When it comes to valuing a business, there are many ways to examine a company’s profitability. Looking at a business’ liquidation value and its breakup value are two of many approaches to see how a company is functioning and how it might...
More InfoEstate Taxes vs. Inheritance Taxes: Understanding the Differences
Estate and inheritance (“death”) taxes are levied on the transfer of property at death. The difference between an estate tax and an inheritance tax is based on who pays the bill. An estate tax is levied on the estate of the deceased, while an...
More InfoHow to Look at Liquidity through an Accounting Lens
Liquidity 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 most liquid. This is...
More InfoThe 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...
More InfoNo-Heir Estate Planning
Even if you have no heirs, you should have an estate plan. Otherwise, the state will determine the fate of your worldly possessions. If you pass away “intestate” (without a will), the state can even keep all of your assets for itself...
More InfoWhy You Might Not Need a New Budget for the New Year
So, we’re a month into 2023 and the sheen might’ve dulled from all your shiny, New Year’s resolutions. Though diet and exercise are the top things you might want to change, there’s one you might not need to touch – your budget. Here’s a...
More InfoTax Planning Guide for Disaster Area Victims
The recent Hurricane Ian impacted much of the southeast United States. As a result, it is good to know the general tax rules related to disaster victims. Below, we look at several tax topics for disaster area victims. 1. Tax Returns and Filings...
More InfoIncrease In Deepfake Attacks and How Enterprises Can Prepare
Deepfake technology utilizes machine learning and artificial intelligence (AI) to manipulate or create synthetic audio, video, and images that appear authentic. Deepfakes are commonly featured in entertainment and politics to spread false...
More InfoFinancial Accounting Overview
Released once a month, every quarter, or once per year, an income statement reports revenue, expenses, and net earnings or losses of a company for a given period. A company’s net revenue is calculated by subtracting allowances for...
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