5 common sources of substantive audit evidence
Do you understand how auditors verify account balances and transactions? This knowledge can minimize disruptions when the audit team visits your facilities and maximize the effectiveness of your audit. Here’s a list of five common
Most individual tax rates go down under the TCJA
The Tax Cuts and Jobs Act (TCJA) generally reduces individual tax rates for 2018 through 2025. It maintains seven individual income tax brackets but reduces the rates for all brackets except 10% and 35%, which
Got multiple locations? Expect auditors to keep a close eye on inventory
Do you remember the high-profile fraud that happened at drugstore chain Phar-Mor in the 1990s? Executives manipulated the company’s financial statements to hide approximately $500 million in losses. A key ploy that perpetrators used in
Tax Cuts and Jobs Act: Key provisions affecting corporations and individuals
On December 20, Congress completed passage of the largest federal tax reform law in more than 30 years, and according to this C.P.A. for freelancers in NYC, freelancers are going to benefit tremendously. Commonly called the
Make budgeting part of your New Year’s resolution
It’s important to resist the temptation to rely on gut instinct or take shortcuts when budgeting for 2018. Creating a solid budget and business structure such as the canvas business model, that’s based on the three
7 last-minute tax-saving tips
The year is quickly drawing to a close, but there’s still time to take steps to reduce your 2017 tax liability — you just must act by December 31: Pay your 2017 property tax bill
How to conduct a year-end risk assessment
Auditors assess their clients’ risk factors when planning for next year’s financial statement audit. Likewise, proactive managers assess risks at year end. A so-called “SWOT” analysis can help frame that assessment. Typically presented as a
401(k) retirement plan contribution limit increases for 2018; most other limits are stagnant
Retirement plan contribution limits are indexed for inflation, but with inflation remaining low, most of the limits remain unchanged for 2018. But one piece of good news for taxpayers who’re already maxing out their contributions
What you need to know about year-end charitable giving in 2017
Charitable giving can be a powerful tax-saving strategy: Donations to qualified charities are generally fully deductible, and you have complete control over when and how much you give. Here are some important considerations to keep
Boardroom and management diversity adds value
Diversity in a company’s board of directors and its management team helps enhance corporate value. The Securities and Exchange Commission (SEC) already requires limited disclosures on boardroom diversity and has plans to expand these disclosures
The ins and outs of tax on “income investments”
Many investors, especially more risk-averse ones, hold much of their portfolios in “income investments” — those that pay interest or dividends, with less emphasis on growth in value. But all income investments aren’t alike when