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Accounting & Auditing

CTA injunction reinstated: continuing uncertainty

The reinstated injunction on the Corporate Transparency Act (CTA) halts enforcement, but uncertainty remains. Learn what beneficial ownership information (BOI) your business needs to gather and why staying connected with your CPA is essential to navigating this shifting legal landscape.

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Accounting & Auditing

Key conversations to have with your CPA

Whether managing personal finances or running a business, this article provides essential questions to ask your CPA for informed decision-making. Discuss everything from tax planning to retirement and succession planning. Stay on top of your financial game by making your CPA meetings count.

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Accounting & Auditing

The Five New Red Flags in Employee Retention Credit Claims

The Internal Revenue Service (IRS) has recently issued a statement warning businesses about the common mistakes made when claiming the Employee Retention Credit (ERC). Unqualified claims are often due to misinformation from aggressive promoters, leading to a rise in ineligible applicants.

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Client Accounting Services

Streamline Your Business: The Unexpected Benefits of CAS

The business world is a dynamic environment where every company, regardless of size, faces a multitude of tasks that need to be completed. Among these, managing the financial aspects of the business is a mandatory and complex task that can consume a significant amount of time and resources. This article delves into the potential solution to this challenge – Client Accounting Services (CAS) – and explores how they can drive growth and efficiency for businesses.

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Accounting & Auditing

IRS’s Enhanced Auditing Power: A Wake-Up Call for High-Income Individuals and Corporations

Dustin Stamper, a managing director at Grant Thornton, has warned that the IRS, having received $60 billion over 10 years in addition to its annual appropriation, is now able to hire more experienced workers to conduct audits on both companies and individuals. The IRS is currently offering higher pay to attract midcareer professionals who can immediately contribute to the audit team. Stamper anticipates a surge in audit activity in the near future, and anticipates that high-income individuals, partnerships, and C corporations will see the most significant increase in examinations. The IRS will also focus on issues such as research and development credits, partner capital accounts, energy credits, and digital assets in its audits.

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Revenue Recognition Audits from Packer Thomas
Accounting & Auditing

The Importance of Revenue Recognition Audits

The primary line item on a for-profit business’s income statement is revenue (or sales), making accurate reporting crucial for producing reliable financial statements. According to U.S. Generally Accepted Accounting Principles (GAAP), revenue is recognized when

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Accounting & Auditing

AI Solutions Within the Accounting Industry

Technology is transforming the accounting profession. When businesses moved from paper ledgers to spreadsheets, it improved the timeliness, accuracy and integrity of accounting-related data. Likewise, cloud computing and the ability to remotely access real-time data

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Accounting & Auditing

How to Navigate The Rising Cost of College

With the rising cost of college, many families are in search of scholarships to help pay the bills. If your child is awarded a scholarship, you may wonder about how it could affect your family’s

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