CARES Act Provides Option to Delay CECL Reporting

The Coronavirus Aid, Relief and Economic Security (CARES) Act was signed into law on March 27. Among other economic relief measures, the new law allows large public banks to temporarily postpone the controversial current expected credit loss (CECL) standard. Here [...]

By |2020-04-03T13:57:59-04:00April 3rd, 2020|Categories: Audit, Blog, COVID-19|Tags: , , , |0 Comments

Beware: Coronavirus may affect financial reporting

The coronavirus (COVID-19) outbreak — officially a pandemic as of March 11 — has prompted global health concerns. You may also be worried about how it will affect your business and its financial statements for 2019 and beyond. Close up on financial [...]

Lease or buy? Changes to accounting rules may change your mind

The rules for reporting leasing transactions are changing. Though these changes have been delayed until 2021 for private companies (and nonprofits), it’s important to know the possible effects on your financial statements as you renew leases or enter into [...]

FAQs About Audit Confirmations

Auditors use various procedures to verify the amounts reported on your financial statements. In addition to reviewing original source documents and comparing trends from prior years, they may reach out to third parties — such as customers and lenders [...]

By |2020-02-18T19:45:16-05:00February 18th, 2020|Categories: Audit, Blog|Tags: |0 Comments

Do You Want To Go Into Business For Yourself?

Many people who launch small businesses start out as sole proprietors. Here are nine tax rules and considerations involved in operating as that entity. You may qualify for the pass-through deduction. To the extent your business generates qualified business [...]

By |2020-02-11T19:17:33-05:00February 11th, 2020|Categories: Audit, Blog, Tax|0 Comments

4 Key Traits to Look for When Hiring a CFO

Finding the right person to head up your company’s finance and accounting department can be challenging in today’s tight labor market. While it may be tempting to simply promote an existing employee, external candidates may offer fresh ideas and skills [...]

By |2020-02-11T19:12:21-05:00February 11th, 2020|Categories: Audit, Blog, Tax|0 Comments

Accounting For Indirect Job Costs the Right Way

Construction contractors, professional service firms, specialty manufacturers and other companies that work on large projects often struggle with job costing. Full cost allocations are essential to gauging whether you’re making money on each job. But some companies simply lump indirect [...]

By |2020-01-28T14:29:38-05:00January 28th, 2020|Categories: Audit, Blog, Small Business Services, Tax|0 Comments

What are the Responsibilities of an Audit Committee?

Before you jump headfirst into the year-end financial reporting process, review the role independent audit committees play in providing investors and markets with high-quality, reliable financial information. Recent SEC statement Under Securities and Exchange Commission (SEC) regulations, all public companies [...]

By |2020-01-22T19:11:51-05:00January 22nd, 2020|Categories: Audit, Blog|0 Comments

Overview of Provisions of the SECURE Act Affecting Plan Sponsors

Congress recently passed-and the President signed into law-the SECURE Act, landmark legislation that affects the rules for creating and maintaining employer-provided retirement plans. Whether you currently offer your employees a retirement plan (or are planning to do so), you should [...]

By |2020-01-17T22:00:59-05:00January 17th, 2020|Categories: Audit, Blog|Tags: , |0 Comments

New Law Helps Businesses Make Their Employees’ Retirement Secure

A significant law was recently passed that adds tax breaks and makes changes to employer-provided retirement plans. If your small business has a current plan for employees or if you’re thinking about adding one, you should familiarize yourself with the [...]

By |2020-01-06T16:22:55-05:00January 6th, 2020|Categories: Audit, Blog, Small Business Services, Tax|0 Comments