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IRS Extends Tax Filing Deadline in 10 Maine Counties Following Severe Storms

CPA Practice

By Katelyn Washington, Kiplinger Consumer News Service (TNS) The IRS has granted Maine tax relief to areas of the state impacted by severe storms late last year. The tax deadline extension for Maine follows tax relief for Connecticut and Rhode Island , announced by the IRS earlier this year. 17, 2023, through June 17, 2024.

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Tax Planning for Retirement Plans: Understanding the Main Types of Retirement Accounts

CTP

Employer contributions are tax-deductible, and employees will not pay taxes while the money stays in the account. These accounts define the amount of retirement benefits employees will receive, so there’s less ambiguity than we see with defined contribution plans. Defined benefit plans are pension-type plans.

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Maine Man Gets 33 Months in Prison for Misusing PPP Funds

CPA Practice

By Judy Harrison, Bangor Daily News, Maine (TNS). The second Maine man who admitted defrauding a pandemic business loan program was sentenced Wednesday in U.S. Government Accountability Office estimated unemployment fraud from pandemic jobless benefits may top $60 billion. (c)2023 In sentencing Franck, U.S.

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Is a Health Savings Account Right for You?

RogerRossmeisl

For eligible individuals, a Health Savings Account (HSA) offers a tax-favorable way to set aside funds (or have an employer do so) to meet future medical needs. The post Is a Health Savings Account Right for You? Given the escalating cost of health care, there may be a more cost-effective way to pay for it.

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How to navigate accounting assumptions

ThomsonReuters

Jump to: What are the main accounting assumptions? Going concern assumption: A closer look How do common accounting assumptions relate to GAAP? Accounting assumptions, along with accounting principles and concepts, provide professionals with the necessary framework for preparing financial statements.

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Year-End Moves for Flexible Spending Accounts

CPA Practice

The tax law provides benefits to employees who choose to participate in flexible spending accounts (FSAs) for qualified expenses. However, if there’s a balance in the account at the end of the year, the remaining funds are generally forfeited. There are two main types of accounts: healthcare FSAs and dependent care FSAs.

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Gaynor Meilke on People-Centric Accounting and Technology Friendly Firms

Canopy Accounting

emphasizes accountants are often people-oriented and love helping others. Gaynor suggests that accountants may lack confidence in marketing themselves and their services. I mportance of marketing for accounting firms: Gaynor stresses that marketing should be an integral part of an accounting firm's operations from day one.