Many small and medium-sized businesses rely on bookkeepers and accountants for routine financial needs, such as accounts receivable, accounts payable and payroll. While these roles are essential, there are some cases when a higher level of expertise is necessary, and you’ll want to engage with a professional with more education, more experience and the proper Read More
Virtual Currency and Your Taxes: What You Need to Know
Virtual currency, also referred to as digital currency or cryptocurrency, makes it possible for individuals to send or receive payments without using conventional paper currency. Some of the most prevalent forms of virtual currency include bitcoin, litecoin, and ethereum. It’s increasingly common for workers to be paid in virtual currency or for retailers to accept virtual Read More
TCJA and Your Business Deductions: Important Changes You Need to Know
The Tax Cuts and Jobs Act (TCJA) was officially signed into law in December of 2017. This legislation brought a significant overhaul to the tax code for individual taxpayers and tax-paying businesses. One area impacted by TCJA is how businesses must handle deductions for property depreciation and business expenses. Guidelines for the Deduction of Property Read More
What You Need to Know About the Suspended Social Security Number Scam
Social Security fraud is becoming increasingly common, primarily because individuals don’t know the warning signs. In order to prevent falling victim to the Suspended Social Security Number scam, you must first understand how it works. Find out how to identify scammers and scam tactics in this article.
How to Identify Tax Scams
As a taxpayer, you may be targeted by scammers who are trying to access your personal information. Because new tax-related scams arise every year, it can be challenging to identify and avoid them. This is why taxpayers should understand how the IRS communicates. Being aware of suspicious messages can help you avoid sharing sensitive data or Read More
Change to Filing Requirement for Commerce Tax
Effective June 2019 Late last week Nevada announced that State businesses with gross revenue of $4 million or less are no longer required to file a state Commerce Tax return. If the Nevada gross revenue for your business from July 1, 2018 through June 30, 2019 was $4 million or less, your commerce tax account Read More
Business CPAs, Accountants, EAs, Oh My: The Differences Between Them
When choosing an accounting service for your business, knowing what you need can be tricky. Is an accountant the right choice? What about a CPA or Enrolled agent? What do all these titles even mean, and what are the differences between them? Let’s take a look at the different types of accounting expertise, so you can better understand Read More
AN INTRODUCTION TO ROBOTIC PROCESS AUTOMATION FOR INSURERS
The evolution of technology has come a long way in the last five decades, from the advent of core computing in the 1970s to digital transformation and big data in the 2010s. This coming decade will once again bring about exponential advances in technology with the further adoption of machine sensors, internet of things, connected Read More
Tax Benefit of Separating Repairs from Improvements
There’s a world of tax difference between repairs to real estate property and capital improvements. And it’s not just semantics. The characterization could result in an increase or decrease of thousands of dollars on your tax return. Basic premise: Repairs are currently deductible in full and can be used to offset the tax from rental income. On the other hand, Read More
Technology in the Accounting Industry: Why Human Workers Will Always Be Needed
As technology continues to evolve and propel businesses into the future, developments that not long ago seemed lightyears away are now just around the corner. When it comes to accounting, technology has helped streamline processes and secure data to ensure the privacy of client information and enable firms like FAL to provide better, more efficient Read More
