One of the biggest trends in the accounting world in recent years is backing up client’s data offsite. This solution is also known as cloud data storage. The slogan that best defines this migration to the clouds is “redundancy is the key to optimal data security.” In other words, it is prudent in today’s world […]
Accounting in the Clouds Read More »
The youngest of the Baby Boomers are celebrating their 50th birthdays this year and many are realizing that they have very little (if anything) set aside for retirement. Social Security is likely to still be there in 15-20 years, but in order for the system to remain solvent, it will require continual tweaking in the
It’s Never Too Late: Retirement Planning after 50 Read More »
In an era of corporate downsizing and economic uncertainty, freelancing is on the rise. Many companies are hiring freelancers to do work once done in-house. Businesses benefit by not having to pay employee-related expenses (such as health insurance and workman’s comp), and freelancers’ benefit from having the freedom to set their own schedule and work
A Freelancers Guide to Doing Taxes Read More »
Countless Americans die each year without a deliberate estate plan and when that happens, their family members wake up to the reality that they have very little control over the distribution of their loved one’s assets. Many people believe that they are too young, not wealthy enough, too busy, or a combination of these to
What Will Your Financial Legacy Be? Read More »
If you are operating any kind of business with employees, you will need to apply for a federal Employer Identification Number (EIN). If you are not planning on hiring direct employees within the next 12 months, you may still be required to apply for an EIN depending on the type of entity you form. Even
EIN: Three Letters You Need to Know Read More »
Since the financial crash of 2008, there is a growing trend in corporate America. Companies of all sizes are searching for ways to do more with less. Efficiency is the name of the game, and many jobs that were once done by humans have been taken over by machines, outsourced overseas, or eliminated altogether. In
Are Your Employees Working Overtime? Make sure your Wages are in Compliance Read More »
The Foreign Account Transactions Compliance Act (FATCA) was fully implemented by the IRS on July 1, 2014. After four years of delays, the IRS is now requiring all foreign banks to report accounts held by U.S. taxpayers with an average balance of $10,000 during the tax year. And if you think there might be a
FBAR Filing: It’s the Law Read More »
Telecommuting is one of the fastest growing employment trends of the 21st Century. Whether you are an entrepreneur or employee, technology now allows many jobs to be performed efficiently and more cost-effectively from home. However, telecommuting is an adjustment from the usual 9-5 office job; not only are you working in a new environment, but
Important Tax Deductions for Telecommuters Read More »
Complying with generally accepting accounting principles (GAAP) is becoming increasingly challenging for private entities. But this year, the Financial Accounting Standards Board (FASB) has released two updates that allow alternative reporting methods in cases involving goodwill following a merger and interest rate swaps. Mergers and Acquisitions: How to Account for Goodwill During the acquisition of
Financial Accounting Standards Board (FASB) Releases Critical GAAP Updates Read More »
In addition to being the month when we celebrate our nation’s independence, July is also National Anti-Boredom Month. Occurring in mid-summer, July is that ‘in-between’ month when most graduation celebrations are completed and it is a little too early to be thinking about your kids going back to school. Many suggestions are made each year
Overcome Boredom by Organizing your Paperwork Read More »
