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Articles & Updates

  • 04.27.2015 - FASB Exposure Draft on Not-for-Profit Financial Reporting Issued
    The long awaited exposure draft on non-profit financial reporting was issued on April 22, 2015. The exposure draft (ED), Not-for-Profit Entities and Healthcare Entities―Presentation of Financial Statements for Not-for-Profit Entities has a comment due date of August 20, 2015. No effective date has been proposed in the exposure draft. The ED states that the effective date will be considered after receiving feedback.
  • 04.24.2015 - Fraud and Internal Controls
    The most recent recession sharpened a trend already in place across the national economy – companies run leaner today than they did 5, 10 or 15 years ago. The financial difficulties many companies are experiencing have reinforced a movement spurred by technological advances. Mainly, there are fewer people in the workplace handling more responsibilities. Unfortunately for business owners and senior corporate executives, reduction of the workforce equates to fewer supervisors, thus less availability to oversee and audit operations. This condition is an invitation for employees to pilfer from a company -- either by walking off with inventory or inappropriately handling receipts.
  • 04.20.2015 - Re-imagining The City of the Future
    A century ago, as one immigrant population after another made its way to America in search of a better life, their destinations were our country's burgeoning cities. This was where they could build their desired quality of life — they would make friends, educate their children in nearby schools and find good jobs there. Slowly and steadily during the second half of the 20th century, those old cities lost people to growing suburbs, taking their jobs and personal investments with them. Evidence today, however, shows people have a desire to return to urban areas. But in order for that to happen, more of the old simply won't do. Our 21st-century cities must be modern, innovative, accessible, open and technologically advanced to attract people back.
  • 04.13.2015 - New Health Care Provisions Impact Tax Returns
    Tax Day on April 15 is fast approaching, and both business and individual filers across the state should be busy preparing their returns in anticipation of the looming deadline. As this is done, filers need to be mindful of one of the most significant pieces of legislation to be signed into law in the past decade — the Affordable Care Act, known colloquially as Obamacare — and the tax implications that exist this year that need to be considered. These include new forms to be filed as well as penalties businesses and individuals face for failing to comply with the ACA.
  • 04.10.2015 - Are You Overpaying Management Fees? Gross vs. Net Reporting and the Impact of Improper Accounting
    When reporting gross operating revenue, correct classification of expenses is important. Presenting items gross when they should be net can potentially cause a property to overpay fees, including its property management fees. The classification of these expenses is dependent on certain lodging industry rules and guidelines. If the property is acting as an agent in the transaction, the expenses are net against the corresponding revenue. However, if the property is the principal party in the transaction, the expenses are presented as an expense item within the operating expenses.
  • 04.07.2015 - Revenue Recognition Update
    Back in May 2014, the Financial Accounting Standard Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. This ASU creates a single source of principle-based revenue guidance for all entities in all industries and replaces most of the industry specific and transaction-specific guidance under current U.S. GAAP. The scope of this standard includes all contracts with customers, except lease contracts, insurance contracts, financial instruments, guarantees and non-monetary exchanges between entities in the same line of business to facilitate sales to customers.
  • 03.20.2015 - What’s on the Horizon for Tax Reform in 2015?
    The White House and the new congress continue to look for common ground on tax legislation and tax reform in 2015. The 114th elected congress intends to work together with Barack Obama during his final 2 years as president to achieve the much debated need for tax reform.
  • 03.20.2015 - Liquidation Basis Accounting Standards for Employee Benefit Plans
    During 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2013-07, Liquidation Basis of Accounting. Under the amended guidance, an entity is required to prepare its financial statements using the liquidation basis of accounting when liquidation is imminent. Liquidation is considered imminent when the plan for liquidation is approved and the likelihood is remote that an entity will return from liquidation or the execution of the plan will be blocked by other parties, or a plan for liquidation is imposed by other forces.
  • 03.20.2015 - Overcome the Challenge of Outsourcing Technology
    At some point in time, technology outsourcing becomes a necessity for all businesses. Whether your staff lacks the expertise to manage and maintain network infrastructure, or your data requires secure off-site storage, there are a number of reasons why technology outsourcing eventually develops into an operational requirement. Even mega-tech giants like Microsoft and IBM, whose core competencies exist through excellence in all things IT, outsource their technology functions to some degree.
  • 03.20.2015 - Accounting Standards Update
    The Financial Accounting Standards Board (FASB) continues to approve accounting standards updates, focusing on areas in which significant amount of questions or uncertainty arises. In regard to the manufacturing, retail and distribution industry, the recent updates affecting this industry include updates related to the liquidation basis of accounting, going concern evaluation and disclosure and the elimination of extraordinary items.
  • 03.20.2015 - The Benefits of Establishing an Interest Charge Domestic International Sales Corporation
    Shareholders of businesses that sell “export property” can benefit from establishing an Interest Charge Domestic International Sales Corporation (IC-DISC) to ultimately reduce their income tax liability.
  • 03.19.2015 - IRS Introduces New Tax Favorable Vehicle for Saving for Disability Needs
    Millions of individuals with disabilities and their families depend on a wide variety of public benefits for income, health care and food and housing assistance. Eligibility for these public benefits requires a means or resource test limiting eligibility to individuals to report more than $2,000 in cash savings, retirement funds and other items of significant value. To remain eligible for these public benefits, individuals must remain financially limited. In recognition of the significant extra costs of living with a disability, the Achieving a Better Life Experience (ABLE) Act was signed into law last December by President Obama as part of the Tax Extenders package.

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