Common Financial Reporting Mistakes and How to Correct Them
Category Archives: Uncategorized
Common Financial Reporting Mistakes and How to Correct Them
With accounting fraud and financial reporting mistakes creating a lack of confidence, understanding how financial reporting mistakes occur and are detected is an important topic. According to the Association for Federal Enterprise Risk Management and the U.S. Securities and Exchange … Continue reading
How to Organize Your Tax Documents
Since tax time isn’t until next April, organizing your documents right about now might not be top of mind or even something you want to do. However, if you don’t want to have to scramble come springtime, you might want … Continue reading
IRS Plans to Use AI and Ramp Up Enforcement on Millionaires, Partnerships and Crypto
Recently, IRS Commissioner Danny Werfel spoke of changes within the IRS, announcing several initiatives focusing on high-income earners and partnerships, as well as integrating the use of AI within the agency’s work. According to the commissioner, the initiatives were made … Continue reading
Sanctioning Terrorist Activities by Iran, Accelerating Disaster Assistance and Expanding Healthcare Opportunities for Native Americans
MAHSA Act (HR 589) – The Mahsa Amini Human Rights and Security Accountability (MAHSA) Act is a bipartisan bill that was introduced on Jan. 27 by Rep. Jim Banks (R-IN). The purpose of this bill is to impose sanctions on … Continue reading
IRS Ruling: Crypto Currency Staking Rewards Are Taxable When Received
The IRS recently issued an important ruling on the taxability of cryptocurrency staking rewards, determining that staking rewards are essentially “income” and, therefore, taxable upon receipt and not deferrable until sale or swapping. Below, we will look at the ruling … Continue reading
Evaluating Net Operating Loss Considerations
When it comes to determining if a business is eligible to claim a net operating loss (NOL), it depends on the financial situation. If a business’ taxable income is less than its allowable deductions in a set tax period, usually … Continue reading
Widow/er Social Security Benefits
A widow or widower is eligible for a survivor’s benefit from Social Security even if they never worked – as long as the deceased spouse qualified for benefits based on his or her own income record. Also, note that surviving … Continue reading