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TAX AND ACCOUNTING QUICK TIPS
Slideshows from our social media posts containing general information about various accounting, tax, and other advisory topics.
The Timing of AFS Engagements
It is important to keep in mind the timing and when you should start contacting CPAs to perform the procedures.
Understanding Schedule C (Form 1040)
Profit or Loss from Business (Sole Proprietorship)
Documentation For Supply Chain
When considering manufacturing, production, or distribution systems and controls
Partnership Accounting Concepts
Exploring different situations based around partnership tax structures.
Cost Accounting Methods
Utilized by Both Product and Service-Based Businesses
Breaking Down Tax Partnership Liabilities
Nonrecourse, Qualified Nonrecourse, and Recourse can affect your tax situation.
Findings in an Agreed-Upon Procedures Engagement
When performing an agreed-upon procedures engagement, results of applying procedures to specific subject matter are presented in the form of findings.
How to Perform a Public File Search to Check for Enrollment in the Peer Review Program
Check out this quick resource for how to perform a Peer Review Public File Search!
Assessing the Impact of Quality Risks
When considering risk, the likelihood and impact of a risk help to determine the appropriate responses to managing that risk.
Tools for Documenting Internal Control
When visuals, written descriptions, and other tools are necessary for documenting the processes of your business.
Data Security and Privacy Considerations for Cannabis Retailers
Considering the data collected, stored, and accessed by provisioning centers, and the threat of both inside and outside gain from misuse of this information, it is important to be proactive.
Managed Accounting Quick Tips for Clients
A Resource Guide for sustaining an efficient and successful engagement!
Calculating Michigan Sales Tax and Marihuana Retailers Excise (MRE) Tax
In Michigan, adult-use retail sales of cannabis products are subject to both sales tax and excise tax. Let's explore how to calculate these amounts.
Exploring Attest vs. Non-Attest Engagements
You may have heard of attest and non-attest engagements. Let’s explore the differences between these two concepts
Tips For Preparing For an AFS
A few real life tips that can help your business prepare for its AFS.
Cash Flow Tips for Cannabis Businesses
When operating a new business, conserving cash and managing cash flow can help when cash flow is often likely to be more unstable or unpredictable.
Understanding Guaranteed Payments From a Tax Partnership
When payments are made without regard to the partnership’s income (are not paid based on ownership share), these are generally known as guaranteed payments.
Understanding Your Schedule K-1
Comparing Schedule K-1s for Partnerships (Form 1065) and S Corporation (Form 1120-S)
Preconditions for an Attestation Engagement
What Practitioners consider before accepting an Attestation engagement.
Written Representations from Client Management in Agreed-Upon Procedures Engagements
Applicable for AFS engagements and other Agreed-Upon Procedures Engagements
Exploring the 5 Components of Internal Control
And how they impact your business.
Understanding Social Engineering Attacks
And the complex nature of how hackers attempt to gain unauthorized access to sensitive information.
Sales or Exchanges of Partnership Interest
With Inventory or Unrealized Receivables
Reconciling Your General Ledger with METRC
Following this process can help ensure consistency and reconciled records, as well as allow for quicker identification of any errors.
Writing a Description for Your Cybersecurity Risk Management Program
Writing out a strong protocol for maintaining sensitive data and assessing security risks.
Innovate your expectations.
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