Accounting
Reporting Crypto Holdings: An Update from the Financial Accounting Standards Board
The world of finance has undergone massive changes in recent years due to the adoption of cryptocurrencies. This mainstream phenomenon has revolutionized how business owners and crypto holders navigate and manage finances. As the crypto market continues to push boundaries and evolve, investors must stay up-to-date with guidelines from the Financial Accounting Standards Board (FASB) regarding all…
Read MoreForensic Accounting v. Tax Accounting
In general, accounting is a system of recording and summarizing the financial transactions of business entities. As the “language of business,” accounting quantifies a business or organization’s economic activities and shares the information with stakeholders. There are many fields which fall under the umbrella term of accounting, including tax accounting, financial accounting, forensic accounting, management…
Read MoreHow Accounting Technology is Shaping the Audit
The adoption of technology into accounting has had an interesting journey. While some were hesitant at first, it is clear that data analytics and sophisticated technology is imperative for firms and practitioners throughout the country. The reality is the digital tools have transformed the approach to accounting, making firms more efficient, accurate, and compliant. The…
Read MoreCryptocurrency and Reporting to the IRS
Tax season is quickly approaching and investors who have made virtual currency transactions need to be prepared to report this activity to the IRS. Like any other transactions, cryptocurrency transaction is taxable by law. As such, taxpayers who have taken the cryptocurrency plunge must report their transactions on their tax returns, and they may be…
Read MoreHiring an Accounting Firm vs Using Accounting Software
As a business owner, choosing how to handle your finances is one of the biggest, if not the biggest, decisions you can make. There are many things to consider when choosing between hiring an accounting firm versus using an accounting software. There are benefits of both options so here are a few things to keep…
Read MoreENSS Opens New Orlando Office
Our team is proud to announce ENSS’s expansion into Central Florida with the opening of our new office in Orlando. The expansion will be led by shareholder and long-time team member Keith E. Gardere, CPA/ABV. Our Orlando office will allow us to better serve our clients in that market and reach new customers across the…
Read MoreDoes It Makes Sense to Be Charitable for Tax Purposes?
The act of giving to charity is something has been at the forefront of many American’s minds lately. From dealing with the pandemic fallout to grappling with the social issues that have plagued the nation, thinking about those struggling often inspires giving. COVID-19 has had a major impact on the country, and of course the…
Read MoreIs It Time To Start Outsourcing Accounting Services?
Entrepreneurs across every industry share a number of character traits that make themselves, and their businesses, successful. From being relentlessly hardworking to maintaining a constant push towards innovation, running a company well requires a specific type of person and a specific set of principles. One of the more surprising and universal traits of an effective…
Read MoreTechnology’s Role in Transforming Accounting
From artificial intelligence to robotic process automation to blockchain, technology has seen a greater shift in the last decade than ever before. Big data has trickled its way into nearly every industry in the world and its impact has been profound. Sure, those facets of technology may seem irrelevant to accounting, but they are actually…
Read MoreCan’t pay your taxes in full? You have options…don’t hide your head in the sand
It is true. There are inescapable certainties in life: death, and taxes. These issues are not local…people all over the world must deal with them. From a cohesive standpoint, these two concerns bind us all together. Looking to find common ground with a stranger? Look no further than the topics of death and taxes. To…
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