A stock option is an agreement between a buyer and a seller to exchange stock for a pre-set price within a specific period. Employee stock options, for example, are agreements between the corporation and the employee to purchase common stock at a price set by the corporation. The stock must
Xero is an entirely cloud-based accounting software for small firms fulfilling bookkeeping purposes like invoicing and payroll. One of its striking features is the Tax Return that automatically registers groups of all tax returns (received electronically). The strategy calls out to Xero Tax on a scheduled daily basis to recover
QuickBooks is the best-rated accounting software that provides top tier software solutions to handle your accounts and taxes. One of the prominent features of this application is the QuickBooks Fixed Asset Manager (FAM). FAM helps you account your fixed assets from the day of procurement to riddance. It is also
One of the core concepts of any process improvement initiative is that value is defined from the client’s perspective. But how many firms have metrics that are aligned to a client-centric perspective? Metrics in a CPA Firm Some of the metrics we see firms track include: Chargeable and non-chargeable hours
A recent statement by the AICPA, verbalizing its commitment to creating equal opportunities for the black community in the accounting profession, was both heartfelt and compassionate. Yet, while it is beautiful and worthy of framing on a wall, the question that must be asked is this: Has the AICPA (and
Given the current landscape at the PCAOB, firms must act more quickly on remedial actions in 2021 than in the past to ensure the remediation staff concludes that the remedial actions are sufficient. Echoing the SEC’s December 2017 action to replace the PCAOB’s five-member board with new members, on June 4,
Back in 1997, a bi-partisan Senate and House cut a deal with President William Jefferson Clinton. They overwhelmingly passed and he signed legislation that amended Section 121 of the Internal Revenue Code. The amendment introduced rules that allow home owners to sidestep taxes. Owners are able to “exclude” (IRS lingo
Several states recently enacted notable updates to their credit and incentive programs that may be beneficial in tax year 2021 and beyond. A common theme among these programs is an effort to boost the economic recovery process through invigorated and/or new credit and incentive programs. In this article, we summarize
Ready or not, the 2022 tax season will soon be upon us. However, most would agree that “ready” is better than “not.” Even if you don’t do taxes at your firm, you need to make sure your tech stack is top-notch to make the upcoming tax season go as smoothly as
Xero is a cloud-based accounting software used primarily by small and medium sized businesses. It is a new, small accounting software that lives in the cloud. Xero, an alternative to QuickBooks has tools that helps in purchasing, expenses, managing invoicing, bookkeeping, etc. However, with all its advanced features and tools,