The IRS Versus the Taxpayer

According to the IRS, not only is your ignorance no excuse, but so is that of your tax preparer. In other words, the fact that your tax preparer made a mistake is no excuse and will not absolve you from compliance penalties.Unfortunately, the penalty for making what could be deemed an innocent mistake can cost a taxpayer a significant sum. What is worse yet is that defending yourself against the IRS is a costly endeavor in terms of both time and money. Part of the problem is that taxpayers often [...]

2023-01-01T12:00:05-08:00January 1st, 2023|

Understanding the Weighted Average Cost (WAC) Method for Inventory Valuation

When it comes to businesses and their inventory and accounting methods for managing it, there are a few different ways to approach the task. The three different options to value inventory/implement cost flow assumptions, include: Last In, First Out (LIFO); First In, First Out (FIFO); and Weighted Average Cost Accounting (WAC). This article will focus only on the WAC method.Weighted Average Cost (WAC) MethodWAC is a way to value inventory based on how much each tranche contributes to the overall valuation of its cost of goods sold (COGS) and inventory. [...]

2023-01-01T12:00:04-08:00January 1st, 2023|

5 Financial Resolutions You Can Live With

For the most part, New Year’s resolutions are hard to keep because many times you either list too many things or ones that aren’t manageable for the long haul – especially those that involve money. Here are a few simple tricks to help you make changes that are bite-sized, easy to implement, and more likely to stick.Do a five-minute daily money check-in. Life is so busy that sometimes it’s easy to just spend money, then move on to the next task at hand. You might think, “I’ll check my bank [...]

2023-01-01T12:00:03-08:00January 1st, 2023|

Handling Talent Shortages in Tech Departments

Technology advancement has brought about great digital transformation. Unfortunately, this has come with a global tech talent shortage. IT executives highlight the shortage as a huge barrier to the adoption of emerging technologies, as reported by this Gartner study.It is estimated that the demand for tech talent will keep increasing, and this could result in an estimated 85 million global talent shortage by the year 2030. Therefore, companies need to rethink their approach to hiring and retention.Reasons Behind the Tech Talent ShortageIt is worth trying to first understand what is [...]

2023-01-01T12:00:02-08:00January 1st, 2023|
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Expanding Options for Marriage, Defense, Medical Marijuana, Amateur Athletes and Rail Workers

Respect for Marriage Act (HR 8404) – Introduced by Sen. Jerry Nadler (D-NY) on July 18, this Act replaces previous provisions that defined marriage as strictly between a man and a woman. It codifies marriage to state that a spouse may be a person of the opposite sex as long as the contract between the two individuals is valid under state law, and prohibits any state from denying out-of-state marriages on the basis of sex, race, ethnicity or national origin. The bill passed in the Senate on Nov. 29 and [...]

2023-01-01T12:00:01-08:00January 1st, 2023|

The 2022 Tax Guide

Now is the time of year to do everything you can to minimize taxes and maximize your financial health with proper year-end planning. In this article, we’ll look at several actions to consider taking before the end of 2022.Thoughtfully Harvest Losses and Gains Before Year-EndTax loss harvesting by selling securities at a loss to offset capital gains is a classic year-end planning strategy. Just make sure not to violate the wash sale rules. This means you can’t buy back the same security or a substantially identical one within 30 days [...]

2022-12-01T12:00:05-08:00December 1st, 2022|

Defining and Calculating Amortization

When there's a question of the benefit that tangible or intangible assets provide businesses, there are many factors that must be weighed to make internal accounting procedures effective. Businesses must determine how the cost of business assets can be expensed each year over the asset's lifespan. Looking at how amortization and depreciation work, implementing both processes depend on the type of asset being expensed. There are noticeable differences for each method, including how to salvage value is considered, whether accelerated expensing is allowed, and how each type is expressed on [...]

2022-12-01T12:00:04-08:00December 1st, 2022|

Your Year-End Financial Checklist

Believe it or not, the year is coming to a close. If you want to finish strong and set attainable goals for 2023, here’s a handy, actionable checklist to help you navigate upcoming expenditures.Review Your Spending and Create a BudgetThis might seem like Finance 101, but it’s a tried and true method that works. Take a look back to see where your money went. When you’ve evaluated your patterns of spending, you can reset priorities for the New Year, assuming you want to make changes. If you do, sit down and [...]

2022-12-01T12:00:03-08:00December 1st, 2022|

Your Year-End Financial Checklist

Believe it or not, the year is coming to a close. If you want to finish strong and set attainable goals for 2023, here’s a handy, actionable checklist to help you navigate upcoming expenditures.Review Your Spending and Create a BudgetThis might seem like Finance 101, but it’s a tried and true method that works. Take a look back to see where your money went. When you’ve evaluated your patterns of spending, you can reset priorities for the New Year, assuming you want to make changes. If you do, sit down and [...]

2022-12-01T12:00:03-08:00December 1st, 2022|

What is Datafication, and Should Business Leaders Take Notice?

Data has become a primary asset for businesses today. Consequently, the survival of a business in our data-driven environment is highly dependent on the ability to have total control over data storage, extraction, and manipulation.As businesses continue being bombarded with vast volumes of data, datafication has become a big trend that provides a solution to turn data into quantifiable, usable, and actionable information. What is Datafication?  The term datafication was coined by Kenneth Cukier and Victor Mayer-Schöenberger in 2013 when they explained it as the transformation of social actions into quantifiable [...]

2022-12-01T12:00:02-08:00December 1st, 2022|