Evaluating a business as a going concern

During an audit, one thing that will be evaluated is your company’s ability to continue as a going concern. In layman’s terms, this means: will your company be able to stay in business in the near future? Making this determination is oftentimes not black and white, and there are several factors that both management and …

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Unclaimed property: a whole lot of money and no place to call home

What would you do with $1 billion? This astounding 10-digit figure is the approximate value of unclaimed property held by the State of Arizona and belongs to roughly one million current or former Arizona residents. Chances are one in seven of finding unclaimed property if you live in the Grand Canyon State! So, what exactly …

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New lease standard: 5 things restaurant owners MUST know now

We all know lease accounting is changing for private companies starting in fiscal 2020. With leases being such a big component of the restaurant business, the new lease standard will have a significant accounting impact on restaurants. Gone are the days of having off balance sheet impact. Now, those operating leases will be grossing up …

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Qualified domestic relations order tax consequences

Divorces can cause years of planning, saving and growth to be washed away in the blink of an eye, leaving you reevaluating the retirement that you had once planned. A qualified domestic relations order (QDRO) is a judgment, decree or order for a retirement plan to pay child support, alimony or marital property rights to …

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2019 Standard mileage rate, minimum wage

Government employers need to be aware of two rate increases this year. One is the standard mileage rate set by the IRS and the other is the minimum wage rate set by Arizona voters. Standard mileage rate Every year, the IRS establishes a standard mileage rate and this year is no different. Many government entities …

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3 Steps to a more efficient period close

When the end of the month rolls around, every accountant knows that it’s time to scramble. Closing out the previous month can be a hassle with filling out all the schedules, making the closing entries, correcting issues and checking to make sure nothing was missed. It can be a very time-consuming process, but there are …

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Bookkeeping services: when to hire a bookkeeper

Bookkeeping is the foundation for any successful company or business. However, for many business owners, it does not mean this task is any less mundane, confusing or time consuming and often, it is placed on the back burner behind other top priorities. While you may be thinking to yourself, “Yes, exactly!” – and understandably so …

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2019 Retirement plan limits released

The cost-of-living adjustments (COLA) for the 2018 tax year are out. These rates released by the IRS are used to adjust various tax provisions from the standard deduction and personal exemption to retirement plan limits. Here’s a comparison of the 2019 and 2018 retirement plan limits for 401(k), 403(b) and profit sharing plans: Why there are …

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Is an agreed-upon procedures engagement right for you?

Recently, we covered the differences between audits, reviews and compilations. Those aren’t the only types of engagements our audit and accounting group performs. We provide various agreed-upon procedures and consulting engagements for several clients. Not only can these be a better fit to clients in certain situations, they can be less costly as well. Agreed-upon …

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Avoid getting caught in the cyber web

While technology continues to revolutionize business industries, its ever-changing nature constantly poses new risks that we must actively protect our businesses against. According to the Better Business Bureau’s Scams and Your Small Business Research Report, the sum of losses for small businesses due to cyberattacks amounts to approximately $7 billion per year (2018). These attackers …

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