Public vs. Private Companies: When Should Different Accounting Rules Apply?

Small private companies often criticize the Financial Accounting Standards Board (FASB) for writing overly complex standards that focus on the needs of stakeholders in large public companies rather than “Main Street” businesses. Here’s how the FASB has addressed these [...]

TCJA Changes to Employee Benefits Tax Breaks: 4 Negatives and a Positive

The Tax Cuts and Jobs Act (TCJA) includes many changes that affect tax breaks for employee benefits. Among the changes are four negatives and one positive that will impact not only employees but also the businesses providing the benefits. [...]

By | 2018-04-24T18:58:18+00:00 April 24th, 2018|Categories: Blog, Tax|Tags: , , , |0 Comments

Get Ready for the New Lease Standard

A new accounting rule for reporting leases goes into effect in 2019 for public companies. Although private companies have been granted a one-year reprieve, no business should wait until the last minute to start the implementation process. Some recently [...]

By | 2018-04-24T18:53:13+00:00 April 24th, 2018|Categories: Blog|Tags: , , |0 Comments

Tax Document Retention Guidelines for Small Businesses

You may have breathed a sigh of relief after filing your 2017 income tax return (or requesting an extension). But if your office is strewn with reams of paper consisting of years’ worth of tax returns, receipts, canceled checks [...]

By | 2018-04-24T18:59:32+00:00 April 24th, 2018|Categories: Blog, Tax|Tags: , , |0 Comments

Is This Your Situation: Confused About Capitalization and Safe Harbor

Whenever you spend money on your business, the expense is either deducted on your federal tax return in the year it is incurred or depreciated over time. Here's how to tell what to do. Deductible costs: These are the [...]

By | 2018-04-24T12:17:17+00:00 April 20th, 2018|Categories: Blog|Tags: , |0 Comments

Tax Reform Could Mean Big Savings for Craft Beverage Industry

The Craft Beverage Modernization and Tax Reform Act has brought some bright news for producers of craft beer, wine and spirits. Beginning in tax year 2018, excise taxes will be substantially reduced, resulting in some pretty hefty tax savings [...]

Is This Your Situation: Trying to Maintain Internal Controls

According to a spokesperson from the Risk Unit of Marquette University of Milwaukee, Wisconsin, "Establishing effective internal controls can help a department operate more efficiently and effectively and provide a reasonable level of assurance that the processes and products for [...]

By | 2018-04-11T14:51:42+00:00 April 14th, 2018|Categories: Blog, Consulting|Tags: , |0 Comments

Is This Your Situation: Confused About Salary Rules in an S-Corp

You're in business to make money to feed your family, send the kids to college or drive the sports car of your dreams. But when you're a shareholder in an S corporation, how and how much you get paid can [...]

By | 2018-04-11T14:52:17+00:00 April 10th, 2018|Categories: Blog, Tax|Tags: , |0 Comments

Is This Your Situation: Deciding if Contractors Can Claim R&D Benefits

Of particular relevancy to contractors is the research and development tax credit, a tax incentive program. Also known as the research and experimentation tax credit or the research tax credit, it allows companies to work at maximum efficiency, Many wrongly [...]

By | 2018-04-11T14:52:45+00:00 April 10th, 2018|Categories: Blog, Technology|Tags: |0 Comments

Internal Control Testing: What role does sampling play?

Auditors must test the effectiveness of internal controls before signing off on your financial statements. But it’s impossible to analyze every transaction that’s posted to the general ledger, due to time and budget constraints. Instead, auditors select and analyze a [...]

By | 2018-04-11T14:53:13+00:00 April 10th, 2018|Categories: Blog|Tags: |0 Comments