Article Library

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

  • 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.

  • Status of Tax Reform 2.0

    For many of our nonprofit clients that pay parking for their employees, this legislation would prevent them from being subject to Unrelated Business Income Tax (UBIT). In addition, they would not need to consider grossing up wages for the parking benefit. We will keep you updated on any changes.

  • Holiday Gifts that Give Back

    Gifts to customers are deductible up to $25 per customer per year. This limit does not include “incidental” costs that do not substantially add to the value of the gift. Incidental costs include engraving, gift-wrapping, packaging, and shipping. Branded marketing collateral is also excluded from the $25 limit; this includes items costing less than $4 and widely distributed such as pens or stress balls with your company’s name and logo printed on them.

  • 2019 First Quarter Deadlines

    The first quarter of 2019 is coming up. Here are some of the important tax-related deadlines affecting businesses and employees. January 31 File 2018 Forms W-2, “Wage and Tax Statement,” with the Social Security Administration and provide copies to your … Continued

  • Key Benefits of Outsourced Accounting

    A key hallmark of success in business is to perform better than last year, last quarter or last period. Metrics like increased revenue, profitability and decreased costs are essential metrics to every business regardless of industry.

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