Balancing financial reporting needs with compliance costs

Issuing financial statements that comply with U.S. Generally Accepted Accounting Principles (GAAP) requires significant time, expertise and resources. Although lenders and other stakeholders often prefer — or require — GAAP statements, some small business owners may find that tax-basis reporting is a practical alternative. If you use financial statements only for tax compliance and internal […]

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Accounting for business combinations

Mergers and acquisitions (M&A) provide growth opportunities. But these transactions also introduce accounting complexities. Here’s a closer look at the rules for reporting business combinations under U.S. Generally Accepted Accounting Principles (GAAP). Getting it right is essential to managing stakeholder expectations and providing a solid foundation for future financial reporting. Breaking down the purchase price […]

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Changing Your Address With the IRS Shouldn’t Be This Complicated

The American Institute of CPAs (AICPA) has asked the IRS to act on a seemingly small but troublesome issue affecting some taxpayers. Currently, people and businesses that want to change their address with the IRS must mail paper forms. Businesses needing to change their name must submit a letter and supporting documents. Processing such requests […]

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