Accounting Advices 

Further Advice for Dissolving an S-Corporation

Last time, we began discussing how to terminate your S-Corporation. Last time, we began discussing how to terminate your S-Corporation. Such dissolution is no easy task. There are many steps involved, and if you do something wrong, you could pay for it. Even if the state authorities don’t notice right away, the IRS won’t find it funny. As difficult as getting a startup off the ground, shutting it down can be even harder. Resolve Your Remaining Financial Obligations This step involves paying off every single outstanding bill and debt. You’re…

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Accounting Advices 

Is Accounting an Obsolete Major?

Is accounting an obsolete major? That’s the question posed by John “Jack” Castonguay, PhD, CPA, in the August/September 2021 CPA Journal. He writes: Accounting — at least as an independent field of study — is becoming obsolete in today’s technology- and analytics-focused world. Its value lies in its interdisciplinary applicability and position as a foundational business curriculum. In recognition of that reality — and to maintain a pipeline of candidates open to CPA licensure, increase the number of engaged accounting students, and keep the profession relevant to the next generation…

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Accounting Advices 

Australian Senator Understands Big 4 Working Conditions Better Than a PwC Partner

“I’m not talking about billing hours, actual hours of work were 80 to 120 hours. There were people that were substantially underpaid. Wouldn’t you call that a sweatshop?” — Tony Sheldon, Labor senator and former union boss, asked PwC Australia partner Catherine Walsh during a Senate hearing on job security Dec. 8. Walsh was there to answer questions about a PwC “skills hub” in western Sydney, in which the Australian Financial Review reported used dozens of unqualified workers, on lower salaries and with less training and resources than their main…

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Accounting Advices 

How to Properly Claim Tax Dependents on Your Paperwork

Relatives and children can both count as tax dependents. Relatives and children both count as tax dependents. They matter so much because they qualify you for certain breaks you couldn’t access otherwise. Such breaks are bigger than you might believe, which of course, means filing the paperwork correctly becomes an even more attractive incentive. We’ll show you how to identify and declare your dependents on your returns to make them as valid and legitimate as possible!  Let’s Define the Term  Kids and relations must possess certain attributes to fit this…

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Accounting Advices 

Here Are Some of the Ways CPAs Can Save You Some Cash

How can CPAs make a difference? It’s a universally acknowledged fact that money makes the world go around. That’s just how it is. No matter how you feel about this principle of modern society, you need plenty of money to keep your business running. For all of the income you generate, you must also realize that the Internal Revenue Service requires you to pay your share of taxes. That’s when you should ask a certified public accountant to supervise your financial affairs. How can CPAs make a difference?  CPAs and…

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Accounting Advices 

Which Firm Was the Biggest Loser In the Third Auditor Shuffle of 2021?

Are y’all ready for the results of the third auditor round-and-round of 2021? OK. Here we go. It was another big quarter for BF Borgers, which added the most new SEC clients with nine while losing one for a net of eight, according to Audit Analytics’ third quarter audit gains and losses analysis. BF Borgers was also the big winner in Q2, netting nine new audit clients. While total new clients in Q3 was the largest since the start of 2020, there was a drop among the 12 major global…

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Accounting Advices 

Compensation Watch ’21: Grant Thornton Is Dragging Its Feet On Announcing Mid-Year Raises

Last week after we got a tip on mid-year raises being imminent at BDO USA, I wanted to know what—if anything—was going down at Grant Thornton. It seems the Purple Rose of Chicago has been keeping mum about salary adjustments for employees, according to a few GTers who have posted on the usual online chatter sites. You would think the seventh-largest accounting firm in the US, which saw revenue increase by 2.6% in FY 2021, would sock away a little extra money for employee appreciation. But so far radio silence…

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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 Advices 

Compensation Watch ’21: Is Plante Moran Rolling Out Salary Adjustments For the Masses? (UPDATE)

[Updated with additional comp information at the bottom of article originally posted on Nov. 22.] The answer is YES according to a tip we received last week: A few weeks ago Plante Moran announced to its employees that everyone is getting a January 1 market increase (separate from the normal market and merit increases that come on July 1 following the March 31 performance year). Increases are across the board, everyone at a particular level gets the exact same percentage. Increases are same regardless of office or practice unit. Anecdotally…

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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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