Latest posts
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AUP engagements: A middle ground between audits and consulting services
Your CPA offers a wide menu of services. An audit is a familiar type of attestation service that provides a formal opinion about whether the company’s financial statements conform to U.S. Generally Accepted Accounting Principles (GAAP). Consulting services, in contrast, provide advice or technical assistance that’s only for internal purposes. That is, lenders and other…
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Auditing accounting estimates and the use of specialists
The Public Company Accounting Oversight Board (PCAOB) recently voted to finalize two related standards aimed at improving audits of accounting estimates and the work of specialists. Though the new, more consistent guidance would apply specifically to public companies, the effects would likely filter down to audits of private entities that use accounting estimates or rely…
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Attention: Accounting rule delays in the works
On July 17, the Financial Accounting Standards Board (FASB) voted to issue a proposal that would delay several landmark accounting rules for certain companies. If finalized, the deferral would apply to new guidance for reporting leases, hedging transactions, credit losses and long-term insurance contracts. Summary of the changes The following table summarizes key implementation date…
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FAQs about CAMs
In July, the Public Company Accounting Oversight Board (PCAOB) published two guides to help clarify a new rule that requires auditors of public companies to disclose critical audit matters (CAMs) in their audit reports. The rule represents a major change to the brief pass-fail auditor reports that have been in place for decades. One PCAOB…
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The pros and cons of interim reporting
The Securities and Exchange Commission (SEC) requires certain public companies to publish quarterly financial statements to give investors insight into midyear performance. Though interim reporting generally isn’t required for private companies, stakeholders in smaller entities can benefit even more than those of public companies from this type of information. But it’s also important to understand…
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Forms W-2 and 1099-MISC Due Dates and Compliance Requirements
Forms W-2 are due to employees and Forms 1099-MISC are due to independent contractors by January 31, 2019. The due date for filing 2018 Forms W-2 with the Social Security Administration (SSA) is January 31, 2019, regardless of whether you file using paper forms or electronically. An extension of time to file Form W-2 with the…
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Forms W-2 and 1099-MISC Due Dates and Compliance Requirements
Forms W-2 are due to employees and Forms 1099-MISC are due to independent contractors by January 31, 2019. The due date for filing 2018 Forms W-2 with the Social Security Administration (SSA) is January 31, 2019, regardless of whether you file using paper forms or electronically. An extension of time to file Form W-2 with the…
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Do your long-term customers know everything about you?
A technician at a mobility equipment supplier was servicing the motorized wheelchair of a long-time customer and noticed it was a brand-new model. “Where did you buy the chair?” he asked the customer. “At the health care supply store on the other side of town,” the customer replied. The technician paused and then asked, “Well,…
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2018 – 12/17 – 6 last-minute tax moves for your business
Tax planning is a year-round activity, but there are still some year-end strategies you can use to lower your 2018 tax bill. Here are six last-minute tax moves business owners should consider: 1) Postpone invoices. 2) Prepay expenses. 3) Buy equipment. 4) Use credit cards. 5) Contribute to retirement plans. 6) Qualify for the new…
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2018 – 12/20
Will the federal government shut down after Friday 12/21? Late on 12/19, the U.S. Senate passed a short-term continuing resolution (CR) that would avert a shutdown. The House is expected to take up the bill on Thursday, 12/20, and if passed it will go to President Trump for his signature. This would provide funding through…
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Year-end tax and financial to-do list for individuals
With the dawn of 2019 on the near horizon, here’s a quick list of tax and financial to-dos you should address before 2018 ends: Check your FSA balance. If you have a Flexible Spending Account (FSA) for health care expenses, you need to incur qualifying expenses by December 31 to use up these funds or…
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2018 – 11/23 – $25 went a long way in 1962. Now, not so much.