Ahmed Hussein, CPA | Assurance Consultant | Business Broker | Real Estate | Member of the AICPA

Tax refund loans, often provided through tax preparation companies rather than traditional banks, can offer quick access to funds. However, the costs associated with these loans may outweigh their benefits. Key Takeaways Tax refund loans allow you to access a portion of your tax refund before the IRS processes your return. These loans are often offered by tax preparation services as an advance on your tax return. Some refund loans may carry high fees, making them less cost-effective than they appear. While a sizable tax refund in spring is a welcome financial boost, sometimes financial needs can't wait. Tax refund loans can provide early access to these funds but come with potential pitfalls. “Consumers should carefully consider the advantages of having quicker access to the money versus the costs incurred to obtain the loan,” advises April Walker, lead manager for tax practice and ethics with the American Institute of Certified Public Accountants. Below, we explore how ta...

😎 In Florida, the residential closing process involves multiple steps, and the roles of the closing attorney and title company are distinct but can overlap in some cases. Here’s an overview: Closing Attorney's Role Legal Oversight : Attorneys provide legal advice to ensure the transaction complies with state and local laws. Document Preparation and Review : Attorneys draft and review key documents, including the purchase agreement, deed, and any seller or buyer obligations. Title Examination : The attorney ensures the property’s title is clear, with no liens or encumbrances, and prepares the title opinion if necessary. Facilitating Closing : The attorney oversees the closing process, ensuring all documents are signed and funds are disbursed according to the agreement. Representation : They represent either the buyer or the seller (but not both) and protect their client’s legal interests. Title Company’s Role Title Search : The title company performs a detailed title sea...

Measuring and demonstrating the impact of non-profit programs and initiatives to stakeholders is crucial for maintaining trust, securing funding, and guiding strategic decisions. Here are some suggestions on how to effectively measure and communicate impact to donor and other stakeholders interested in supporting your organization:   Measuring Impact:   1.       Set Clear Objectives and Goals: -           Define specific, measurable, achievable, relevant, and time-bound (SMART) objectives for each program. -           Ensure these objectives align with the organization's overall mission.   2.       Identify Key Performance Indicators (KPIs): -           Select relevant KPIs that accurately reflect the success and progress of programs. -          ...

  In most situations, the new lease accounting guidance requires recognition by a lessee of a right-of-use asset and a lease liability on its balance sheet. The lease liability is measured as the present value of remaining lease payments. In general, each lease will require its own discount rate unless the lessee has elected to apply a portfolio approach. The discount rate determination is outlined under a specific framework, but it still requires critical judgments and a thorough process. Conclusions based upon a discount rate that is based on a lender’s quote or an existing borrowing facility are typically not appropriate. These items should only be considered as data points. The lender quotes and rates on existing borrowing facilities on a stand-alone basis typically do not meet all of the criteria for a discount rate as further indicated below. This essay presents the requirements for developing the discount rate according to the new lease accounting guidance, with a focus on...