Ultimate Account Blog

Estates and Inheritance – Is it Taxable?

When a major event, such as a death in the family, occurs and you are uncertain what the tax implications are, it is best to seek out the expertise of a CPA to help answer your tax questions.  “My aunt passed away and left me some money . . .…

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How to Minimize Risk for Long-Term Contracts to Maximize Profit

The Associated Builders and Contractors (ABC) reported that its Construction Backlog Indicator (CBI) increased to 9.67 months for the fourth quarter of 2017, the highest it had ever been.  While the increase in backlog is a positive outlook for the construction industry for 2018, many will struggle to translate…

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When Civic Duty Becomes a Fraudulent Request for Money or Information

Recently, I was notified that I had been selected to fulfill my civic duty and serve on a jury. Like most professionals in the public accounting arena, it seemed like I was destined to be selected during the very busy month of March. Fortunately, the one-time deferral came in handy…

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Why is Positive Feedback so Important?

In the world of human resources, we hear time and time again that “Positive Feedback” is crucial to retaining great employees.  Too often we provide constructive feedback and even negative feedback when a problem or error occurs.  This scenario often leads employees to feel under-appreciated and can lower morale…

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Fiscal Year Corporations and the Tax Act

Aside from those who filed extensions, the 2017 individual tax return filing season is over, and not without a few hiccups. As some close to the present administration have conveyed, this was the last year that taxes are filed under the present system, with most of the…

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5 Key Differences Between QuickBooks Desktop and QuickBooks Online

Businesses that use QuickBooks often ask about the differences between QuickBooks Desktop and QuickBooks Online (QBO), which was introduced in 2000. My response to that inquiry is that they are different products and fit different situations. Identifying which features are needed from the software will determine which option…

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Cybersecurity: How to Protect Your Business from Vulnerability

It is inevitable that every organization will eventually fall victim to some level of cybercrime because ransomware, fraud, and phishing scams are now facets of everyday life. Cybersecurity, by definition, is the practice of ensuring the integrity, confidentiality, and availability of information. Security should be a significant concern for…

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What You Need to Know About Cryptocurrency and Taxes

Cryptocurrency has become not only a popular topic of conversation but also the source of a number of tax-related inquiries. Near the end of the year, the rapid rise in the trading value of Bitcoin created increased interest in the cryptocurrency. Venezuela, recently, rolled out their own national…

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Payroll Regulation Changes for 2018: 5 Things You Need to Know

The first few months of the new year are always a busy time for Payroll Professionals. Keeping up with payroll and tax regulation changes is a seemingly endless but critical process. The tax reform bill brought with it many changes that may impact your employees and payroll this year.…

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Four Significant Areas of the New Revenue Recognition Standard

If you are in the accounting/finance world, you have likely heard something about changes coming to

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