Article Library

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

  • Tips for Selecting the Right 401k Auditor

    There comes a time when a 401k, 403b or other employee benefit plan is required to undergo an annual plan audit. According to the rules outlined in the Employee Retirement Income Security Act of 1974 (ERISA), this requirement is triggered when a plan crosses the 100 eligible participants mark. Although there are some exceptions, such as the 80-120 rule, at the 100 participant point most plan sponsors will need to identify a benefit plan audit firm to manage the task

  • Leasing vs. Buying Post-TCJA

    Recent tax changes are shifting the benefits and drawbacks that come from leasing or buying fixed assets such as equipment. No two companies are the same, but it is becoming common for companies to switch from leasing to buying their fixed assets.

  • Auditors Role in Cybersecurity

    U.S. organizations who were victims of a data breach in 2018 lost an average of $7.91 million due to the breach. The cost of these breaches is the highest of all regions and countries covered in the IBM and independent research firm the Ponemon Institute’s 2018 Cost of a Data Breach Study.

  • March Filing Deadline for Pass-Through Entities

    March 15 is the federal income tax filing deadline for pass-through entities, this includes calendar-year partnerships, S corporations, and limited liability companies (LLCs) treated as S corporations or partnerships for tax purposes. This deadline is approaching, so it’s important to be informed if your company falls under this category.

  • New Hedging Disclosures

    Final Securities and Exchange Commission (SEC) guidance will soon require public companies to disclose whether their officers, employees, and directors are allowed to offset a decrease in the market value of the company’s stock. Here is what you need to know on providing up to date disclosures on your company’s hedging policies.

  • Reporting Nonemployee Stock Compensation

    Accounting rules for the reporting of stock compensation have recently been expanded under guidance by the Financial Accounting Standards Board (FASB). The updates now include share-based payments to non-employees for providing goods and services.

  • Preparing for Cashless Audits

    Cashless transactions are becoming the primary mode of payments. The acceptance of these payments is changing the auditing of financial statements.

    Cashless transactions require the exchange of digital information to facilitate payments. Rather than focusing on the recording and collection of physical cash, auditors focus on analyzing your company’s electronic sales records. This analysis requires four specific procedures.

  • When is Self-Employment Tax Required for LLC Members?

    It is common for limited liability company (LLC) members to claim that their distributive shares, after deducting compensation for services in the form of guaranteed payments, of LLC income are not subject to self-employment (SE) tax. Recently the IRS has been cracking down on these claims and has seen some success in court against LLC members who have underreported SE income.

  • C Corporation Status Post-TCJA

    The Tax Cuts and Jobs Act (TCJA) brought about significant change for C corporations with its 21% federal income tax rate. However, there are still fundamental truths that apply to these corporations that are unchanged.

  • Audit Committee Evaluations

    The Sarbanes-Oxley Act determines that the audit committee, rather than management or the full board of directors, is directly responsible for appointing, compensating, and overseeing external auditors. The responsibility of the audit committee means that it is smart to periodically assess their effectiveness using a self-evaluation.

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