Choosing the Right Corporate Structure for your Business

November 18, 2019

There are a couple of steps that you will undergo when setting up a business. One of which is choosing the correct business structure for you. This step is critical to the success of your organization as the structure you will affect many aspects of your company. These aspects include how you operate and how …

Retirement: Also A Job For Accountants

November 11, 2019

Unless you’re superman, old age is an inevitable stage in our lives. Hence, retirement is a vital subject that should be considered by everyone. As an accountant, you should always consider discussing retirement plans with your clients. This article by Anita Dennis last October 21, 2019 on the Journal of Accountancy guides us on some …

Updates On The Accounting For Leases Shakes The Industry

November 4, 2019

Accounting standards are the DNA of every financial statement of every business in the US. Hence, just like DNA, a single change can affect the growth of the whole entity. For leasing standards, unfortunately, these changes are coming to light slower than expected. This is a problem confusing both lessees and lessors across the US. …

Employment and Careers in the Field of Accountancy

October 28, 2019

Accounting has always been one of those careers with dismal retention rates. The stress attributed to the job often results in accountants and CPAs shifting around different career paths until they find the one that suits them best. Unfortunately, a pattern of quitting and applying between jobs can negatively affect one’s employability. Other issues faced …

Are Accountants Ready For The Future?

October 22, 2019

Leaders in the accounting profession are adamant that accounting is both art and science. However, it is undeniable that accounting follows many rules and principles that machines can easily replicate. Hence, the obsolescence of accountants and CPAs is a growing concern among accounting circles. Accountants also face new challenges in accounting for new technologies. These …

New Measures In Dealing With Casualty Losses

October 16, 2019

Small businesses, in one way or another, experience some losses during their existence. One of the most common kinds of these losses is casualty loss. Casualty losses are a negative movement in the value of a company due to unexpected, unusual, and sudden events. Fires, earthquakes, and acts of war are some examples of these …

Comprehensive Business Audits For Small Businesses

October 7, 2019

A business audit decides the reliability of your business records. It can affect how your investors perceive your company. For example, a negative audit review can tell your stockholders that they cannot trust you in handling your finances. Other types of audits, however, can help you improve your internal processes. Auditors are trained in determining …

Rental Real Estate Businesses Now Eligible For QBI Deductions

September 30, 2019

Rental real estate businesses may as well start singing holiday carols as Christmas has come early for their industry. IRS’s recent proclamation (Rev. Proc. 2019-38) has loosened tax regulations on rental real estate businesses with regards to Qualified Business Income (QBI) deductions. Eligible rental real estate businesses will have the opportunity to deduct 20 percent …

6 Best Ways On How To Prepare For Retirement

September 23, 2019

If life is a race, retirement would be the retirement of the final lap of our lives. You have to give all your best to make sure that your last lap would be your best one during the whole race. To prepare for your retirement, you have to start early, invest in the right things, …

Auditing Vs Accounting: “What’s The Difference?”

September 15, 2019

Auditing and accounting are two of the most common terms in the finance world. Unfortunately, plenty of people still confuse these two services. In fact, even Hollywood isn’t safe from this confusion. For example, in the movie “The Accountant,” Chris Wolff, Ben Affleck’s character was actually an auditor rather than an accountant. To help you …