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Keep It Simple Sweetheart KISS, besides being one of America’s most easily recognized rock bands, is one of accountants’ favorite phrases to use. Originally a design principle used by the US Navy, the acronym stood for Keep It Simple Stupid (we at Calculating Destiny like to use the more toned-down version, Keep It Simple Sweetheart). […]

Only You Can Help Prevent Unemployment Fraud

Even now, more than a year after the COVID-19 pandemic began, Pennsylvania is still seeing record numbers of requests for Unemployment Benefits. Many industries are still not able to open and run at full capacity, are seeing decreased business, or have shut down permanently. We sympathize with both the business owners and the employees who […]

I’m getting taxed on what?

Tax season is arguably everyone’s least favorite time of the year. The only thing that could possibly make it worse is going in expecting a refund and instead, end up facing a huge tax bill. Not only is a situation like that inconvenient and frustrating but it could potentially throw your budgeting and business planning […]

New Code May Impact Your Balance Sheet

After almost 40 years the Financial Account Standards Board (FASB) has replaced the Accounting Standards Codification (ASC) surrounding the leasing of property. The new standard, commonly referred to as ASC 842 or ASU 2016-02, replaces the prior US GAAP leasing standard, referred to as ASC 840.  FASB issued this Accounting Standards Update (ASU) – in […]

An Industry on High Alert: Why It’s a Great Time to be an Accredited Investor

Under federal securities laws, a company that is selling its securities must first register them with the SEC. However, there are some exceptions to this requirement. Under Rule 506, one way that companies can avoid these registration requirements is by selling to a number of “accredited investors.” Accredited investors have the legal access to invest […]

3 Reasons Why Your Lack of Focus is Killing the Business

I’ve recently spoken with several small businesses that are having a really difficult time defining themselves. They are trying so hard to be broad in an effort not miss an opportunity for work, that they are appearing vague, disorganized, and not trustworthy. With millions and millions of businesses trying to differentiate themselves from their competitors, […]