Construction: Use financial statements to make solid first impression

Financial statements are a must-have for any organization. The balance sheet reveals how much its assets and liabilities are worth based on historic costs. The income statement tells investors and lenders how profitably and efficiently the company has performed during the accounting period. The statement of cash flows details sources and uses of cash from operating, …
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Sol Schwartz & Associates among Best Companies to Work for in Texas

Plus a local award recognizes firm’s workplace for fourth year in a row It’s no accident that some members of the Sol Schwartz & Associates team have been with the firm for decades.  When Sol Schwartz founded the firm in 1980, he launched a tradition of not only bringing in highly capable professionals, but also …
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Forensic accounting: What it is and how it is used

Forensic accountants are often asked to give testimony in court cases. They need to be prepared to answer questions regarding their findings and conclusions. This article will provide information on the basics of what forensic accounting is. How it applies in the real world Attorneys retain forensic accountants to determine whether an individual has committed …
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Short-term rental properties: 4 tax issues to consider

The tax rules for short-term rentals are complex and this article only serves to skim the top of a few major considerations. Make sure to keep your tax advisor up to date on your investments to make sure you’re doing everything you can to maximize this investment.
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Beware of state taxes where you want to retire

When you retire,you may consider moving to another state — say, for the weather or to be closer to loved ones. State taxes also may factor into the equation. Here’s what you need to know about establishing residency for state tax purposes — and why the process may be more complicated than it initially appears …
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10 common mistakes to avoid in estate planning

Sometimes people attempt to make an estate plan without consulting legal and financial professionals. Mostly this is because they may have a general understanding of estate planning and believe they can do it themselves without paying for professional services. This may be valid to a point, but it often fails because of the detailed knowledge it …
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Tax advantages of cash donation to a charity from your IRA

Are you a charitably minded individual who is also taking distributions from a traditional IRA? You may want to consider the tax advantages of making a cash donation to an IRS-approved charity out of your IRA. When distributions are taken directly out of traditional IRAs, federal income tax of up to 37 percent in 2022 …
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Protecting your company from cryptocurrency fraud

According to blockchain data company Chainalysis, cryptocurrency transactions associated with illegal activity topped $14 billion in 2021. That’s almost double 2020 numbers – and the momentum shows no signs of slowing. In addition to outright cryptocurrency theft, these crimes include investment fraud and ransomware scams that affect businesses. Yet cryptocurrency offers several advantages to entrepreneurs and …
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