Category: Blog

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

Tax Planning Guide for Disaster Area Victims - Nov. 01, 2022

Tax Planning Guide for Disaster Area VictimsThe recent hurricane Ian impacted much of the southeast United States. As a result, it is good to know the general tax rules related to disaster victims. Below, we look at several tax topics for disaster area victims. 1. Tax Returns and Filings Q: I am a disaster area victim and needed to move from […] read more

Auditing: What it is & Why It's Done - Nov. 01, 2022

Auditing: What it is & Why It's DoneThe Importance of Auditing Auditing typically refers to an objective review of a company’s financial statements, which consists of the cash flow statement, the income statement and the balance sheet. It analyzes the level of accuracy that the business has characterized its financial records. The process looks at how a business documents investing, financing and […] read more

Do You Have an Investment Exit Strategy? - Nov. 01, 2022

Do You Have an Investment Exit Strategy?Are you a trader or an investor? The difference is frequently discerned by how closely you monitor the stock market and how quickly you move in and out of investments. Traders are often referred to as market timers because they actively seek to buy into positions when share prices drop, and sell out when those […] read more

How to Write Great Happy Holiday Emails - Nov. 01, 2022

How to Write Great Happy Holiday EmailsThere’s no better time than the holidays to show your employees and your clients how much you appreciate them. Here are five simple steps to help you craft the perfect email in no time. Decide on the Audience and Purpose Before you begin, determine who will be your recipients. For instance, if you’re writing to […] read more

How to Increase After-Tax Returns on Investments - Oct. 01, 2022

How to Increase After-Tax Returns on InvestmentsIt is all about how much you keep after taxes – not what you earn from your job, a business, or investments. While it is always great to see fabulous investment gains, the only financial metric that really matters is what is in your bank account at the end of the day. One of the […] read more

Financial Accounting Overview - Oct. 01, 2022

Financial Accounting OverviewFinancial accounting is how accounting professionals document, compile and outline how a business performs financially over a discrete period of time. Unlike cost accounting, which is used primarily for internal short and long-term strategic planning, financial accounting focuses primarily on producing relevant documentation for outside parties interested in short- and long-term financial performance. Small businesses, […] read more