Although we do not provide audit services we do provide review and compilation services so it is important that you understand what each service does and does not do. When accountants work on your financial statements, what takes place? A surprising number of business owners do not understand what the accountant does. We would like to share with you the different services accountants perform in the attest and accounting functions. When you are finished reading this you should know the difference between an attest function such as a review, or an audit, and an accounting non-attest function such as a compilation. You will also have an idea of which service is "right” for you. If you have any questions, give us a call and we will be happy to discuss your particular needs and circumstances.
Oh, in case you were wondering, whenever the CPA designation is used in a report, it means a sole practitioner CPA, or firm of CPAs, whose name is used to sign a report. A CPA is designated an auditing CPA for auditing engagements, a reviewing CPA for review engagements and a compiling CPA for compilation engagements.
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Tax season may be over, but tax scams are with us year-round. The IRS has issued a "Dirty Dozen" list of tax scams that may keep returning. Click through to learn how to recognize these and protect yourself.
If you’ve been using QB Online for a long time, it’s good to step back and evaluate how you use your software. Do you follow any best practices? Click through to learn more about six QuickBooks Online tips that you can start using today.
Using best practices in QuickBooks Online has many benefits, including the following:
Depreciation is a reduction in the value of an asset over time resulting from wear and tear, deterioration or obsolescence. The tax law acknowledges depreciation by allowing taxpayers to take deductions over a period of years. The number of years over which the property can be depreciated depends on the category into which it falls under the Modified Accelerated Cost Recovery System (MACRS),...