Category: Business Today

Since more organizations in Westchester County are being investigated for their data, procedures, and reporting strategies under the upgraded scrutiny of the fourth accounting revision known as GAAP, companies are gradually attuned to ensuring external data and information don’t nullify their and other stakeholders’ opinions. With intricate characteristics of today’s legal terrain and its accompanying due diligence needs, there’s a growing demand for specialized services from companies that specialize in offering services akin to those that a law organization would provide. 

The increasing use of CPAs to provide support in distinct areas has left several companies pursuing answers regarding how they engage a CPA in Westchester County, NY, in their company and generate value through the service offered. Litigation support is offering support & consultation services to lawyers about recent & pending cases. Below are some leading ways a CPA provides litigation support to lawyers.

1. Contract violation 

Damages must be calculated if a former employee can’t abide by the company’s non-solicitation covenant and starts convincing clients to shift their business to their new employer. Professional CPAs in Westchester County can estimate the damages due to the infringement and work with lawyers to sue the former employee successfully. Their new employer is to pay for the incurred damages.

2. Employee theft

Deception and embezzlement keep looming every year. But a veteran CPA can steer through the differnt papers & reports to give a reliable and detailed assessment of the loss amount. They may also provide internal control investigations to help minimize … Read More

Tax preparation can be a daunting task for both individuals and small business owners. Navigating the complex maze of tax laws and ensuring compliance while maximizing savings requires keen attention to detail. Unfortunately, many people make common mistakes during tax preparation Billings MT that can lead to financial penalties or missed opportunities for deductions. 

In this guide, we’ll explore five frequent errors and offer practical advice on how to avoid them.

1. Missing Deductions

One of the most prevalent mistakes is overlooking eligible deductions. Individuals often miss out on deductions for medical expenses, education, or home office use, while small business owners might not fully capitalize on business-related expenses like travel, equipment, or office supplies. To avoid this, start by familiarizing yourself with the deductions relevant to your situation. Try to maintain an organized record of all receipts and expenses throughout the year to ensure nothing slips through the cracks. You can also utilize tax preparation software or consult a tax professional to identify deductions you may not be aware of.

2. Incorrect Filing Status

Choosing the wrong filing status can significantly impact your tax liability. For individuals, options include single, married filing jointly, married filing separately, head of household, or qualifying widow(er). Each has specific requirements and benefits. Similarly, small business owners must determine whether to file as a sole proprietor, partnership, corporation, or LLC. Misunderstanding these options can lead to incorrect tax calculations and potential penalties. You should review your status annually, considering any changes in your personal … Read More