CPA Lubbock Texas
🖨 Print⏱ 4 min readIn one year’s time, the U.S. inflation rate dropped by more than half, from 8.2 percent in September 2022 to 3.7 percent in September of 2023. If there is a downside to lower inflation, it’s a lower cost of living adjustment (COLA). This year, the inflation rate plummeted from 6.4 percent […]
🖨 Print⏱ 3 min readNew per diem rates were recently announced by the IRS and are effective for per diem allowances on or after Oct. 1, 2023. These updated rates include changes for the transportation industry, incidental expenses as well as the high-low substantiation method. Before we dive into the detailed changes impacting per diem […]
🖨 Print⏱ 3 min readWith accounting fraud and financial reporting mistakes creating a lack of confidence, understanding how financial reporting mistakes occur and are detected is an important topic. According to the Association for Federal Enterprise Risk Management and the U.S. Securities and Exchange Commission, the first nine months of 2018 saw 8.8 percent more […]
🖨 Print⏱ 4 min readThe term mark-to-market is an important phrase in corporate finance that has many nuances and industry-specific uses. Mark-to-market is a corporate finance term that provides businesses with a way to evaluate a holding’s fair value for both assets and liabilities. Since values can change over time, this gives a rational assessment […]
🖨 Print⏱ 3 min readMAHSA Act (HR 589) – The Mahsa Amini Human Rights and Security Accountability (MAHSA) Act is a bipartisan bill that was introduced on Jan. 27 by Rep. Jim Banks (R-IN). The purpose of this bill is to impose sanctions on the leaders of Iran for supporting human rights abuses and terrorism. […]
🖨 Print⏱ 4 min readData breaches have been on the rise as cybercriminals keep coming up with new ways to steal user-sensitive information. Just in the second quarter of 2023, 110.8 million user accounts were breached. Of these accounts, 49.8 million were from the United States, accounting for 45 percent of the global figure. However, […]
🖨 Print⏱ 4 min readYou can work and still receive Social Security benefits, but how much you receive depends on a number of factors. First, if you do plan to continue working after becoming eligible to receive benefits, you might consider delaying filing for benefits for as long as possible. That’s because the earlier you […]
🖨 Print⏱ 4 min readRecently, IRS Commissioner Danny Werfel spoke of changes within the IRS, announcing several initiatives focusing on high-income earners and partnerships, as well as integrating the use of AI within the agency’s work. According to the commissioner, the initiatives were made possible by additional IRS funding provided by the Inflation Reduction Act. […]
🖨 Print⏱ 4 min readLooking at expenses for one’s business is essential to reduce cash flow issues. For example, it would show if there’s too much money leaving the business or what type of scenario the business might face if there’s an unexpected and large expense that guts the business’ cash position. Tracking expenses on […]
🖨 Print⏱ 3 min readWhen it comes to determining if a business is eligible to claim a net operating loss (NOL), it depends on the financial situation. If a business’ taxable income is less than its allowable deductions in a set tax period, usually a year, then the business can utilize the NOL deduction on […]