Article Library

Learn about the most recent accounting and regulatory updates and their potential impact on clients, prospects and others:

  • California Supreme Court Adopts New Definition of Independent Contractor

    Late last month, the California Supreme Court made headlines when it adopted a new test to determine whether a worker should be considered an independent contractor or an employee. This distinction is an important one; California labor law protects the rights of workers deemed to be employees by enforcing wage and hour requirements, and by upholding anti-discrimination laws. Independent contractors are not offered these same protections.

  • The Best Ways to Communicate Effectively with the Audit Committee

    Now and then, CFOs and other executives present company information, like strategies, risks and operations, to the audit committee. Three key components will assist you in making the most effective presentation: thoroughly grasping the committee’s role; building relationships with committee members beforehand, and concentrating on the most pertinent information. Discover how.

  • Retention Guidelines for Small Business Tax Records

    You probably felt relieved after you filed your 2017 income tax return (or filed for an extension). However, if your office is now littered with years’ worth of tax returns, canceled checks, receipts and other financial records (or you are drowning in equivalent computer files and tax-related data), you most likely are ready to dispose of what you can. These retention guidelines will help you as you purge.

  • Fraud Still High in the Construction Industry

    Managing a successful construction company is a challenging task. There are multiple variables that demand attention across all operational areas of the company including talent acquisition and retention. The elevated level of construction activity has left many companies struggling to find, recruit and retain skilled craftsman and other professionals which complicates the situation.

  • The New Lease Standard: Get Ready for Changes

    Starting in 2019, public companies face a new accounting rule for reporting leases. Despite the one-year reprieve offered to private companies, all businesses would be wise to begin the process of implementing the rule now. The Financial Accounting Standards Board (FASB) has recently provided revisions to help ease implementation. Read on for a rundown of the changes.

  • A Net Operating Loss On Your 2017 Tax Return Isn’t All Bad News

    As a company’s deductible expenses outpace its income, a net operating loss (NOL) typically takes place. As you file your 2017 income tax return, should you discover your business had an NOL, at least one positive outcome ensues: tax benefits. But bear in mind that the Tax Cuts and Jobs Act (TCJA) has made considerable adjustments to the tax treatment of NOLs.

  • Internal Control Testing: What You Need to Know About the Role Sampling Plays

    Before giving the green light on your financial statements, auditors have to prove the effectiveness of internal controls. However, because of time and budget constraints, trying to analyze every transaction posted to the general ledger is impractical and not remotely possible. Preferably, auditors pick out and analyze a representative sample of transactions in order to form assertions about the whole population.

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