Categories for Uncategorized

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

  Posted Date February 1, 2023 Posted Time 12:00 am Published in Service2Client

  🖨 Print⏱ 4 min readNatural 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... View Article

• Key Deadlines and Changes for the 2023 Tax Season

  Posted Date February 1, 2023 Posted Time 12:00 am Published in Service2Client

  🖨 Print⏱ 3 min readEvery 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... View Article

• Defining an Impaired Asset

  Posted Date February 1, 2023 Posted Time 12:00 am Published in Service2Client

  🖨 Print⏱ 3 min readWhen 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... View Article

• 401(k) Options After You Leave an Employer

  Posted Date February 1, 2023 Posted Time 12:00 am Published in Service2Client

  🖨 Print⏱ 6 min readApart 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... View Article

• Handling Talent Shortages in Tech Departments

  Posted Date January 1, 2023 Posted Time 12:00 am Published in Service2Client

  🖨 Print⏱ 4 min readTechnology 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... View Article

• The IRS Versus the Taxpayer

  Posted Date January 1, 2023 Posted Time 12:00 am Published in Service2Client

  🖨 Print⏱ 4 min read 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... View Article

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

  Posted Date January 1, 2023 Posted Time 12:00 am Published in Service2Client

  🖨 Print⏱ 4 min readWhen 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... View Article

• No-Heir Estate Planning

  Posted Date January 1, 2023 Posted Time 12:00 am Published in Service2Client

  🖨 Print⏱ 4 min readEven 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... View Article

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

  Posted Date January 1, 2023 Posted Time 12:00 am Published in Service2Client

  🖨 Print⏱ 4 min readRespect 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... View Article

• What is Datafication, and Should Business Leaders Take Notice?

  Posted Date December 1, 2022 Posted Time 12:00 am Published in Service2Client

  🖨 Print⏱ 4 min readData has become a primary asset for businesses today. Consequently, the survival of a business in our data-driven environment is highly dependent on the ability to have total control over data storage, extraction, and manipulation. As businesses continue being bombarded with vast volumes of data, datafication has become a big trend that provides a solution to turn data into quantifiable, usable, and actionable information.  What is Datafication?   The term datafication was coined by Kenneth Cukier and Victor Mayer-Schöenberger in 2013 when they explained it as the transformation of social actions into quantifiable data. Today, much... View Article