Accounting Advices 

2 Ways You Can Avoid Penalties from the IRS

Don’t run the risk of being punished with harsh penalties from the IRS! Tax Day 2022 returns its original April 15th deadline. While that seems like it’s ages away, it’s a good idea to stay on top of your finances. Falling behind on tax payments (or even worse – outright dodging the taxes you are supposed to pay) can land you in some serious hot water. The Internal Revenue Service frowns on any misconduct of all descriptions. Don’t run the risk of being punished with harsh penalties. They’ll hamstring your…

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Accounting Services 

Get Your Precious ZZZZs and Let An Automated A/P Solution Handle Supplier Tax Compliance

Believe it or not, risks associated with tax and tax compliance still keep CEOs in the US and around the world up at night, even in these COVID times when supply chain issues, the Great Resignation, and cybersecurity incidents grab all the headlines. According to the KPMG 2021 CEO Outlook Pulse Survey, 14% of the 500 CEOs who were polled earlier this year said tax risk poses the greatest threat to their organization’s growth over the next three years—which was behind only cybersecurity risk at 18%. In its report, KPMG…

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Accounting Advices 

Here’s How You Can Budget Your Small Business!

It’s possible to balance your budget. It’s possible to balance your budget. Although this prospect gets even harder when you run a business, you can do it without fear of breaking the bank. With a solid financial foundation in place, you can ensure that your startup or sole proprietorship survives. Being an entrepreneur is exceedingly difficult, but if you have a head for numbers, it’ll be somehow easier, at least in this respect.  ssemble Your Income Streams  The first thing you’ll want to do is gather all of your revenue…

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Accounting Services 

Tricky Business Questions: S Corporations and LLCs

Business owners often struggle with properly determining how to effectively and efficiently set up their overall business and tax structure. Business owners often struggle with properly determining how to effectively and efficiently set up their overall business and tax structure. There are so many different terms out there, from “sole proprietorships” and “limited liability partnerships” to “corporations” and “limited liability corporations.” Knowing the difference between these different companies can help you determine the best route to take for your business. Here are some helpful key terms to know and the…

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Accounting Advices 

How to Spot Accounting Discrepancies

Here are some helpful tips and useful tricks to help you accurately spot any accounting discrepancies — which can lead to lasting mistakes. Unfortunately, accounting errors are all too common. In fact, even the most educated accountant and the most experienced CPA can make minor mistakes. However, these mistakes could be detrimental, which is why you want to avoid making some of the most common accounting errors out there. Understanding the most common accounting errors will equip you with the tools to properly spot those errors effectively and efficiently. The…

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Accounting Newsletter 

Tax Changes – How Will Tax Season 2022 Look?

While, unlike 2020 and 2021, it seems that the deadline for the 2022 tax season won’t be pushed back, several other tax changes could impact you and your business. The 2022 tax season is the third one since the COVID-19 pandemic began, and as has been the trend, there are a lot of changes. It’s unlikely that the 2022 tax season will look like it did in past years, so business owners must be aware of tax changes that may impact how they file. These new complications are a sign…

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Accounting Newsletter 

Finish the Year Strong With These Quick Tips For Studying For the CPA Exam During the Holidays

Today is November 24, 2021 (in case you didn’t catch the tiny little publish date in the upper left-hand corner of this post) and with yesterday’s CPA exam score release, that leaves just one more score release for 2021 before we call this year a wrap. Where the year went is beyond me, but that’s a topic for another day. With Thanksgiving tomorrow and with all of us still stuck in this weird time vortex that we were unceremoniously flung into like particles at CERN back in early 2020, I…

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Accounting Services 

4 Ways to Automate Your Day and Free Up Precious Time

It’s hard to remember that dark time in the not-so-distant past when we had to do things like print out directions instead of trusting our phones to lead the way. Alexa hasn’t even been around for a decade, and yet here we are today, with smart home setups that open up the house for us, feed the dog, and turn on our night lights before we go to bed. We might not have flying cars, but we certainly do live in the future. As we connect more and more to…

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Accounting Services 

Friday Footnotes: PwC Pays the Poors Less; Deloitte’s New Minis; BDO Brings on Audit Staff | 9.17.21

Malaysia says auditor KPMG to pay $80 million in 1MDB settlement [Reuters] Malaysia said on Thursday audit firm KPMG has agreed to pay a 333 million ringgit ($80.11 million) settlement to resolve all claims related to their fiduciary duties on auditing of 1Malaysia Development Berhad (1MDB) accounts from 2010 to 2012. PwC reports disability and socio-economic pay gaps [Personnel Today] PwC has published comprehensive pay gap data relating to gender, ethnicity and, for the first time, socio-economic background and disability. The accounting giant’s 2021 diversity report found that its staff…

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Accounting Newsletter 

KPMG Australia Audit Partners and Staff Didn’t Get Away with Cheating on Internal Training Exams Either

At the end of the Married With Children episode, “Go For the Old,” Al Bundy says: “It’s only cheating if you get caught.” Well, KPMG got caught. The firm was busted for cheating on internal training exams. Again. Just like in the US. This time the cheating was running rampant in Australia. The PCAOB fined KPMG Australia $450,000 on Sept. 14 for training-related misconduct (i.e., violating PCAOB rules and quality control standards) from 2016 until early 2020, which involved more than 1,100 KPMG partners and staff, including more than 250…

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