Filing an Amended Tax Return

If you discover a mistake on your tax return after you’ve already filed, don’t panic. In most cases, all you have to do is file an amended tax return. Here’s what you need to know: Taxpayers should use Form 1040X, Amended U.S. Individual Income Tax Return, to file an amended (corrected) tax return. An amended tax…

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Top 20 Largest Accounting Firm

We are pleased to announce that ABIP has ranked as a top-20 largest accounting firm in the Houston and San Antonio Business Journals Book of Lists. The annual rankings are formulated based on the number of CPAs and accounting staff in each firm. Recently, the firm has been helping clients navigate the challenges associated with…

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July 15 Deadline for Reporting Foreign Income

July 15 Deadline for Reporting Foreign Income If you live or work outside the United States, you generally must file and pay your tax in the same way as people living in the U.S. This includes people with dual citizenship. Due to the coronavirus pandemic, people who live and work abroad have until Wednesday, July…

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Small Business Financing: Securing a Loan

Small Business Financing: Securing a Loan At some point, most small business owners will visit a bank or other lending institution to borrow money. Understanding what your bank wants, and how to properly approach them, can mean the difference between getting a loan for expansion or scrambling to find cash from other sources. Unfortunately, many…

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Paying off Debt the Smart Way

Paying off Debt the Smart Way With a potential economic downturn in the wings due to COVID-19, being debt-free is a worthwhile goal. Unfortunately, between mortgages, car loans, credit cards, and student loans, this is unrealistic for most people – especially those of pre-retirement age. Instead, it’s better to start by focusing on managing debt.…

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Personal Goodwill in a Texas Divorce

What is Personal Goodwill in a Texas Divorce? Written by: Anthony DeBenedictis, CPA, ABV, CFF, CFE Goodwill is an intangible asset often defined as “the value of a trade or business attributable to the expectancy of continued customer patronage,” and that “this expectancy may be due to the name or reputation of a trade or…

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Encryption

Encryption Written by: Madhu Maganti, CPA, CISA The need for encryption is at an all-time high with an increasing number of organizations and consumers falling victim to a whole host of cybercrimes. The cyber criminals never rest, and this means that organizations need to be vigilant as well as ensure the implementation of tough security…

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Data is King

Data is King Written by: Madhu Maganti, CPA, CISA Evolution of Data Everyone and their big brother (no pun intended) is talking about data and more specifically, Big Data. Big Data is a technology buzzword that describes the current ecosystem in which there is significantly more data, and the processing of this data is beneficial…

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What is My Business Worth?

What is My Business Worth? Written by: Anthony DeBenedictis, CPA, ABV, CFF, CFE In simplicity, the value of a business or an asset is the present value of all the expected future economic benefits (income steams).  In reality, this is a bit more complex.  Business valuation is the process of determining the economic value of…

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Biometrics Identification – Boon or Bane?

Biometrics Identification – Boon or Bane? Written by: Madhu Maganti, CPA, CISA Biometric identification is any means by which a person can be uniquely identified by evaluating one or more distinguishing biological traits. Unique identifiers include fingerprints, hand geometry, earlobe geometry, retina and iris patterns, voice waves, DNA, and signatures. Biometric identification is still an emerging technology but…

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Data Privacy Rights

Data Privacy Rights Written by: Madhu Maganti, CPA, CISA The lines between data security and data privacy often get blurred. Data security is about securing data against unauthorized access. Data privacy is all about authorized access, concerning who has it and who defines it. In this regard, data security is about the technical implementation of…

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Paycheck Protection Program Flexibility Act

Paycheck Protection Program Flexibility Act On Wednesday, June 3, 2020, the Senate passed the Paycheck Protection Program Flexibility Act of 2020. The PPP Flexibility Act passed the House last week and will now be sent to President Trump for signature into law. The PPP Flexibility Act provides some relief and flexibility in the use of…

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Preparing an Effective Business Plan

Preparing an Effective Business Plan A business plan is a valuable tool whether you’re seeking additional financing for an existing business, starting a new company, or analyzing a new market. Think of it as your blueprint for success. Not only will it clarify your business vision and goals, but it will also force you to…

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Pass on Wealth to Heirs Using These Strategies

Pass on Wealth to Heirs Using These Strategies Individuals with significant assets who want to transfer wealth to heirs tax-free, as well as minimize estate taxes, should take advantage of proven tax strategies such as gifting and direct payments to educational institutions; however low interest rates and a volatile stock market are creating additional opportunities.…

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