Financial abuse of the elderly population has increased, with financial institutions claiming to have quadrupled the number of such incidents between 2013 and 2017, according to the...
Posted by KLSM CPA Firm PLLC on 07/06/2021
Generally Accepted Accounting Principle (GAAP) refers to a set of rules established to help publicly traded firms establish their financial statement. The rules serve as the foundation...
Reconciliation is the method of verifying the accuracy and consistency of your financial statements.Reconciliation also helps identify and explain any discrepancies that may arise...
All income begins with gross income, which is the total of all money earned in a year. This includes wages, salaries, bonuses, capital gains, and interest income. As we know from our...
On September 5, 2019, the Treasury Department and the IRS released proposed regulations that would affect when taxpayers report their gross income amounts. In general, section 451...
There are some rules from section 451 (c) as amended by the TCJA, which makes available ways to have advance payment in income for the tax year that it was obtained.The amendment of...
Posted by Elliot Kravitz, ATP on 11/07/2020
Many people may believe that they can get away without filing taxes if they don’t receive any notices in that corresponding year. However, the Internal Revenue Service will investigate...
Posted by Ace Plus Tax Resolution on 07/22/2020
In the near future, just in case you will get audited or sued, you won’t have to worry if you kept in track with your financial statements. Aside from it being in handy, good...
What is Municipal BondA municipal bond is a debt issued by a municipality, state, or a country to finance capital expenditures, including the construction of schools, highways, or...
Posted by Tim Thompson CPA PLLC on 06/15/2020