Going Concern

OCTOBER 21, 2024

Financial reporting data has become extremely structured and repeatable across all enterprises because it’s guided by the standards set out through generally accepted accounting principles (GAAP), which are governed by the Financial Accounting Standards Board (FASB). Everybody measures the same things, in the same way.

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Accounting Today

JUNE 23, 2025

EDT 1 Min Read Facebook Twitter LinkedIn Email The Governmental Accounting Standards Board issued questions and answers to help explain certain pronouncements to stakeholders. All rights reserved.

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MyIRSRelief

JULY 4, 2025

Receiving notice of an IRS audit can be one of the most stressful and intimidating experiences a taxpayer faces, triggering immediate concerns about potential penalties, additional taxes, and the complex process ahead. The three primary types of IRS audits each present different challenges and require distinct defense strategies.

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CPA Practice

JUNE 19, 2025

Bio ) As enterprise tax growth and industry leader and Canada tax leader, Severino drives strategic growth and fosters collaborative efforts focused on delivering comprehensive insights and innovative solutions that meet the evolving needs of the middle market. Canada, India and El Salvador.

Real Estate 52

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Anders CPA

FEBRUARY 28, 2025

And it is incumbent upon the firm to distribute income tax money out to the partners to pay their estimated taxes, which should be about 40% of your forecasted net income. Note that you will still pay taxes on a cash basis. A minimum of 10-30% of forecasted revenue should be set aside as working capital.

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Accounting Today

JULY 7, 2025

To avoid these worst-case scenarios, its essential to build AI agents on domain-specific large language models grounded firmly in accounting standards, regulations and best practices, making it especially important to choose vendors with extensive, broad accounting expertise. All rights reserved.

Technology 59

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Withum

JANUARY 29, 2025

Then, there are the ground rules that these statements follow, called GAAP (generally accepted accounting principles), and a report of an independent accounting firm to provide assurance that the statements are pretty much “OK” under the GAAP rules.

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inDinero Accounting

JANUARY 22, 2024

In this article, we’ll explain the GAAP-compliant method of reporting deferred revenue, provide bookkeeping examples, and explain how the practice will impact your taxes. Table of Contents Deferred Revenue Accounting Principles Why Use Deferred Revenue Reporting Over Cash Accounting?

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SMBAccountant

MARCH 8, 2023

One type of accounting that is well-known is tax accounting. According to Investopedia, tax accounting is “a structure of accounting methods focused on taxes rather than the appearance of public financial statements”. Tax accounting applies to individuals, businesses, and corporations.

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CPA Practice

AUGUST 16, 2024

Launched in 2005, CAP helps large corporations improve federal tax compliance. Resolve issues before filing tax returns and comply with federal tax laws. Ensure accurate tax returns, shortening the IRS audit process. The application period lasts until Oct.

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SMBAccountant

AUGUST 12, 2020

When working as a government contractor, these processes and policies need to be written, reviewed, and updated regularly to ensure compliance with the company’s own requirements, and the accounting standards demanded of contractors spending tax dollars.

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SMBAccountant

FEBRUARY 19, 2024

Whether it's deciphering the financial implications of contract sections, managing cash flow effectively, or ensuring that all financial reporting aligns with both Generally Accepted Accounting Principles (GAAP) and specific contractual obligations, a professional accounting partner can provide the necessary guidance and support.

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Snyder

NOVEMBER 22, 2022

What are basic accounting principles? What is accounting software? Basic accounting and its secrets. The Fantastic Four of accounting. Accounting principles: Why are they so important for any business? Basic accounting principles. Accrual principle. Contents: 1.

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SMBAccountant

SEPTEMBER 23, 2020

This provides value to your company and isolates the costs for tax purposes. Tax Versus Book Depreciation Tax and book depreciation can be two different amounts. Many cash basis books record depreciation on a tax basis to make tax prep easier. The intent is to show a cost for usage of the item over the useful life.

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Withum

SEPTEMBER 8, 2022

The Report of the independent registered public accounting firm provides their opinion that the financial statements were in conformity with U.S. generally accepted accounting principles [GAAP], that the company maintained effective internal controls, that the audits were conducted in accordance with standards of the U.S.

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SMBAccountant

MARCH 6, 2024

In contrast, accrual accounting records transactions when they occur, offering a more accurate depiction of the company’s financial position over time by matching revenues with expenses. Book Accounting and Tax Accounting Small businesses may notice differences between book accounting and tax accounting.

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CPA Practice

SEPTEMBER 12, 2023

The alliance also addresses assisting companies with their compliance with accounting principles generally accepted in the United States (U.S. Bitwave’s sub-ledger offering brings a thoughtful approach to supporting the complex nature of digital asset-based transactions.

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FusionCPA

NOVEMBER 2, 2020

If you are not experienced in bookkeeping or using real estate CPAs , it is recommended that you spend a great deal of time becoming familiar with the capabilities of your QuickBooks Online account before you get started.

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CPA Practice

JULY 31, 2023

In today’s globalized world, offshoring and outsourcing have become prevalent strategies adopted by CPAs, accounting, and tax firms to optimize their operations, minimize expenses, and tap into specialized expertise. An offshore account manager is who will oversee the offshore accountant’s day-to-day activities.

