Defining an Impaired Asset
Author Archives: Service2Client
Defining an Impaired Asset
🖨 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, … Continue reading
Key Deadlines and Changes for the 2023 Tax Season
🖨 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 … Continue reading
Overhauling the National Tax System, Eliminating Oil Sales to China, and Criminalizing Late Abortion Attempts
🖨 Print⏱ 3 min readTo 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 … Continue reading
The IRS Versus the Taxpayer
🖨 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 … Continue reading
Handling Talent Shortages in Tech Departments
🖨 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 … Continue reading
No-Heir Estate Planning
🖨 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 … Continue reading
Understanding the Weighted Average Cost (WAC) Method for Inventory Valuation
🖨 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 … Continue reading