Many married couples file jointly. But what does that mean for your individual liability? And if you get divorced, how does that play in? Relief may be available if for certain past-due taxes. Joint and several liability explained  For married couples filing jointly, each person is “jointly and severally” liable for the full amount due. […]

The planned increase in the social security wage base is important for small business to be aware of.  Recently, the Social Security Administration announced that the maximum earnings subject to Social Security tax will increase from $137,700 in 2020 to $142,800 in 2021. For 2021, the FICA tax rate for employers and employees is 7.65% […]

From investigating fraud to auditing internal controls, forensic accountants are responsible for a wide range of assignments that require a diverse set of skills and impeccable attention to detail. Learn how the accounting field has adapted to the 21st century and how the latest technological solutions are being applied.  Digital is here to stay The […]

A will doesn’t need to be the only document in an estate plan. Consider writing a letter of instruction.  You may view your will as the centerpiece of your estate plan. But other documents can complement it. For example, if you haven’t already done so, consider writing a letter of instruction. What is a letter […]

Identifying potential conflicts of interest with auditors is important. If one exists, it could impair objectivity and even compromise your company’s financial statements.  Conflict of interest defined The American Institute of Certified Public Accountants (AICPA) determines conflict of interest to exist if “a member performs a professional service for a client and the member or […]

The proceeds from a life insurance policy are generally subject to the estate tax. You can remove them from your taxable estate by transferring policy ownership. If you wait too long, however, this tactic might not work. If you die within three years of the ownership transfer, the proceeds will be considered part of your […]

Although remote audit procedures can streamline the audit process and minimize health risks, to accurately identify and assess the risk of fraud during an audit of financial statements, it’s important to be able to see somebody’s face. The solution to this conundrum may lie in remote meetings using videoconferencing technology. Questions Matter Auditors must assess […]

There are many tools that can help forensic accounts uncover attempts to hide assets. One of the most effective, however, is something known as lifestyle analysis. Lifestyle analysis involves putting together a financial profile on a subject and looking for discrepancies between a person’s known resources and their lifestyle.  Making a financial profile Financial profiles […]

Feel overwhelmed by the lack of guidance on the multiple pages of the PPP loan application? Want to make sure your application is accepted and approved? Get an understanding of what the application involves and how to completely it correctly with our step-by-step webinar including: Details of the SBA loan forgiveness application (Form 3508) Calculating […]