Tax 98

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Cherry Bekaert

MAY 16, 2023

Contributors: John Ford | Senior Consultant, Government Contracting Industry Practice Tony Konkol | Manager, State & Local Tax Practice As a general rule, corporations are responsible for paying Federal and state taxes on the income they earn. This allows S corporations to avoid double taxation on the corporate income.

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CPA Practice

DECEMBER 19, 2023

The 2024 GRT contains updates for accounting standards and other recommended improvements, including those required for Securities and Exchange Commission Release Nos.

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CPA Practice

MARCH 20, 2024

The 2024 GRT contains updates for accounting standards and other recommended improvements, including those required for Securities and Exchange Commission Release Nos.

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ThomsonReuters

FEBRUARY 8, 2024

Therefore, when serving business clients, it is important that accounting professionals have the right framework to ensure that proper financial reporting procedures are in place to help with accounting assumptions. What are the main accounting assumptions?

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CPA Practice

AUGUST 10, 2023

Grant Thornton LLP, one of America’s largest audit, tax and advisory firms, has appointed two new leaders to the firm’s Audit Quality & Risk practice. Additionally, Graham Dyer will serve as Grant Thornton’s chief accountant and partner-in-charge of the firm’s Accounting Principles Group, effective immediately.

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CPA Practice

APRIL 21, 2023

CGMA | Wealth Strategist, Wintrust Wealth Management Women to Watch Awards Women to Watch Awards are presented in two categories—Experienced Leader and Emerging Leader—to recognize women who have made significant contributions to the accounting profession, their organizations, and to the development of women as leaders. McKeever Jr.

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inDinero Accounting

JUNE 29, 2023

Accrual Accounting is a vital component of Generally Accepted Accounting Principles (GAAP). Understanding the principles of GAAP accrual accounting can be challenging and daunting; however, with the right guidance, it can be achieved. What are Generally Accepted Accounting Principles (GAAP)?

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SMBAccountant

AUGUST 12, 2020

When working as a government contractor, these processes and policies need to be written, reviewed, and updated regularly to ensure compliance with the company’s own requirements, and the accounting standards demanded of contractors spending tax dollars.

Government 100

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SMBAccountant

MAY 17, 2024

Are you a small business owner seeking expert guidance on accounting practices? Establishing a core understanding of key accounting principles not only instills confidence but also ensures compliance with accounting and government regulations. Establish a system for collecting and remitting sales tax if required.

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SkagitCountyTaxServices

JUNE 8, 2022

Now … for Mount Vernon businesses of a certain growth rate (or of a particular model), the move from “cash accounting” to “accrual accounting” is an important step in the journey. Speaking of which: reminder that second quarter estimated taxes are due next week on 6/15/22.). Principles.

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Basis 365

FEBRUARY 1, 2023

What is an accountant? Non-controller accountants generally perform more straightforward accounting tasks than controllers. These responsibilities include internal reports, cost accounting, tax auditing, and cost accounting. Financial Expertise Controllers have more experience than accountants.

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SMBAccountant

SEPTEMBER 23, 2020

This provides value to your company and isolates the costs for tax purposes. Tax Versus Book Depreciation Tax and book depreciation can be two different amounts. Many cash basis books record depreciation on a tax basis to make tax prep easier. The intent is to show a cost for usage of the item over the useful life.

Government 100

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Cherry Bekaert

MARCH 6, 2024

Offering Simple Solutions to Complex Requirements Growing businesses are challenged when complying with financial statement tax reporting requirements. Cherry Bekaert’s tax team brings expertise in both industry and public accounting to deliver a tailored solution.

Tax 52

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ThomsonReuters

MARCH 7, 2024

Reassessment of lease terms As businesses strive to enhance their properties, the tax implications of Qualified Improvement Property (QIP) and its associated depreciation methods can be substantial. Let’s explore the definition of QIP, the tax benefits it offers, and the various depreciation methods available to optimize tax strategy.

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Shay CPA

MARCH 29, 2023

Does thinking about filing your taxes put some tension on your shoulders? By giving you a heads-up in some key areas, we can make filing your tech company’s 2022 taxes gets a whole lot easier — and less stressful. He teed up a few tips to help you avoid unwelcome surprises as you navigate your 2022 tech company tax filings.

Technology 59

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CPA Practice

DECEMBER 11, 2023

Source: [link] Personalized Tax Compliance and Advisory Services : AI will enable accountants to offer clients personalized tax compliance and advisory services. AI-powered platforms will help individuals and businesses comply with complex tax regulations, optimize tax strategies, and minimize tax liabilities.

Technology 124

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Ronika Khanna CPA,CA

JULY 26, 2024

And we have to work much harder at establishing process, routines and accountability since we don’t have a boss breathing down our necks. In addition to all of this, solopreneurs often face specific accounting, tax, and finance challenges. This simplifies tracking and makes tax preparation much easier.

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ThomsonReuters

JULY 8, 2021

Multinational enterprises (MNEs) began using centralized shared services centers three decades ago to standardize and improve efficiency in back-office functions such as finance & accounting, human resources, and IT. Tax & Tech Talks: How to Achieve Global Statutory Financial Compliance. Watch the entire episode.

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