Governments Get Special Treatment

Recently our audit team had been presented with an unusual circumstance regarding losses due to impairment of capital assets.  While performing research surrounding this situation I was reminded of the three different ways a governmental agency can present a loss due to impairment, one of which is different from that of a private entity. GASB …

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Employee Vs. Independent Contractor

If you are a business owner and your business is growing you may be looking into hiring additional help.  The question then may be whether you should hire this person as an employee or as an independent contractor. Like most business owners, you will probably start by weighing those costs associated with each classification.  Hiring …

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Government Asset Impairment Determination

According to GASBS 42: A capital asset is considered impaired if the following apply: 1.) The decline in service utility of the capital asset is large in magnitude and 2.) The event or change in circumstances is outside the normal life cycle of the capital asset. However, it is not necessary to repeatedly review all assets for …

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Salary Deferral Election Time

It’s year end and time to update your contribution amounts for your 401(k) accounts for 2012.   Although the maximum catch up contribution amount didn’t change for 2012 (it’s still $5,500), the maximum amount of elective deferrals did increase by $500 from $16,500 to $17,000.  For a listing of other benefit limits for 2012 see this …

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Fee Disclosures – continued…

Remember the fee disclosure requirements that are coming soon…… well if done right, you can do this electronically.  The Department of Labor released technical release 2011-03 Interim Policy on Electronic Disclosure under 29 CFR 2550.404A-5.  This interim policy provides a safe harbor for electronic delivery of these disclosures and a means to set standards for …

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