STOs Thrive While ICOs Dive


May 28, 2019 by admin

Every month that passes creates a new record for the number of new Security Token Offerings (STOs) that launch per month. It appears that the recent boom to STOs is being fueled by the drastic plunge of the Initial Coin Offerings (ICOs) market. As more and more compliance issues surface for ICOs their investors have […]

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Why Unprofitable Companies Go Public


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This year is turning out to be an historical one for Wall Street and companies going public. There has been 173 companies that went public in the United States through the first three quarters of 2018. Of these companies only 17% of them actually made money in the 12 months leading up to the IPO. […]

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Pros And Cons Of Accrual Accounting


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Companies that have annual sales amounting to less than $5 million will have to decide on which accounting method to use. Businesses earning less than that will have the option to use the cash method while all others are required by the IRS to use accrual accounting. One caveat to this rule is for those […]

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Democratic House Will Raise Business Taxes


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Now that Democrats have control of the House they are hoping to undo a recently passed Republican law that could make raising taxes difficult. Their main argument will focus on raising the corporate tax rate a few percentage points which if successful could cause the entire Tax Cuts and Jobs Act (TCJA) of 2017 to […]

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Marijuana Dispensary Accounting Procedures


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Operating a marijuana dispensary is for the most part legal now in nine states but that doesn’t mean it is easy to do so legally. Local laws and regulations are super confusing and it is hard to find any clarity since it is still technically illegal at the federal level. Obviously businesses in this industry […]

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How Small Businesses Need To Prepare For ASC 606


May 27, 2019 by admin

Starting December 15, 2018 all small businesses will need to implement Accounting Standard Codification (ASC) 606 to properly file 2019 annual income taxes. This upcoming change will definitely require some preparation since it is a complete revamp of current revenue reporting guidelines. These new revenue recognition standards will be used for accounting revenue from customer […]

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Accounting Firms Reaping The Benefits Of AI


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Accounting firms are not thinking about the possibility of millions of loss accountant jobs when it comes to artificial intelligence (AI). They are welcoming the idea that after all of these years they no longer will need to perform those mundane repetitive tasks. Gone are the days of just crunching numbers and time to start […]

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Employee Theft Exists Within Your Small Business


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Operating a small business without a doubt has its fair share of problems. Take a second and think of four or five things your business is struggling with. I’m sure that was easy. If I was to guess, the business issues you are having deal with finding employees or getting new customers. Or maybe you […]

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What a China Trade War Means for SMBs


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Saying there are mixed thoughts about U.S. President Donald Trump would be an understatement. But one thing that everyone has to agree on is that he does not hesitate to put his words into action. The recent advancements in the trade war with China is cause for concern for small and medium sized businesses in […]

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Top Countries for Finance and Accounting Outsourcing


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The ever growing trend for businesses to use overseas finance and accounting outsourcing (FAO) services has resulted in more countries joining the market. In the past businesses would solely look at cost reduction to determine where they were going to outsource. Accounting outsourcing companies can no longer survive by just providing the lowest cost service. […]

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How to Create External Accounting Reports to Track the Bottom Line


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External accounting reports are created by companies in order to show the outside world business information that is important to shareholders, investors and other financial institutions. Depending on the size of the company and industry the external reports may look similar to the internal accounting reports or they could be a night and day difference. […]

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Trump’s Tax Cuts Effect on Small and Mid-Sized Business


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This is the year that President Trump makes due on his promise to “bring back Main street” by introducing the new tax laws for small business owners to reduce their tax burdens and increase the opportunities to grow their business. Since the tax cuts plan is now finalized and set in law, business owners and […]

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How is Blockchain Technology Affecting Accountancy


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Since the invention of the blockchain technology with Bitcoin, accounting has never been the same. Blockchain deals with the transfer of ownership of assets as well as maintaining accurate financial information on ledgers. Even though that explanation is quite basic it goes to show that the accountancy field is going to be directly affected by […]

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The Accounting Differences Between an LLC, C-Corp and S-Corp Tax Structure


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When registering a business the owner has different ways on how to setup their accounting and tax structure. Most businesses start out as sole proprietorship or partnerships and then eventually choose another structure in order to save money on taxes. Business owners can choose whether to register as a limited liability company (LLC) or a corporation and […]

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Which Accounting Software Should I Use?


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When searching for the best type of accounting software you will often find that there are more things similar compared to what is different amongst the different brands. They are all able to handle the management of general ledger, invoicing and payment processing using their standard modules. Most software also has additional features like tax preparation […]

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How to Defer Taxation on Foreign Operations and What to Avoid


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For years U.S. corporations have been moving operations to offshore tax havens and using other accounting workarounds to lower their federal income taxes or avoid paying them all together. Previously there was a large loophole in the U.S. tax law that enabled corporations to avoid paying all taxes on foreign profits until they were brought […]

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How To Streamline Your Accounts Receivable to Enhance Cash-Flow


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If you are like many other business owners then your accounts receivable system is outdated and only consists of invoice letters and an excel sheet. Getting your customers to purchase your product or service is only the first step to having a successful business. Having your clients pay what they owe and when they owe […]

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