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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Valuation Issues in Divorce

Divorce can be a very emotional event, which is further complicated by the effort to equitably divide the marital assets. The parties often disagree about the value of specific assets; which assets are sole and separate property; and on occasion, may accuse one another of fraud. One particular item that is often in dispute is …

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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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How to Prepare for Your 401(k) Audit

There are a few simple steps that can be taken during the planning phase of the audit in order to gain efficiencies during the fieldwork phase. You should be in communication with your auditor before the Plan’s year-end date. This is the best time to come to an agreement about the terms, timing and fees …

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Brexit and Bankruptcy

How can a macro-economic event, such as when the United Kingdom voted to exit the European Union, impact everyday people and corporations and help them emerge from bankruptcy protection in the United States? When the UK voted to exit the EU, this caused a significant panic in the investment community, particularly investments in foreign stocks. …

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Why You Should Keep Your CPA in the Loop

Planning for your year-end audit, review or compilation engagement should be kept on your mind all year round. There are several events that can occur in your business throughout the year that can impact the financial statements and the year-end engagement. We value a continuing and positive rapport with our clients throughout the year. While …

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Five Easy Changes to Create Value in Your Small Business

A handful of questions to begin – Are you thinking of selling your small and medium-sized entity (“SME”)? Is your largest asset in your estate your business? Are you the CEO, CFO, general manager and sales force of your SME? Do you fear going on a two week vacation because of the number of phone …

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How Do You Not Notice $17 Million Missing?

$16,764,128.95 – let’s think about that for a minute. Almost $17 million gone over a 9 year period – a mere $1.86 million per year. Would you notice? That’s how much the former controller for the Collin Street Bakery in Corsicana, Texas embezzled from the business. He used his ill-gotten gains to finance a lavish …

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Upcoming Changes to the CPA Exam

Whether you sat for the CPA exam or not, it is widely known to be an incredible test of not only one’s technical expertise, but also one’s endurance to make it through the rigorous process. To make things even more difficult, it changes year to year to reflect the most recent updates in accounting standards, …

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Tax Court Differs on Treatment of Built-In Capital Gains

When valuing a controlling or non-controlling interest in a C corporation that owns only marketable securities, a common method to apply is the net asset value method under the asset approach. Under this method, the fair market value of liabilities is subtracted from the fair market value of assets. Included in the liabilities is a …

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