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In the News: Blog

Converged Standard on Revenue Recognition Released by FASB and IASB
After many years of collaboration, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have released the final converged standard for revenue recognition, creating a common approach for both U.S. Generally Accepted Accounting Principles (U.S. GAAP) and International Financial Reporting Standards (IFRS). Continue Reading...

Posted by Tracey Solomon, June 24, 2014



 
A Major Change in the Rules of IRA Rollovers

With a recent ruling by the United States Tax Court (the Court), there is now a big change in the rules of nontaxable IRA rollovers. In the case of Bobrow v. Commissioner of Internal Revenue, the Court ruled that the one nontaxable rollover per-year (365-day period) does not apply to each IRA separately, but that it applies to all of a taxpayer's IRAs. Continue Reading...

Posted by Robert Maloy, May 7, 2014


 

The Magic of AP Automation
Somewhere in an office not so far from here, there is a company that gets all their work done without touching a piece of paper. Invoices are routed through a structured electronic workflow where they could easily be reviewed and approved—even remotely from a mobile device. Managers are notified if any documents are held up too long so the bottlenecks can be immediately addressed. When it comes to sending invoices out to their customers, they simply need to print a batch and all of the documents are sent via email or to the printer. Continue Reading...

Posted by Stephen Korosy, April 24, 2014



Form 990: How a Nonprofit Can Survive an IRS Audit
"Death, taxes and childbirth! There's never any convenient time for any of them." (Margaret Mitchell, Gone with the Wind) Given my life experiences and chosen profession, I agree with this statement whole-heartedly and would add to the list, an IRS Audit. There is never a convenient time for an IRS Audit, especially if you are a nonprofit organization that files a Form 990. Receiving an IRS Audit notification letter can be a scary moment for even the most seasoned finance professional. So, if you find yourself in this unfortunate circumstance, consider the following suggestions. Continue Reading...

Posted by Lia Dunne, April 7, 2014


 
California Competes Credit Offers an Incentive to Keep Businesses in State
Are you looking to start a business in California or considering whether or not to keep your business in California? In an effort to retain current businesses and attract new ones, the State of California has developed the California Competes Credit. The tax credit will be available for taxable year beginning on January 1, 2014 and will apply to the income tax owed to the Franchise Tax Board of California (FTB). Continue Reading...

Posted by Jacob Sheffield, March 28, 2014


 

Electric Cars: Good for Your Tax Return!
In the beginning, the only purpose of the United States income tax was to raise revenue to fund the government. Since that time, our legislators have learned that they can influence people's behavior by giving them carrots (like tax deductions for mortgage interest to encourage home ownership) or applying sticks (like "sin" taxes on things like alcohol and cigarettes). It seems then that the government now wants you to buy electric cars…by giving you a federal tax credit for doing so. Continue Reading...

Posted by Dennis Clark, March 10, 2014


 
 
New Year...New Company? The Differences Between LLCs, C Corps and S Corps

As we continue making plans for the New Year, you may be looking at your business with a fresh eye and realizing that it may be time for a change in the structure of your business. This decision could be due to a number of reasons from a change in the ownership structure to wanting more protection from liability or maybe there have been recent tax changes that would make it more advantageous to change the structure of your company. Whether you are a sole proprietor, a general partnership or a start-up ready to take the next step, the question now becomes should your company be structured as a Limited Liability Company (LLC), a C Corporation (C Corp) or an S Corporation (S Corp)? Continue Reading...

Posted by Jacob Sheffield, February 4, 2014


 

How Nonprofits Can Fight Fraud

Given the recent economic downturn, is it any wonder that fraud is a hot topic in the news? According to the 2012 Report on Occupational Fraud and Abuse published by the Association of Certified Fraud Examiners, the average duration of an occupational fraud, a fraud committed at work, is 12 to 36 months. It's no wonder then that frauds that were committed at the height of the recession are just now coming to light. Continue Reading...

Posted by Lia Dunne, January 11, 2014

 
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