Article Library

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

  • Evaluating Your Insurance Company Auditor

    An audit is often viewed as a compliance exercise that doesn’t offer much value to management other than satisfying a reporting requirement. A proper audit process is often described as one that was completed on time and with few surprises. A bad audit process breeds the mentality that the audit is to be tolerated, endured and celebrated when finally finished.

  • How your auditor establishes materiality in an audit or review

    Accountants can’t look into every transaction when running an audit or review so they appoint a “materiality” threshold instead. They apply this benchmark to gain reasonable assurance in an audit — or limited assurance in a review — of uncovering misstatements that might be big enough, individually or collectively, to be material to the financial statements.

  • Here’s how to classify shareholder advances

    Those who have closely-held businesses will need to advance money to their companies at times, whether to bridge a temporary downturn or to supply additional cash flow for a major expense, an expansion or something else. Are these advances supposed to be classified as bona fide debt, additional paid-in capital or something in between? Your answer, under U.S. Generally Accepted Accounting Principles (GAAP), will be determined by the facts and conditions of the transaction.

  • 2017 tax filing deadline for pass-through entities is March 15 – here is what you need to know

    April 15 isn’t the only important deadline to heed when it comes to filing income tax returns. March 15 is the appointed deadline for federal income tax filing for calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for tax purposes. Calendar-year partnerships now share the S corporations’ long-standing March deadline for the second year, in lieu of its usual April cutoff.

  • Part of the sandwich generation? These 5 estate planning tips will help

    A significant section of society now belongs to the “sandwich generation,” a group who takes care of both their children and also their parents. Part of this group must offer financial assistance to parents, too. Because of these adaptations, the definition of estate planning has morphed from providing primarily for one’s children to also include aging parents.

  • Key Trends in Construction for 2018

    Planning is an essential part of success in any business. This is true for the newest startup company to those in business for generations. Effective strategic planning requires management to look beyond the four walls of the office to assess industry and market conditions in an effort to identify opportunities.

  • The what, how and why of job cost reporting

    Job cost reporting is the system used to code and earmark project expenses to maintain or improve financial efficiency and profitability. Custom work calls for continuous supervision because once you begin a contracted job, it’s easy to concentrate on finishing the project rather than monitoring depleting resources. From the architect drawing up blueprints to the general contractor constructing a medical plaza, you need to keep track of expenses to produce the best financial results.

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