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Audit Trails: a Forensic Accountant’s Secret Weapon
Story time Our experts once served on a case to critique the claimed replacement value of a destroyed piece of property. This is commonly known as a cost approach. To support their calculation, claimants produced their QuickBooks file. Earlier, claimants produced their financial statements. Based on their form, we knew that these financial statements had…
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SECURE 2.0 is here
Late 2022 Congress and President Biden passed the Consolidated Appropriate Act. Referred to as SECURE 2.0, it expands on the provisions of the Setting Every Community Up for Retirement Enhancement Act of 2019, or SECURE Act. Secure 2.0 was passed with the goal of substantially improving retirement savings options. Despite the breadth and depth of…
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Producing QuickBooks is Easy
If opposing counsel is claiming that producing QuickBooks accounting records cannot be done, or doing so would be difficult and overly burdensome, it is not. Producing a QuickBooks file for litigation can be done in a few short minutes. Copy, paste. There is no need to make any changes or modifications to the file, the…
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How to Value: Auto Mechanics
Industry Description The auto mechanics industry in the US provides repair and maintenance services for automobiles (NAICS 811110). This industry includes self-employed mechanics, auto repair shops, garages and car care centers and does not include car dealerships, auto parts retailers or gas stations that provide industry services. Also not included in this industry are auto…
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How to Value: Sporting Goods Stores
Industry Description The Sporting Goods Stores industry (NAICS 451110) retails new sporting goods like bicycles, camping equipment, exercise and fitness equipment, apparel, footwear, and other goods and accessories of the like to the general public. Department stores, mass merchandisers and retailers exclusively selling apparel are not included in this industry. The following are some basic…
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How to Value: Dry Cleaners
Industry Description The Drycleaning and Laundry Services industry in the U.S. provides dry cleaning and laundry services with companies in this industry also providing drop-off and pick-up sites and offering specialty cleaning services for garments and textiles to its customers (NAICS 812320). Coin operated laundromats and companies that generate most of their revenue from rentals…
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How to Value: Gyms & Fitness Centers
Industry Description The Fitness and Recreational Sports Center industry in the U.S. contains facilities featuring exercise and other active physical fitness conditioning or recreational sports activities, such as swimming, skating, or racquet sports (NAICS 713940). They can also contain facilities management and fitness instruction. The following are some basic characteristics of the Fitness Clubs industry:…
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How to Value: Marijuana Dispensaries
Industry Description The Marijuana Dispensary industry in the U.S. contain establishments primarily engaged in legally retailing specialized lines of cannabis products for medicinal and recreational use (NAICS 453998). Product lines include flower, concentrates, edibles, infused, topicals, and many more. The following are some basic characteristics of the legal Cannabis industry: Currently, the US Department of…
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How to Value: Wine & Liquor Stores
Industry Description The Beer, Wine and Liquor Stores industry in the U.S. contain retail establishments licensed to sell alcoholic beverages for off-premises consumption (NAICS 445310). The following are some basic characteristics of the Liquor Store industry: Not included in the scope of this analysis is wholesale, grocery, convenience, and gas station store licensed to retail…
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How to Value: Self-Storage Warehouses
Industry Description The Self-Storage Units and Mini warehouses industry in the U.S. contain establishments primarily engaged in renting or leasing space for self-storage (NAICS 531130). These establishments provide secure space where customers can store and retrieve their belongings at their convenience, including rooms, compartments, lockers, containers, and outdoor space. The following are some basic characteristics…
