Month: January 2023

The IRS Versus the Taxpayer - Jan. 01, 2023

The IRS Versus the TaxpayerAccording to the IRS, not only is your ignorance no excuse, but so is that of your tax preparer. In other words, the fact that your tax preparer made a mistake is no excuse and will not absolve you from compliance penalties. Unfortunately, the penalty for making what could be deemed an innocent mistake can […] read more

Understanding the Weighted Average Cost (WAC) Method for Inventory Valuation - Jan. 01, 2023

Understanding the Weighted Average Cost (WAC) Method for Inventory ValuationWhen it comes to businesses and their inventory and accounting methods for managing it, there are a few different ways to approach the task. The three different options to value inventory/implement cost flow assumptions, include: Last In, First Out (LIFO); First In, First Out (FIFO); and Weighted Average Cost Accounting (WAC). This article will focus […] read more

No-Heir Estate Planning - Jan. 01, 2023

No-Heir Estate PlanningEven if you have no heirs, you should have an estate plan. Otherwise, the state will determine the fate of your worldly possessions. In fact, if you pass away “intestate” (without a will), the state can even keep all of your assets for itself – if no heirs are found. The most basic tenet of […] read more

5 Financial Resolutions You Can Live With - Jan. 01, 2023

5 Financial Resolutions You Can Live WithFor the most part, New Year’s resolutions are hard to keep because many times you either list too many things or ones that aren’t manageable for the long haul – especially those that involve money. Here are a few simple tricks to help you make changes that are bite-sized, easy to implement, and more likely […] read more