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Understanding Cash vs. Accrual Accounting

Withum

The simplicity of cash basis accounting is one of its main advantages. Moreover, cash basis accounting is not compliant with Generally Accepted Accounting Principles (GAAP), as established by the Financial Accounting Standards Board (FASB).

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Optimism declines among accountants

Accounting Today

The shift signifies growing apprehension across Main Street accounting firms serving as advisors on tax, payroll and compliance decisions amid a backdrop of historic tariff actions, continued inflation and unpredictable tax and trade policies. All rights reserved. Initially, nearly half (47%) of advisors foresaw improving conditions.

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Firms seeing more profits and clients

Accounting Today

Some of the main challenges faced by firms include economic uncertainty (38%), mastering AI (36%) and rising client expectations for strategic advice (35%). All rights reserved.

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Tax Fraud Blotter: Sick excuses

Accounting Today

Bangor, Maine: Paul Archer, a Florida resident formerly of Hampden and Orrington, Maine, has pleaded guilty to attempting to evade federal taxes and engaging in fraudulent transfers and concealment in a bankruptcy proceeding. All rights reserved. The tax loss totaled $356,881. Sentencing is Sept.

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How do you audit crypto? It starts with understanding how to report on it.  

ThomsonReuters

Blog home With the introduction of Accounting Standards Update 2023-08, Subtopic 350-60, the landscape for accounting, audit, and assurance of cryptocurrency is evolving. With the introduction of more concrete accounting standards, this aspect should improve.

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Tech news: Karbon Practice Management evolves into Practice Intelligence

Accounting Today

Accountants previously using Paychexs AccountantHQ can now access the functionality of Paychex Flex through a dashboard with simplified workflows, providing an experience that matches what their clients see. All rights reserved.

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Passion, vision and hard work: Inside Jeff Weiner's success

Accounting Today

Do you see private equity being continually to be the main provider of outside capital, or is that just opening the flood gates to a bunch of other people who may come in and be interested? All rights reserved.