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Key Deadlines and Changes for the 2023 Tax Season
Tax and Financial News
Key Deadlines and Changes for the 2023 Tax Season
February, 2023
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...
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Defining an Impaired Asset
General Business News
Defining an Impaired Asset
February, 2023
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...
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Understanding the Latest Modifications to Form 1099-K Reporting Requirements
Accounting News
Understanding the Latest Modifications to Form 1099-K Reporting Requirements
February, 2023
There has been updated guidance on how and when tax filers must file and report Form 1099-K, Payment Card and Third-Party Network Transactions in 2022 and 2023. According to the December IRS release, new...
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401(k) Options After You Leave an Employer
Financial Planning
401(k) Options After You Leave an Employer
February, 2023
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...
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How To Use Natural Language Processing To Improve The Efficiency Of Accounting Processes
What's New in Technology
How To Use Natural Language Processing To Improve The Efficiency Of Accounting Processes
February, 2023
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...
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Why You Might Not Need a New Budget for the New Year
Tip of the Month
Why You Might Not Need a New Budget for the New Year
February, 2023
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...
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Overhauling the National Tax System, Eliminating Oil Sales to China, and Criminalizing Late Abortion Attempts
Congress at Work
Overhauling the National Tax System, Eliminating Oil Sales to China, and Criminalizing Late Abortion Attempts
February, 2023
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...
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The IRS Versus the Taxpayer
Tax and Financial News
The IRS Versus the Taxpayer
January, 2023
According to the IRS, not only is your ignorance no excuse, but so is that of your tax preparer. In other words, the fact that your tax preparer made a mistake is no excuse and will not absolve you from compliance...
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Understanding the Weighted Average Cost (WAC) Method for Inventory Valuation
General Business News
Understanding the Weighted Average Cost (WAC) Method for Inventory Valuation
January, 2023
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:...
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How Mark-to-Market Works in Accounting
Accounting News
How Mark-to-Market Works in Accounting
January, 2023
According to the Harvard Business Review, mark-to-market accounting was what some attributed to the Great Financial Crisis of 2008. Economists such as Brian Wesbury and Steve Forbes attacked...
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No-Heir Estate Planning
Financial Planning
No-Heir Estate Planning
January, 2023
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...
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Handling Talent Shortages in Tech Departments
What's New in Technology
Handling Talent Shortages in Tech Departments
January, 2023
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...
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5 Financial Resolutions You Can Live With
Tip of the Month
5 Financial Resolutions You Can Live With
January, 2023
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...
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Expanding Options for Marriage, Defense, Medical Marijuana, Amateur Athletes and Rail Workers
Congress at Work
Expanding Options for Marriage, Defense, Medical Marijuana, Amateur Athletes and Rail Workers
January, 2023
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...
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