Archive for September, 2022

Tax Alert- Year-end tax planning ideas for individuals

Now that fall is officially here, it’s a good time to start taking steps that may lower your tax bill for this year and next. One of the first planning steps is to ascertain whether

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Posted In: Alerts & Advisories

Accounting & Audit Alert- How auditors use Benford’s Law to assess transactions

An interesting tool called Benford’s Law can be effective in detecting fraud. But it also can be used during external auditing procedures to test journal entries for unusual numeric patterns. Here’s what you should know

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Posted In: Alerts & Advisories

Accounting & Audit Alert- Using agreed-upon procedures to target specific items of concern

Your CPA offers a wide menu of services. One flexible offering, known as an “agreed-upon procedures” engagement, provides limited assurance on a specific aspect of an organization’s financial or nonfinancial information. What’s covered? Agreed-upon procedures

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Posted In: Alerts & Advisories

Emerging Tax Alert- Massachusetts Announces Taxpayer Refunds

On Friday, September 16, 2022, the Baker-Politio Administration announced details for a return of $2.941 billion in excess tax revenue that will be refunded to Massachusetts taxpayers. Massachusetts law requires that when tax revenue collections

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Posted In: Alerts & Advisories

Accounting & Audit Alert- Is your current bad debt allowance reasonable?

In today’s volatile market conditions, it’s important to review your accounts receivable ledger and consider writing off stale, uncollectible accounts. The methods that you’ve used in the past to evaluate bad debts may no longer

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Posted In: Alerts & Advisories

Accounting & Audit Alert- Are your risk-management practices keeping up with the times?

Risks abound in today’s uncertain marketplace. Nearly two-thirds of senior finance leaders said that the volume and complexity of corporate risks have changed “mostly” or “extensively” in the past five years, according to a new

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Posted In: Alerts & Advisories

Accounting & Audit Alert- New law puts “book income” in the crosshairs

The Financial Accounting Standards Board (FASB) could have congressional lobbyists nipping at its heels over a “book minimum tax” rule in the newly enacted Inflation Reduction Act of 2022 (IRA). This would be the first

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Posted In: Alerts & Advisories