How to increase your focus at work

In the accounting profession, work can get busy. So much so, that many of us have probably caught ourselves saying, “I was so busy at work today, but feel like I got nothing done.” In general, one minute of focused time equals four and a half minutes of unfocused time, and while people can switch …

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New revenue recognition standard: subscription based organizations

After almost five years of talking about it, the long-anticipated revenue recognition standard is now being employed by the public filers. Private companies still have some time, but don’t procrastinate. There is a lot you need to do in 2018 to be able to apply the standard and the full or modified retrospective application. How …

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What is a hardship distribution from your 401(k)?

One type of distribution your 401(k) may allow for is a hardship distribution, and while the criteria can vary from plan to plan, most are generally similar. A hardship distribution is used to satisfy the immediate and heavy financial need of the participant, the participant’s spouse or the participant’s non-spouse, non-dependent beneficiary. Common examples of …

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Vacation rentals: another day, another scam

If you’re planning a vacation for Labor Day, a weekend getaway or even looking ahead to the holidays, make sure to keep your eyes open for a new scam centered around vacation rentals. If you’re anything like me, planning for a vacation tends to happen a little closer to the vacation date than you’d like. …

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Treasures 4 Teachers back to school drive

Just last week a colleague and I had the privilege of organizing and dropping off all our back to school drive items to a great organization. Henry+Horne does a back to school drive each year in July and we typically pick a different organization to support. This year we were able to hold a drive …

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Revenue recognition: costs of obtaining contracts

By now most of us are experiencing information overload on the new revenue recognition standard and are contemplating to jump ship before the standard comes into effect. The Accounting Standard Codification introduces Topic 606 (too close to triple-six if you ask me), Revenue from Contracts with Customers, and it is effective to all nonpublic companies …

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New revenue recognition standard: nonprofit impact

As a nonprofit organization, have you given any thought to how the new revenue recognition standard will impact your nonprofit? Hopefully you have. This new standard is applicable for periods beginning after December 15, 2018, which means the deadline is fast approaching to make sure your organization is ready. Who’s impacted? How do you know …

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A state estate tax – the other death tax you need to know about

Congress did everyone a favor last year and raised the estate tax exemption to the lofty heights of $11,180,000 per person. As a result, very, very few people will owe an estate tax on death under the current law. So, while a couple can die with as much as $22,360,000 and not owe any federal …

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South Dakota v Wayfair: landmark sales tax decision

There has been a lot of buzz in the past few months regarding the South Dakota vs. Wayfair, Inc. case. It’s important because state and local governments cannot enforce their sales tax laws on internet retail sales unless the retailer has a local physical presence. This is a precedent that was established in U.S. Court …

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How to locate your old 401(k)

If you have contributed to a 401(k) at a former employer or think that you may have done so, you probably want to find your account. Maybe you switched jobs or moved and lost track of your funds. Not to worry. Your money is protected and should still be out there. Here are several steps …

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