Article Library

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

  • Welcoming VIE Policy Updates

    Reading time: 1 minute 50 seconds Private companies have recently been given relief from the consolidation of variable interest entities (VIEs). This change by the Financial Accounting Standards Board (FASB) has been long awaited, as VIEs are one of the … Continued

  • TCJA Changes for 2018 Tax Filing

    The Tax Cuts and Jobs Act (TCJA) has been the biggest shift in tax law in decades, and these changes mostly began in 2018. We are nearing 2018 tax filing season, and because of TCJA changes, this years tax season calls for special attention to policies that may have changed the amount businesses owe.

  • Preparing for a Merger Audit

    Merging with another company is a process that should begin with audited financial statements reflecting the results and financial position of the combined entity. Preparing these statements requires close communication between in-house accounting personnel and an external audit team for both companies. Connection between entities and auditors is key to a smooth transition.

  • Boost External Audit Efficiency

    External audits are a powerful tool that provide lenders and investors confidence that the financial statements of a business are free from material misstatements and are prepared in compliance with the U.S. Generally Accepted Accounting Principles (GAAP). Some companies are required to use external audits, but all companies can benefit from them.

  • Managing Cybersecurity Risks

    Reading time: 1 minute 30 seconds Disclosing cyber-risks and recent hacks is becoming a prominent request from investors, lenders, and other stakeholders. Stakeholders want more information than most companies are providing. The Securities and Exchange Commission (SEC) is working to … Continued

  • Cash Accounting Method Expansion

    The Tax Cuts and Jobs Act (TCJA) has expanded the availability of the cash method of accounting for federal tax purposes. The cash method allows businesses more flexibility in tax-planning, which could allow deferment of taxable income. It may be a good idea for newly eligible companies to look into the cash method and the benefits it can provide.

  • Last Minute Strategies to Reduce Your Tax Bill

    Sole proprietorships and pass-through entities may qualify for the new pass-through deduction. This deduction is up to 20% of qualified business income. Though, if your taxable income exceeds $157,000, or $315,000 for joint filers, certain limitations apply that reduce, and in some cases eliminate, the deduction. Reducing your income below the threshold is the best way to avoid these limitations, you can reduce your income by taking steps such as increasing retirement plan contributions.

  • Overhead Cost Accounting

    Reading time: 2 minutes Making informed pricing decisions and understanding the financial health of a business includes proper overhead allocations. Estimation of overhead rates is essential to allocating the indirect costs of overhead to product cost, and to making adjustments … Continued

  • Accounts Payable Audit Procedures

    The accounts payable (AP) department handles a considerable number of transactions at most companies, making the AP department especially vulnerable to ledger errors or to being used for fraudulent journal entries. Auditors, therefore, take a special look at AP departments.

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