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  • The IRS Versus the Taxpayer

    Posted Date January 1, 2023 Posted Time 12:00 pm Published in

    According to the IRS, ignorance of tax rules and regulations is no excuse. Therefore, it’s essential to use an experienced tax preparer to assist in filing your taxes. The tax code is complex and only gets more complicated as time goes on, making it almost impossible to ensure they are filing correctly without the help of a CPA, EA, or Tax Professional. Moreover, the penalty for making what could be deemed an innocent mistake can cost a taxpayer a significant sum. What is worse yet is that defending yourself against the IRS is a costly endeavor in terms of both time and... View Article

  • Understanding the Weighted Average Cost (WAC) Method for Inventory Valuation

    Posted Date January 1, 2023 Posted Time 12:00 pm Published in

    When 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 only on the WAC method. Weighted Average Cost (WAC) Method WAC is a way to value inventory based on how much each tranche contributes to the overall valuation of its cost of goods sold (COGS) and inventory. Recognized by both GAAP and IFRS, it’s determined... View Article

  • No-Heir Estate Planning

    Posted Date January 1, 2023 Posted Time 12:00 pm Published in

    Even 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 no-heir estate planning is to write a will. Every state has different rules about what constitutes a legally enforceable will, so be sure to check out your state’s guidelines. If you move, you’ll need to update your will according to the state you live in... View Article

  • 5 Financial Resolutions You Can Live With

    Posted Date January 1, 2023 Posted Time 12:00 pm Published in

    For 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 to stick. Do a five-minute daily money check-in. Life is so busy that sometimes it’s easy to just spend money, then move on to the next task at hand. You might think, “I’ll check my bank balance later,” and then you never do. But if... View Article

  • Handling Talent Shortages in Tech Departments

    Posted Date January 1, 2023 Posted Time 12:00 pm Published in

    Technology advancement has brought about great digital transformation. Unfortunately, this has come with a global tech talent shortage. IT executives highlight the shortage as a huge barrier to the adoption of emerging technologies, as reported by this Gartner study. It is estimated that the demand for tech talent will keep increasing, and this could result in an estimated 85 million global talent shortage by the year 2030. Therefore, companies need to rethink their approach to hiring and retention. Reasons Behind the Tech Talent Shortage It is worth trying to first understand what is causing the tech talent shortage. A few... View Article

  • Expanding Options for Marriage, Defense, Medical Marijuana, Amateur Athletes and Rail Workers

    Posted Date January 1, 2023 Posted Time 12:00 pm Published in

    Respect for Marriage Act (HR 8404) – Introduced by Sen. Jerry Nadler (D-NY) on July 18, this Act replaces previous provisions that defined marriage as strictly between a man and a woman. It codifies marriage to state that a spouse may be a person of the opposite sex as long as the contract between the two individuals is valid under state law, and prohibits any state from denying out-of-state marriages on the basis of sex, race, ethnicity or national origin. The bill passed in the Senate on Nov. 29 and the final bill passed in the House on Dec. 8.... View Article

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