Author Archives for Service2Client

  • Key Deadlines and Changes for the 2023 Tax Season

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

    Every year, typically right after the new year starts, the IRS formally announces key dates and deadlines for the current tax season. Recently, the IRS made the announcements for the current 2023 tax season. To make sure the process goes as smoothly as possible, it’s best if you are aware of this tax season’s deadlines and key dates so you don’t miss a beat in working with your CPA. Tax Season in Perspective More than 168 million individual tax returns are expected to be submitted to the IRS in 2023, covering the 2022 tax year. The last three years saw... View Article

  • Defining an Impaired Asset

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

    When it comes to defining an impaired asset, its fair market value is worth less than the original cost of the asset – or, more formally, its carrying value. As a company re-evaluates its assets’ value, and when it determines there’s a discrepancy between the book or original value and the current market value, impaired assets that are lower in value are written down on the balance sheet. The business’ income statement shows a loss for the negative difference in value. Impaired assets can be Property, Plant, and Equipment (PP&E), goodwill, or fixed assets. Making a Judgment on Asset Impairment... View Article

  • 401(k) Options After You Leave an Employer

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

    Apart from the spike in inflation, 2023 ended the year with a relatively strong economy, boasting an unemployment rate of 3.5 percent (below the market forecast of 3.7 percent) with increases in wages, corporate profits, and economic growth over the past two quarters. Despite the positive data, a slate of companies, including Microsoft, Google, Amazon, Goldman Sachs, and Bed Bath & Beyond, have all announced significant layoffs planned for this year. Whether the result of a layoff, a new job, or retirement, the reality is that over the course of a career, most people will change jobs several times. The... View Article

  • Why You Might Not Need a New Budget for the New Year

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

    So, we’re a month into 2023, and the sheen might’ve dulled from all your shiny New Year’s resolutions. Though diet and exercise are the top things you might want to change, there’s one you might not need to touch – your budget. Here’s a discussion about who does and doesn’t need to revamp their finances. Who Needs a New Budget? Budgets are always a good idea. They help you save money and pay off debt. But only a few folks need to create a new one. According to Annette Harris, founder of Harris Financial Coaching, you need a new budget... View Article

  • How To Use Natural Language Processing To Improve The Efficiency Of Accounting Processes

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

    Natural language processing (NLP) is a technology that allows computers to understand and process human language. Processing of natural language is necessary when you want an intelligent device to follow your instructions. NPL is an artificial intelligence (AI) component with many real-life applications. As technology advances, business leaders have to figure out how to tap into the new trends to remain relevant, stay ahead of competition, and meet consumer expectations and needs. How NLP Works in Brief NLP involves making computers perform tasks with the natural language humans use. The input and output can be spoken or written text. NLP... View Article

  • Overhauling the National Tax System, Eliminating Oil Sales to China, and Criminalizing Late Abortion Attempts

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

    To rescind certain balances made available to the Internal Revenue Service (HR 23) – Introduced by Rep. Adrian Smith (R-NE) on Jan. 9, this bill would rescind funds allocated to the Internal Revenue Service by the Inflation Reduction Act of 2022. The bill is designed to “defund” specific enforcement activities, operational support, enhancement to the e-file tax return system, and allocations to the U.S. Tax Court and other Department of the Treasury tax agencies. The bill passed in the House on Jan. 9 and has moved to the Senate,  Protecting America’s Strategic Petroleum Reserve from China Act (HR 22) –... View Article

  • 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

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