The One Big Beautiful Bill Act (OBBBA) will have widespread impact for almost every taxpayer. Visit our OBBBA Resource Center regularly for continuing updates and guidance on the tax impact of this legislation to you and your industry.
Learn MoreOrganizations embark on change continuously, whether by choice or by necessity. However, if not managed effectively, change efforts can cause severe disruption at best, and fail at worst. One key to organizational change is stakeholder management. Too often, change efforts fall prey to lack of...
Read MorePass-through forms of business such as S Corporations and partnerships offer certain domestic tax benefits — namely, the avoidance of double taxation and the ability to claim the 20% deduction under IRC Code Section 199A. However, the global intangible low-taxed income (GILTI) provisions of the Tax...
Read MoreNobody enjoys having to deal with debt covenant issues, but, particularly in times like these, they can be common and can have significant accounting consequences. Due to the economic hardships caused by the pandemic, many companies may find themselves in violation of one or more of their bank...
Read MoreIf your company has a foreign subsidiary or affiliate, at some point you will be faced with foreign currency transaction and translation adjustments. Do you know what each one represents and which financial statement(s) they impact? Do you understand how foreign currency adjustments should be...
Read MoreThis blog was updated 2/17/21 Last week, the Securities and Exchange Commission (SEC) continued its modernization plan, significantly altering the framework for derivatives used by registered investment companies (including mutual funds, ETFs, closed-end funds and business development companies)....
Read MoreTo address the myriad of regulations over the investment industry, the U.S. Securities and Exchange Commission (SEC) provides a variety of guidance and reference materials to industry stakeholders. As a part of that effort, since November 1994, the Chief Accountant’s Office within the SEC Division...
Read MoreThis blog was updated 2/17/21 Earlier this month, the Securities and Exchange Commission (SEC) continued its modernization plan and updated rules related to auditor independence requirements. Auditors must be independent of audit clients both “in fact and in appearance.” Over the past two decades...
Read MoreMany businesses have begun applying for forgiveness of their Paycheck Protection Program (PPP) loans, and Q4 of this year is when they will also need to decide how they will report the funds on their financial statements. It’s up to recipients of a PPP loan, whether forgiven or not, to account...
Read MoreIt is nearly impossible to overstate the importance of organizational governance. After all, effective governance ensures accountability, drives organizational ethics and values, and enables your business to achieve objectives. While there are numerous highly reputed frameworks that address...
Read MoreNot-for-profit organizations receive contributions in many shapes and forms. Over the years, stakeholders have expressed concerns regarding not-for-profit organizations and their lack of transparency surrounding contributed nonfinancial assets, such as fixed assets, supplies, materials and...
Read MoreAs your entity, or any entity, begins the process of emerging from bankruptcy under a plan of reorganization, it’s important to determine whether fresh start accounting should apply to the new company. Fresh start accounting is where balance sheet items are adjusted to fair values and gives an...
Read MoreThe Financial Accounting Standards Board (FASB) recently issued new guidance to simplify the accounting rules for convertible instruments and contracts in an entity’s own equity. Though narrower than initially proposed, the changes will provide investors with more comparable information that’s...
Read MoreNearly eight in 10 executives agree with the following statement: "If we could harness all of our data, we would be a much stronger business." Business intelligence can help companies do just that, significantly improving their data and reporting capabilities, and ultimately their bottom...
Read MorePart I of this blog post offered background on cryptocurrencies, including the different types, how to value them, and how they generally are taxed at the individual level. This post will discuss more specific strategies related to types of taxation, strategies to minimize tax and how to keep your...
Read MoreOn July 31, 2020, the IRS and the Department of the Treasury issued proposed regulations under IRC Section 1061 for taxpayers that hold an applicable partnership interest (API) in connection with the performance of services. The rules, commonly known as the carried interest rules enacted as part of...
Read MoreThe remote work environment many of us find ourselves in due to COVID-19 is a radical change for many organizations. There’s productivity, morale, human resource issues and a host of other considerations to be mindful of and proactively manage as a business leader. One of those key considerations...
Read MoreIf you’ve been involved in preparing your organization’s SOC report, you likely have come across the section that discusses “subservice organizations” and “complementary subservice organization controls” (auditors call these “CSOCS” for short). You may have even been tasked with the responsibility...
Read MoreAs we head into the second half of a very tumultuous 2020, your professional service firm may be asking, “Where do we go from here?” Hopefully you have been able to battle through the unexpected and sudden impact COVID-19 has had on nearly all businesses and their clients. In the back of your...
Read MoreIn response to COVID-19, many entities have reduced employee headcount to remain in business. As a result, it’s more important than ever to understand how to account for termination benefits. This includes carefully considering which types of benefits are being provided and the overall timing of...
Read MoreIs your third party administrator (TPA) for your 401(k) plan a trustee or custodian? Do you know the difference? Often these words are used interchangeably but they mean something very different, and you should know the difference to ensure they are being represented properly in your plan documents...
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