Financial statement auditors spend a lot of time evaluating how their clients report work in progress (WIP) inventory. Here’s why this account warrants special attention and how…Read More
Blog
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If you made gifts last year, you may (or may not) need to file a gift tax return
Gifting assets to loved ones is one of the simplest ways of reducing your taxable estate. However, what may not be as simple is determining whether you…Read More
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Unlock hidden cash from your balance sheet
Need cash in a hurry? Here’s how business owners can look to their financial statements to improve cash flow. Receivables Many businesses turn first to their receivables…Read More
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Life insurance can be a powerful estate planning tool for nontaxable estates
For years, life insurance has played a critical role in estate planning, providing a source of liquidity to pay estate taxes and other expenses. It’s been particularly…Read More
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Footnote disclosures are critical to transparent financial reporting
Business owners often complain that they’re required to provide too many disclosures under U.S. Generally Accepted Accounting Principles (GAAP). But comprehensive financial statement footnotes contain a wealth…Read More
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How financial statements can be used to value private businesses
Owners of private businesses often wonder: How much is my business interest worth? Financial statements are a logical starting point for answering this question. Here’s an overview…Read More
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Tax Cuts and Jobs Act expands appeal of 529 plans in estate planning
It’s common for grandparents to want to help ensure their grandchildren will get a high quality education. And, along the same lines, they also want the peace…Read More
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Income statement items warrant your auditor’s attention
Today’s auditors spend significant time determining whether amounts claimed on the income statement capture the company’s financial performance during the reporting period. Here are some income statement…Read More
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Preserve wealth for yourself and your heirs using asset protection strategies
There are many techniques you can use to protect your assets, from giving them to loved ones to placing them in offshore trusts. It’s important to understand…Read More
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Got multiple locations? Expect auditors to keep a close eye on inventory
Do you remember the high-profile fraud that happened at drugstore chain Phar-Mor in the 1990s? Executives manipulated the company’s financial statements to hide approximately $500 million in…Read More