Technology companies often operate at a loss, especially in their early stages as they work to develop their product or service and grow their revenue. When this is the case, the company’s auditor will likely place a heavy emphasis [...]
In December 2022, the IRS finalized partnership instructions for filing and furnishing Schedules K-2 and K-3 for tax years beginning in 2022, including the addition of a new exception for domestic U.S. partnerships. This article summarizes what you need [...]
ASC 842 lease accounting is effective for calendar year-end entities for the 2022 fiscal year. The core concept of ASC 842 is the intention by the FASB to move previously off-balance-sheet operating leases to the balance sheet to better [...]
As real estate investors, family offices, developers and property managers confront dynamic markets, the Sage Intacct Real Estate module can help them automate and streamline lease management and financial reporting. Sage released the Real Estate module, part of its [...]
We live in an age of convenience —a time when just about anything can be ordered online and delivered straight to your doorstep. As more consumers choose the convenience of online outlets over in-store retailers, manufacturers are flocking toward [...]
As businesses and not-for-profit entities increasingly rely on technology, cyber risks are becoming more sophisticated and aggressive. Auditors must factor these threats into their risk assessments. They can also help you draft cybersecurity disclosures and brainstorm ways to mitigate [...]
As year-end approaches, it’s time for calendar-year entities to perform physical inventory counts. This activity is more than a compliance chore. Proactive companies see it as an opportunity to improve operational efficiency. Inventory basics Under U.S. Generally Accepted Accounting [...]
How do you report revenue and expenses from long-term contracts? Some companies that were required to use the percentage of completion method (PCM) under prior tax law may qualify for an exception that was expanded by the Tax Cuts [...]
The past three to four years have wreaked havoc on supply chains. First came the imposition of stiff tariffs on foreign imports, then COVID-19 global supply bottlenecks, followed by labor and shipping container shortages, and most recently the invasion [...]
The Creating Helpful Incentives to Produce Semiconductors for America Act (CHIPS Act) was recently passed by Congress as part of the CHIPS and Science Act of 2022. President Biden is expected to sign it into law shortly. Among other [...]
