per year to $35,308 per year. Employees making less than this amount would automatically be eligible for overtime pay …

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IT safeguards, are you protecting your business?

Generally, when executives are discussing the company’s internal safeguards, they look to controls within the accounting department such as segregation of duties, dual check signors and purchase order matching. But what about safeguards within the information technology environment? As the role of IT continues to grow in the business world, your company should continue to …

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Evaluating a business as a going concern

During an audit, one thing that will be evaluated is your company’s ability to continue as a going concern. In layman’s terms, this means: will your company be able to stay in business in the near future? Making this determination is oftentimes not black and white, and there are several factors that both management and …

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Unclaimed property: a whole lot of money and no place to call home

What would you do with $1 billion? This astounding 10-digit figure is the approximate value of unclaimed property held by the State of Arizona and belongs to roughly one million current or former Arizona residents. Chances are one in seven of finding unclaimed property if you live in the Grand Canyon State! So, what exactly …

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New lease standard: 5 things restaurant owners MUST know now

We all know lease accounting is changing for private companies starting in fiscal 2020. With leases being such a big component of the restaurant business, the new lease standard will have a significant accounting impact on restaurants. Gone are the days of having off balance sheet impact. Now, those operating leases will be grossing up …

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Qualified domestic relations order tax consequences

Divorces can cause years of planning, saving and growth to be washed away in the blink of an eye, leaving you reevaluating the retirement that you had once planned. A qualified domestic relations order (QDRO) is a judgment, decree or order for a retirement plan to pay child support, alimony or marital property rights to …

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