Deferred compensation: does it work?

Former Major League All-Star Bobby Bonilla made headlines on July 1st, 2011, when he showed up on the New York Mets payroll. Most would expect a 48 year old former major leaguer to be on the payroll in the position of a coach or mentor, but Bobby Bonilla was just beginning to receive money that …

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Making the financial close process smoother

The financial close process is used to prepare the financial data of a company for financial statement presentation. The process centers on finalizing account balances in order to display financial data in the proper accounting period. It can be a complex process and usually involves many different employees, systems and processes within a company. There …

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The Accountant (the Movie) – True to Form?

I am an accountant. A CPA. So when we first started seeing the trailers for a movie starring Ben Affleck as an accountant, there was some buzz. Because Hollywood was not going to portray us in the same nerdy, stereotypical way. Excitement even! So as my family was winding down activities for Family Weekend at …

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Statement of Cash Flows Updates

On August 26, 2016, the FASB issued Accounting Standard Update 2016-15, Statement of Cash Flows (Topic 230). The new guidance is intended to reduce diversity in practice in how certain cash inflows and cash outflows are presented in the statement of cash flows. This update provides guidance on the following eight topics: Debt prepayment or …

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Henry+Horne September community service

On Wednesday, September 21, several Henry+Horne employees and family members gathered at Ben’s Bells studio in downtown Phoenix to get crafty for this month’s community service event. Together, they painted over 200 ceramic pieces which the organization will use to assemble wind chimes (“Ben’s Bells”) to be placed around the surrounding community. The only way …

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Who Will the IRS Choose for Form 990 Audits?

The Exempt Organizations Division of the IRS has recently made a change in how they select nonprofit organizations for audits of the Form 990. Previously, audit selections were made based on specific types of organizations. For example, after the IRS conducted a study of nonprofit hospitals, those organizations were audited in higher numbers than other …

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Fraud: 2016 Report to the Nations

Every two years the Association of Certified Fraud Examiners issues its bi-annual study known as the Report to the Nations on Occupational Fraud and Abuse. The study looks into the costs, schemes, perpetrators and victims of occupational fraud. According to the study, occupational fraud is “the use of one’s occupation for personal enrichment through the …

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Plan Terminations and Partial Terminations

Employers are allowed to terminate 401K benefit plans offered to employees for a variety of reasons. Employers are not required by law to provide retirement savings plans, and can terminate them as a part of a bankruptcy or merger, in order to switch to another type of plan, or voluntarily terminate the plan. According to …

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Financial statement requirements for franchisors

If you’re looking to start a franchise, be sure to look into all rules and requirements set by the Federal Trade Commission, or FTC. There are many items required to stay in compliance. Providing audited financial statements is one of those. Here is a brief overview of the financial statement requirements for U.S. – domestic …

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A Contract to “86” wife isn’t part of the divorce settlement

Over the years I have been asked to be an expert regarding many marital dissolution cases. Most of my cases deal with valuing business interests held by the divorcing parties and income determination in connection with spousal maintenance and child support issues. Many of my cases have gone amicably between the divorcing parties. Some were …

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