CPA Murray UT 84107
The word “innocent” in innocent spouse relief can be misleading. It doesn’t imply you’re perfect or blameless – it’s more about whether you knew or should have known about the tax issue. The IRS defines “innocence” in a specific way, and it hinges on the concept of reasonable ignorance. In short, the issue isn’t one […]
The CAC Payback Period looks at how a business needs to recover its investment in attracting new customers. It is especially crucial for companies that are in industries with large marketing and sales costs. It’s an important metric because it helps businesses measure their performance in a number of ways. First, it shows how well […]
Whether you file your income tax return early or at the last minute, there are ways to simplify the process and reduce what you owe – or even increase your refund – before the deadline. Filing Simplification Tip Once you receive your W-2 and/or 1099 tax forms, see what income tax bracket you fall under […]
Here we are in yet another new year. The obligations and celebrations are over. Chances are, you’ve spent a fair amount over the holidays and might need a plan to help kickstart 2025 with some actionable financial goals. Here are a few ideas. Create a Budget This one never gets old. Why? It’s one of […]
The Salt Typhoon cyberattack is among recent cyberattacks that reaffirm the urgent need for robust data security measures. This attack targeted major telecommunications providers, compromising critical infrastructure and potentially exposing vast amounts of sensitive data. With cyberthreats becoming more sophisticated, businesses and individuals must prioritize data security to maintain trust and compliance. The Role of […]
Improving Federal Building Security Act of 2024 (S 3613) – The Federal Protective Service (FPS) contracts security guards to control access to government facilities and screen visitors to detect prohibited items, such as pepper spray and batons. Earlier this year, FPS investigators conducted a covert test at certain federal buildings in which the guards failed to […]
A Dec. 3 proposal from FASB’s Accounting Standards Update (ASU) might provide some flexibility for private businesses and select nonprofits. “Financial Instruments – Credit Losses (Topic 326)” looks at measuring credit losses for contract assets and accounts receivable for these entities. When it comes to determining projected credit losses for current accounts receivables and current […]
Personal Income Tax Planning Strategies for Year-End 2024 As 2024 draws to a close, it’s the perfect time to review your personal income tax situation and implement strategies to minimize your tax liability for the year. Proactive year-end tax planning can lead to significant savings, as well as ensure that you take full advantage of […]
No matter the type of business or industry, being able to analyze and deduce patterns is essential to discovering a business’ financial health. Here are four commonly used calculations to help internal and external stakeholders determine an organization’s ability to manage its finances. Break-Even Analysis This formula analyzes fixed costs versus the profitability a business […]
Step 7: Find Your Raison d’Etre What do you consider to be your purpose in this world? Few people think about their life that way. In Japan, they call it your ikigai. In France, they refer to your raison d’etre. For Americans, that roughly translates to your purpose in life or your reason for being. […]