How to increase your 401(k) participation

Like most people who work in the accounting field, I am a stickler when it comes to spending. I am also a strong believer in the concept of living below your means and that saving early for retirement can go a long way. But I know that everyone is not like me. When I saw …

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New method of accounting for credit losses

A number of Accounting Standards Updates (“ASU”) will become effective in the next few years, and perhaps most notable among them are the new lease and revenue recognition standards. ASU 2016-13, which introduces ASC 326 to the codification, will also be impactful and is worth taking note of. While the new standard will not be …

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Does your company have a capitalization policy?

When undergoing an audit, one question the auditors may ask is “does the company have a fixed asset capitalization policy?” While having a written capitalization policy in place will make your auditor happy, it will also help simplify the accounting for fixed asset purchases. Establishing a capitalization policy helps keep the treatment of property additions, …

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Is your government entity secure from cyberattacks?

Unfortunately, it is becoming commonplace to hear news of a large organization whose data was hacked. But data breaches should not only be of concern for large organizations – small organizations are susceptible as well, including government entities. You can put a few practices in place to keep your organization and employees safe from data …

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What is a Multiple Employer Plan? Benefits, things to know

What is a Multiple Employer Plan? A multiple employer plan (MEP) is a type of employee benefit plan where several employers can participate. In certain instances, the employers participating in the plan can operate as one plan. What are the benefits? A significant reason why employers do not offer a benefit plan to their employees …

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Carrying value of inventory

A lot of times the cost at which a unit of inventory is being carried at is made up of more than just the cost of materials used to produce the actual item. It often includes other costs which are incurred to get the items in place and ready for sale. Some of these other …

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Reviewing and implementing plan level controls

Many payroll companies and third-party administrators (“TPA”) ascertain Service Organization Controls (“SOC 1”) Reports on the Suitability of the Design and Operating Effectiveness of Controls. These reports summarize the opinion and results of the audit of internal controls in place at the service provider. In addition, these reports provide complementary user entity controls, which list …

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Financial tips for starting a business

You are disruptive. You are SoLoMo (or is that MoSoLo?). You are ready to take your market by storm. But have you laid the accounting and tax groundwork for future success? A few simple things upfront can pay big dividends later, or cause huge headaches if they aren’t done. Here are a few financial tips …

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Tax myths, lies and untruths as told by your CPA

So, as frequently happens, taxes come up in conversation. Well, at least, when I am around, they come up in conversation. But, there are some strange things out there that have been said about taxes or tax preparation that leave tax preparers, both seasoned and unseasoned, scratching their heads. Here are just a few tax …

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FASB revises definition of a business

With its first Accounting Standards Update of 2017 (ASU 2017-01), the FASB revised the definition of a business under U.S. GAAP. This update was issued to provide more clarity to entities in determining whether transactions should be classified as an acquisition (or disposal) of assets or businesses. Stakeholders had communicated to the FASB that the …

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