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In Episode #9 of GAAP Chats, Mike and Chris discuss the 150-hour education requirement for CPAs. This comes as states are considering reducing the requirement to address the shortage of accountants entering the profession. Please note that the following content is not a full transcript of the episode. For the full audio version, listen here: SIGN UP FOR OUR FREE WEBINAR!Improving Audit Quality - Get Ready for PCAOB Inspections and Peer Review!Earn Free CPE! Sign up by using the link below!https://info.gaapdynamics.com/improving-audit-quality-get-ready-for-pcaob-inspections-and-peer-reviews

In this video, you will be introduced to the concept of the Net Promoter Score.#netpromoterscore #metrics #wallstreetmojo #customerloyalty #brandvalueChapters:00:00 – Introduction01:00 – What is the net promoter score?01:48 – How does the net promoter score work?02:58 – What is a good net promoter score?03:43 – ConclusionWhat is the net promoter score?The Net Promoter Score, or NPS, is a metric that measures and quantifies customer loyalty. The metric was developed in 2003 by Fred Reichheld, a management consultant.It helps assess the probability of customers endorsing products to people they know. The underlying theory is that if a person likes a product, they will share their experience with others, which in turn would encourage them to buy the product too.How does the net promoter score work?The NPS is usually calculated on a scale of 0 to 10, and based on the ratings that the customer gives, they are categorized into three types:PromotersPassivesDetractorsBased on this, the NPS is calculated simply by subtracting the percentage of promoters from the percentage of detractors.(Explained in detail in the video)What is a good net promoter score?According to Reichheld, most companies in the US have an NPS of 10, while the best companies with the best products to offer have an NPS of 50 to 80.It should be noted, though, that the NPS is just a benchmark and may not necessarily represent how much the customers are loyal to the company.(Explained in detail in the video)This will be all for this video. Subscribe to the channel, give the video a like, and share it with others.==========================================================================Subscribe to Our Channel –Youtube https://www.youtube.com/channel/UChlNXSK2tC9SJ2Fhhb2kOUw?sub_confirmation=1LinkedIn https://www.linkedin.com/company/wallstreetmojo/Facebook https://www.facebook.com/wallstreetmojoInstagram https://www.instagram.com/wallstreetmojoofficial/Twitter https://twitter.com/wallstreetmojo

In this video, you will learn about money laundering, the Introduction to money laundering and the Stages of it. #moneylaundering #dirtymoney #wallstreetmojo #taxhavens #financialcrime Chapters: 00:00 – Introduction 00:31 – What is money laundering? 00:46 – Dirty money 01:27 – Cleaning of dirty money 01:27 – What is Clean money 01:59 – Why is money laundering is bad? 02:06 – No. 1 – Encourages criminals to keep going 02:32 – No. 2 – Harms the society 02:56 – No. 3 – Harms the Economy 03:33 – Stages of money laundering 03:50 – No. 1 – Placement 04:24 – No. 2 – Layering 05:06 – No. 3 – Integration 05:46 – Conclusion What is money laundering? Criminals like Pablo Escobar and ElChapo earn their money through crimes and get their money put into the system through money laundering. So, money laundering is getting dirty money cleaned and put into the system, making it seem like clean money. Dirty money Dirty money is something acquired through illegal means. People who get dirty money cannot show it to the authorities, or they will catch them. Cleaning of dirty money To get dirty money in the bank accounts, they must make it seem clean or legally acquired. Hence, the dirty money gets cleaned. Clean money There are many ways through which one can clean such dirty money. Once cleaned, the money is clean and can be put back into the system without tracing its origins. (Explained in detail in the video) Why is money laundering is bad? Encourages criminals to keep going Once criminals know that their dirty money can be cleaned and put back into the system as clean money, they realize there are no consequences to what they do. Hence, they continue their crimes. Harms the society These criminal activities are only harming society and putting loads of money into the pockets of the criminals. Harms the economy Any harm to society will directly harm the economy. Money laundering covers tax frauds, embezzlements, theft, and other illegal economic activities. (Explained in detail in the video) Stages of money laundering Placement The dirty money is first transferred into a bank account, mostly abroad, in those banks with very strict privacy policies. Layering The money is then divided into chunks and sent into accounts in various countries to make it hard to track by authorities. Integration The money must be brought back into the system and shown as legal. This is done by setting up a business with high cash flow on paper, and the money can be made legal through such tactics. (Explained in detail in the video) So, in this video we covered introduction and stages of money laundering. We hope you have learned much from this video. If you think you did, show it to us by liking the video, commenting, and sharing it with others. We are having another video on Money Laundering: Examples and Prevention . So do subscribe to our channel if you have not yet! We post videos on such topics regularly, so if you don’t want to miss out, subscribe to the channel. ========================================================================== Subscribe to Our Channel – Youtube ► https://www.youtube.com/channel/UChlNXSK2tC9SJ2Fhhb2kOUw?sub_confirmation=1 LinkedIn ► https://www.linkedin.com/company/wallstreetmojo/ Facebook ► https://www.facebook.com/wallstreetmojo Instagram ► https://www.instagram.com/wallstreetmojoofficial/ Twitter ► https://twitter.com/wallstreetmojo Hashtags: #moneylaundering #taxevasion #taxhavens #taxfrauds #financialcrime #druglords #dirtymoney #drugmoney #illegalmoney #shellcompanies

