What is impairment?

As a result of the COVID-19 pandemic, many private companies will be tasked with reviewing certain assets for potential impairment during the year. While companies are required to assess if any impairment of assets had occurred during the year, prior to 2020, this was often done rather casually. However, the impact of COVID-19 on most …

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COVID-19 leads to slow moving and obsolete inventory

Millions of retailers and manufacturers across the nation have dealt with pandemic shutdowns and capacity restrictions that have not only negatively impacted their bottom line, but also led to an increase in the levels of inventory on hand. Depending on the type of inventory, the aged inventory will likely require special attention and analysis to …

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Common book-to-tax differences, understanding your business

While most business owners are concerned with the accounting impact for certain transactions, they are equally as interested in the impact it will have to their taxes. While many transactions are treated the same for both financial and tax purposes, there are various transactions that, due to the nature or timing, are treated differently. Accordingly, …

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