News & Resources

Forecasts vs. Projections: What’s the Big Difference?

  Financial statements look at historical performance. But there are times when you want forward-looking reports to help your business make strategic investment decisions, evaluate the viability of a turnaround plan or apply for a loan. Your accountant can help

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Valuable Gifts to Charity May Require an Appraisal

  If you donate valuable items to charity, you may be required to get an appraisal. The IRS requires donors and charitable organizations to supply certain information to prove their right to deduct charitable contributions. If you donate an item

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Required Distributions: Changes You Need to Know

  PREPARED BY BROADRIDGE INVESTOR COMMUNICATION SOLUTIONS, INC. The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 changed the rules for taking distributions from retirement accounts inherited after 2019. The so-called 10-year rule generally requires inherited accounts

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FAQs About Fair Value in Accounting

  In recent years, accounting rule makers have issued guidance that requires certain items on the balance sheet to be reported at “fair value.” Here are some answers to frequently asked questions about this standard of value and how it’s

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Deciding Between Cash and Accrual Accounting Methods

  Small businesses may start off using the cash-basis method of accounting. But many eventually convert to accrual-basis reporting to conform with U.S. Generally Accepted Accounting Principles (GAAP). Which method is right for you? Cash Method Under the cash method,

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Timing Counts: Reporting Subsequent Events

  Major events or transactions — such as a natural disaster, a cyberattack, a regulatory change or the loss of a large business contract — may happen after the reporting period ends but before financial statements are finalized. The decision

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