Can you get a tax deduction for paying a prostitute?In 2004 and 2005, a tax lawyer named deducted more than $100,000 he had paid to prostitutes for services rendered. He categorized this as a medical expense per § 213 of the tax code. He described it as “sex therapy”Now, § 213(a) does allow a deduction for medical/dental expenses. But the Treasury Regulations say you can’t get a deduction for illegal medical treatments. Since prostitution was illegal in the taxpayer’s state of New York, the Tax Court disallowed the deductionThe taxpayer also tried to deduct several thousand dollars for pornographic materials, but the Tax Court said that didn’t count as a medical expense either. The materials weren’t prescribed by a doctor, and were thus a personal expense. And the tax code doesn’t give many deductions for personal expensesSo, if you want to deduct the cost of sex therapy:• It needs to be legal in your state• It needs to be prescribed by a doctor— Edspira is the creation of Michael McLaughlin, an award-winning professor who went from teenage homelessness to a PhD. Edspira’s mission is to make a high-quality business education accessible to all people.— SUBSCRIBE FOR A FREE 53-PAGE GUIDE TO THE FINANCIAL STATEMENTS, PLUS: • A 23-PAGE GUIDE TO MANAGERIAL ACCOUNTING• A 44-PAGE GUIDE TO U.S. TAXATION• A 75-PAGE GUIDE TO FINANCIAL STATEMENT ANALYSIS• MANY MORE FREE PDF GUIDES* http://eepurl.com/dIaa5z— HIRE MICHAEL MCLAUGHLIN, PHD, CPA * https://michaelmclaughlin.com/hire-me — GET CERTIFIED IN FINANCIAL STATEMENT ANALYSIS, IFRS 16, AND ASSET-LIABILITY MANAGEMENT * https://edspira.thinkific.com — LISTEN TO THE SCHEME PODCAST * Apple Podcasts: https://podcasts.apple.com/us/podcast/scheme/id1522352725 * Spotify: https://open.spotify.com/show/4WaNTqVFxISHlgcSWNT1kc * Website: https://www.edspira.com/podcast-2/ — GET TAX TIPS ON TIKTOK * https://www.tiktok.com/@prof_mclaughlin — ACCESS INDEX OF VIDEOS * https://www.edspira.com/index — CONNECT WITH EDSPIRA * Facebook: https://www.facebook.com/Edspira * Instagram: https://www.instagram.com/edspiradotcom * LinkedIn: https://www.linkedin.com/company/edspira — CONNECT WITH MICHAEL * Twitter: https://www.twitter.com/Prof_McLaughlin * LinkedIn: https://www.linkedin.com/in/prof-michael-mclaughlin — ABOUT EDSPIRA AND ITS CREATOR * https://www.edspira.com/about/