🖨 Print⏱ 3 min readPurchase acquisition accounting is the commonly accepted method to document the acquisition of another business on the balance sheet of the acquiring company. The business’ assets that are being acquired are documented on the acquiring firm’s books at fair market value. The fair market value – […]

🖨 Print⏱ 4 min readAccording to the Federal Register, there were about 90,000 local and state government entities throughout the country in 2022. This number is comprised of towns, counties, cities, special districts, and independent school districts. One of the commonalities these organizations share is their use of modified accrual […]

🖨 Print⏱ 3 min readLiquidity refers to a business’s ability to convert its short-term assets or securities into cash quickly to meet its short-term financial obligations or pay bills due within the next 12 months. Naturally, cash is the most liquid. This is different than solvency, which refers to the […]

🖨 Print⏱ 3 min readBlockchain has the promise to revolutionize the way businesses and their accountants keep track of their financial records. When it comes to audit evidence, blockchain may be able to give organizations more efficient ways to bring financial data into universal conformity; help businesses present relevant financial […]

🖨 Print⏱ 4 min readWith the world seeing inflation, the Internal Revenue Service (IRS) has issued guidance for tax filers. Based upon an October 2022 IRS News Release, there have been more than 60 adjustments in conjunction with its yearly inflation alterations. Highlights of inflation adjustments include increasing the married […]

🖨 Print⏱ 3 min readThere has been updated guidance on how and when tax filers must file and report Form 1099-K, Payment Card, and Third-Party Network Transactions in 2022 and 2023. According to the December IRS release, new income and transaction reporting requirements for so-called third-party settlement organizations (TPSOs) have […]

🖨 Print⏱ 3 min readAccording to the Harvard Business Review, mark-to-market accounting was what some attributed to the Great Financial Crisis of 2008. Economists such as Brian Wesbury and Steve Forbes attacked the so-called “fair value accounting” because it created further instability, leading to the eventual crash of the markets […]

🖨 Print⏱ 3 min readBy 2021, there were 20,000 warehouses in the United States and growing, according to the United States Bureau of Labor Statistics (BLS). With more warehouses expected to pop up in 2022 and beyond, one important consideration for businesses of all sizes is to keep track of […]

🖨 Print⏱ 4 min readSome businesses, especially publicly traded ones, may choose accrual accounting to reduce volatility in earnings, while start-ups or small businesses may choose to go with a cash basis accounting option. A poll conducted by the Journal of Accountancy on Topic 606 discovered that one in five […]

🖨 Print⏱ 3 min readAccording to the Internal Revenue Service, the 2019 tax year saw more than 25 million partners comprising nearly four million tax returns filed by partnerships in 2019. With many concerns necessary for navigating the U.S. tax code, including filing annual returns, one important consideration for partnerships […]