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SEC Slaps CohnReznick and Three Partners with Improper Professional Conduct

Going Concern

This press release from the SEC is wayyyy too boring to be rewritten in an interesting way on a sunny Friday afternoon so have some copy paste instead: The Securities and Exchange Commission today charged audit firm CohnReznick LLP with improper professional conduct on engagements for two clients in 2017. Audits in 2017; charges June 8, 2022.

audit 110
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ChatGPT Isn’t Terminator for Accountants…Yet

Going Concern

The products can sort accounts, predict the other side of a journal entry, and populate a tax form with high accuracy. If you’ve been on an audit or prepared a tax return and at some point thought “a monkey could do my job,” you weren’t far off. It confuses like terms, particularly technical accounting terms.

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What Is the Hobby Loss Rule & How Can It Impact Your Business?

MazumaBusinessAccounting

If you try to claim your hobby as a business then it could trigger an IRS audit. Keep extensive files showing where you spent your money and how it was imperative to your business. Only claim deductions if you are actually running a business.

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Top 5 Accounting Issues to Master to Avoid Snags in SPAC IPOs

ThomsonReuters

“Which basically means that before you do the transaction you have to have started the process that would enable you to do an audit of your internal controls for the year that you were in.”. To avoid financial reporting woes, accounting teams said the SPAC-IPO marketplace should be mindful of the following: #1. 2016-02.

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Free Small Business Expense Tracking Spreadsheet

xendoo

Therefore, you won’t have anything to worry about should the IRS audit your company. When you’re tracking expenses or any finances, you’ll come across accounting terms like gross revenue, net income, and gross income. Once you start expense tracking on a regular basis, you can eliminate such hassles. Tax Deductions.

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In Wake of Coronavirus, Takeovers (And Liabilities) Loom

PYMNTS

In accounting terms, that means eyeing possible write-downs of assets, and “write-ups” of liabilities. The impact is not confined to China. One standout: Operating leases – tied to the real estate that is owned or is integral to a company’s daily activities – could be written down.

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What Is Payroll Tax? A Breakdown for Business Owners

inDinero Tax Tips

How to Do Payroll Yourself Benefits of Outsourcing Payroll Conclusion Want to familiarize yourself with essential accounting terms and concepts for business owners? Download our accounting alphabet for entrepreneurs. If you can’t afford a bookkeeper or accountant , entrepreneurs should at least use software to aid in this task.