Article Library

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

  • Internal Control Assessment Requirements

    A key factor in the detection and prevention of fraud is strong internal controls. Section 404(1) of the Sarbanes-Oxley Act (SOX) requires that public company’s management annually assesses the efficacy of internal controls over financial reporting. Section 404(b) of SOX requires independent auditors provide an attestation report on the assessment of internal controls by the company’s management (though some smaller companies are exempt).

  • TCJA Changes Expense Deductibility

    The Tax Cuts and Jobs Act (TCJA) has introduced changes in deductibles, reducing or eliminating many of them. With the end of the year approaching it is important that you review your business expenses and identify deductibility. You may also want to evaluate whether accelerating certain expenses into this year would be beneficial. The TCJA changes may also require, or make favorable, for you to change your expense or reimbursement policies.

  • The Benefits of Fringe Benefits

    Fringe benefits are one of the best ways to attract and retain employees in the current tightening job market. Small businesses will especially draw in employees with benefits that are tax-free. Different benefits are taxed differently. Here is a look at various benefits and some of the tax policies that apply to them.

  • Determination of Audit Opinions

    Audit opinions allow stakeholders to evaluate a company according to compliance with accounting rules and the likelihood of continuing to operate. Auditors consider many factors when issuing an audit opinion; these include, information available, financial viability, and errors found, as well as other limiting factors.

  • Long-Awaited Cloud Computing Expense Guidance

    In August, the Financial Accounting Standards Board (FASB) published Accounting Standards Update (ASU) No. 2018-15, Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract.

  • Tax Reform Increases Costs Segregation Benefits

    Cost segregation studies could be useful to businesses who have acquired, constructed, or substantially improved a building. A cost segregation study can allow a company to accelerate depreciation deductions, which in turn reduces taxes and boosts cash flow. Under new policies in the Tax Cuts and Jobs Act (TCJA), the potential benefits have increased due to certain depreciation-related tax breaks.

  • Does Cyber Coverage Help Re-Create Lost Data?

    Every business relies on data, whether customer data, financial data, or simply its own intellectual property. While many companies follow best practices for both data security and data storage, the impact of a cyber incident can often be more significant than expected, with the financial burden of ransomware attack.

  • Cash or Accrual: Which is Best Post-Tax Reform?

    The Tax Cuts and Jobs Act (TCJA) has introduced changes in business qualifications for using the cash-basis or accrual method of accounting. Usually, a small business will use the cash-basis method of accounting and then convert to the accrual-basis reporting as they grow. The switch in methods is usually to conform with U.S. Generally Accepted Accounting Principles (GAAP) and for federal tax purposes. With TCJA changes, this may no longer be the best route for every business.

  • Are You Ready for Lease Accounting Changes?

    To produce a product or deliver a service, business owners and managers will usually need office space, vehicles, heavy machinery and/or other equipment as their businesses grow. Choosing to lease a location or an asset rather than purchase it outright is often the smarter choice – the risks are lower, it offers an opportunity first to test the location or equipment, and sometimes, there are even valuable incentives offered by the lessor.

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