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Clients (and accountants) are human whether we like it or not. And as we know, humans make mistakes. Identifying and fixing financial mistakes is a large part of the effort expended by clients and accountants. An analysis of these efforts make up the crux of this article.

As noted in recent reports, current US Generally Accepted Accounting Principles (GAAP) as prescribed by Accounting Standards Codification (ASC 840) focuses on whether the lease transfers substantially

On September 27, 2017, the Trump Administration and select Republican members of Congress released a “unified framework” for tax reform. The document provides more detail than a number of other tax reform documents that have emerged from the Administration over the past few months, but it still leaves many specifics to be worked out by the tax-writing committees.

As the IRS has noted in its alerts to the public, a variety of different tax scams continue to rob people of millions of dollars and trick them into handing over sensitive personal information. Scammers use the regular mail, telephone, fax or email to set up their victims.

The decision of when to draw social security benefits can have a lifelong impact on one’s ability to have sufficient enough funds to afford retirement. For too many retirees, an insufficient social security nest egg is all they have.

In recent days the world has become familiar with perhaps the largest data breach event ever known to humanity. I’m referring, of course, to the Equifax data breach.

What is a foreclosure?

A foreclosure occurs when a property owner cannot service their mortgage (i.e. make principal and/or interest payments), usually leading to the property (distressed property) being seized and sold (foreclosure sale). Typically, the property in foreclosure is available for investors to purchase.

An adoption tax credit is a tax credit offered to adoptive parents to encourage adoption. Section 36C of the United States Internal Revenue code offers a credit for “qualified adoption expenses” paid or incurred by individual taxpayers.

What is a workflow?

A workflow is a list of repeatable tasks that need to be performed in order to achieve a particular business goal. A workflow documents the procedures and processes that form an organization’s “assembly line,” so to speak—the order of steps that need to be performed to get from start to finish.