Tax Consequences of Guaranteeing a Loan to Your Corporation

What if you decide to, or are asked to, guarantee a loan to your corporation? Before agreeing to act as a guarantor, endorser or indemnitor of a debt obligation of your closely held corporation, be aware of the possible [...]

By |2021-08-16T12:57:03-04:00August 16th, 2021|Categories: Blog, Tax|Tags: , , |Comments Off on Tax Consequences of Guaranteeing a Loan to Your Corporation

Accounting Methods for Private Companies

Businesses need financial information that’s accurate, relevant, and timely. The Securities and Exchange Commission requires publicly traded companies to follow U.S. Generally Accepted Accounting Principles (GAAP), often considered the “gold standard” in financial reporting in the United States. But [...]

By |2021-06-21T09:51:19-04:00June 18th, 2021|Categories: Audit, Blog|Tags: , , , , , , |Comments Off on Accounting Methods for Private Companies

2021 Q3 Tax Deadlines

The 2021 Q3 Tax Deadlines are approaching. Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional [...]

By |2021-06-14T13:24:53-04:00June 14th, 2021|Categories: Blog, Tax|Tags: , , , , , , , , , , |Comments Off on 2021 Q3 Tax Deadlines

Accounting for Business Combination

Accounting for business combinations If your company is planning to merge with or buy another business, your attention is probably on conducting due diligence and negotiating deal terms. But you also should address the post-closing financial reporting requirements for [...]

By |2021-04-23T12:48:46-04:00April 23rd, 2021|Categories: Audit, Blog|Tags: , , , , , , |Comments Off on Accounting for Business Combination

FASB 2021 Agenda

What’s on the FASB’s 2021 agenda? In December 2020, Richard Jones stepped up as chairman of the Financial Accounting Standards Board (FASB). After meeting with stakeholders in early 2021, Jones identified a list of high-priority projects that he plans [...]

By |2021-04-16T11:58:11-04:00April 16th, 2021|Categories: Audit, Blog, GAAP|Tags: , , , , , , |Comments Off on FASB 2021 Agenda

Cutoff Rules: What Counts in 2020 vs. 2021

As year end approaches, it’s a good idea for calendar-year entities to review the guidelines for recognizing revenue and expenses. There are specific accounting cutoff rules under U.S. Generally Accepted Accounting Principles (GAAP). Strict observance of these rules is [...]

By |2020-11-20T12:46:17-05:00November 20th, 2020|Categories: Audit, Blog|Tags: , , , , , , |Comments Off on Cutoff Rules: What Counts in 2020 vs. 2021

Understanding The Passive Activity Loss Rules

Are you wondering if the passive activity loss rules affect business ventures you’re engaged in — or might engage in? If the ventures are passive activities, the passive activity loss rules prevent you from deducting expenses that are generated [...]

By |2020-10-12T13:15:19-04:00October 12th, 2020|Categories: Blog, Tax|Tags: |Comments Off on Understanding The Passive Activity Loss Rules

FASB to Delay Long-Term Insurance Standard … Again

On September 30, the Financial Accounting Standards Board (FASB) finalized a rule to delay the effective date of the updated long-term insurance standard for a second time. The deferral will give insurers more time to properly implement the changes [...]

By |2020-11-10T13:48:31-05:00October 9th, 2020|Categories: Audit, Blog|Tags: , , , , , |Comments Off on FASB to Delay Long-Term Insurance Standard … Again

Gifts In Kind: New Reporting Requirements for Nonprofits

On September 17, the Financial Accounting Standards Board (FASB) issued an accounting rule that will provide more detailed information about noncash contributions charities and other not-for-profit organizations receive known as “gifts in kind.” Here are the details. Need for Change [...]

By |2020-10-06T13:33:26-04:00October 6th, 2020|Categories: Audit, Blog|Tags: , , , , , , |Comments Off on Gifts In Kind: New Reporting Requirements for Nonprofits

Accounting for Cloud Computing Arrangements

The costs to set up cloud computing services can be significant, and many companies would prefer not to immediately expense these setup costs. Updated guidance on accounting for cloud computing costs aims to reduce differences in the accounting treatment [...]

By |2020-10-02T13:55:34-04:00July 6th, 2020|Categories: Audit, Blog|Tags: , , , , |Comments Off on Accounting for Cloud Computing Arrangements
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