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 MoreGrant audits are a critical component of financial management for for-profit entities receiving federal funding. Learn more in our Virtual Summer CPE webinar recap.
Read MoreFor-profit entities that receive funding from federal agencies may need a grant audit. Learn more about this unique type of audit, including how to know if you need one, what to expect and how to prepare. We also discuss internal controls over applicable compliance requirements and general best practices.
Read MoreThe nonprofit sector is navigating changes in federal funding, accounting standards and regulatory requirements. Learn more to help your NFP.
Read MoreAs a business owner, you’ve likely dedicated a significant portion of your life nurturing and growing your business into a success. And now, regardless of the reason — and there are plenty — it’s time to sell. What are your next steps? What are the best practices to understand before diving in head...
Read MoreWhen your entity receives federal funds, any purchases you make with federal funds, whether goods or services, must adhere to the Uniform Guidance rules outlined in the Code of Federal Regulations (CFR), specifically 2 CFR Part 200. These rules are designed to ensure procurement processes are...
Read MoreThe Ohio Society of CPAs (OSCPAs) has selected Assurance Partner Marie Brilmyer as a 2024 Power of Change honoree, celebrating her role in shaping the accounting profession for women leaders through extraordinary leadership, community involvement, mentorship and innovation. Brilmyer has spent her...
Read MoreOur recent webinar offered a comprehensive overview of the latest developments and standards in not-for-profit accounting, aimed at keeping our clients abreast of significant changes and challenges in the field. Specifically, we discussed the applicability of new and future accounting...
Read MoreWhile not-for-profits such as schools, housing agencies and local charitable organizations commonly receive federal grants in many capacities, these dollars are available to many types of entities, including for-profit entities. Often, grants are made to for-profit organizations from agencies...
Read More** This blog was last updated 12/20/24 ** A grant audit, also known as a compliance audit or program-specific audit, is a type of financial audit conducted on organizations that receive grants or funding from federal sources, such as government agencies. The purpose of a grant audit is to ensure...
Read MoreHistorically, entities recognized a credit loss when it was probable to occur under U.S. GAAP. Now, ASU 2016-13 has removed the “probable” threshold. The current expected credit loss (CECL) model in effect for private companies for the years beginning after December 15, 2022, requires consideration...
Read MoreGenerally accepted accounting principles (GAAP) did not historically provide specific guidance on how to account for the formation of a joint venture. In response to diversity in practice, earlier this year FASB issued ASU 2023-05, Business Combinations – Joint Venture Formations (Subtopic 805-60):...
Read MoreThis year our fall CPE conference took on a slightly different shape. We of course had technical-focused educational sessions on topics geared toward private companies, but we also had the opportunity to join our investment industry colleagues and clients for extended networking and some fantastic...
Read MoreAt this year’s fall Cohen & Co CPE Day, there was a special feeling in the air as our colleagues, peers and friends came together live and in person to learn from our presenters and each other about a variety of issues for their businesses. Below are some of the highlights from the day. 1....
Read MoreTalk about being thankful. We had more than 350 clients and friends register for our annual fall CPE day — undaunted by the virtual format we presented in again this year. We are always truly happy to put together this day, no matter the format, to help educate clients on what they need to know for...
Read MoreThis year’s 2021 Virtual Summer CPE Series was another great way for us to reach out and help our private company clients stay on top of important issues for their businesses. We are grateful for everyone who joined us over the past couple of months, giving us the chance to speak and answer...
Read MoreThe FASB unanimously voted on October 16, 2019, to approve an additional delay for private companies on three major upcoming standards, one of which is the new leasing standard. The FASB voted to delay the leases standard effective date for private companies until after December 15, 2020 (January 1,...
Read MoreOn May 29, 2019, the FASB issued Accounting Standards Update (ASU) 2019-06, extending two private company reporting alternatives to not-for-profit entities with regard to goodwill and intangible assets. Effective immediately, this ASU will help reduce not-for-profits’ costs for accounting in these...
Read MoreOn March 21, 2019, the FASB issued Accounting Standards Update (ASU) 2019-03, Not-for-Profit Entities (Topic 958): Updating the Definition of Collections. This ASU specifically addresses the use of proceeds from sales of collections and related disclosures. Collections include groupings of art,...
Read MoreSchool clubs can come in various forms, such as booster, parents or sports clubs, and are generally comprised of both students and adults trying to raise funds to support a specific school function. But being in charge of or even working in the business office of a club at your local school comes...
Read MoreThere is yet another dangerous phishing scheme circulating once again this tax season involving W-2s that targets corporations, schools and nonprofits. In a recent IRS communication, IRS Commissioner John Koskinen has said that this particularly dangerous scheme could “result in the large-scale...
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