Understanding tax codes can be a difficult and a time-consuming endeavor. Leave it to a tax professional who will keep you in compliance while minimizing your tax liability.
Recent Posts
With all the buzz about cyberattacks and cyberthreats, it’s all too easy to take your eyes off of a common threat that is much closer to home—fraud that occurs within your own organization. While no business owner wants to think about embezzlement occurring within their own employee population, it can and does happen on a frequent basis.
Posted in Business Advisory
In any business, or with any institution or organization, fraud often occurs when the person or persons charged with overseeing funds steal those funds after they’ve already been deposited into the organization’s checking account. This fraud occurs by what is known as theft by disbursements.
Posted in Accounting & Outsourcing
Small-business owners must remain alert
It seems to be in the news every other day: A trusted longtime employee is found guilty of embezzling money from his or her employer. This may give you momentary pause, but then it is likely that you will simply continue to go about your business. After all, this cannot happen to you—can it?
Posted in Accounting & Outsourcing
Of course, taxes are a major concern when you work full time for a living. Unfortunately, you may also have to pay federal income tax on a portion of the Social Security benefits you receive during the year—even though you’ve paid Social Security tax all the years you have been working.
Posted in Individual Tax
On February 25, 2016, the FASB issued its highly-anticipated leasing standard
1 for both lessees and lessors. Under its core principle, a lessee will recognize lease assets and liabilities on the balance sheet for all arrangements with terms longer than 12 months. Lessor accounting remains largely consistent with existing U.S. GAAP. The new standard takes effect in 2019 for public business entities and 2020 for all other entities. The ASU is available
here.
Posted in Business Advisory
The FASB recently issued ASU 2015-17 as part of its Simplification Initiative. The amendments eliminate the guidance in Topic 740, Income Taxes, that required an entity to separate deferred tax liabilities and assets between current and noncurrent amounts in a classified balance sheet. Rather, deferred taxes will be presented as noncurrent under the new standard. It takes effect in 2017 for public companies and is available here. Early adoption is permitted, including for December 31, 2015 year-end financial statements.
As financial statement preparers approach the end of 2015, they should be aware of accounting rule changes and their effects on how to prepare 2015 financial statements.
Posted in Accounting & Outsourcing
Effective June 30, 2015, governmental employers are required to report their net pension liability (NPL) in the full accrual financial statements.
The FASB issued an exposure draft proposing a one-year delay of the effective date for the new revenue recognition standard that it issued jointly with the IASB in 2014. Under the proposed amendments, the revenue recognition standard would take effect in 2018 for calendar year-end public entities. It would take effect for private entities in 2019.
Posted in Accounting & Outsourcing
