Background
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Topics: Accounting, REITs, real estate, Uncategorized
The Protecting Americans From Tax Hikes Act of 2015 (the Act), which was signed by the president on December 18, 2015, contains many provisions that directly affect tax-exempt organizations. Many recent tax provisions have been so-called “extenders,” which required passage of legislation annually in order for them to continue to remain in effect. These were typically passed at year end for the applicable year, making planning for such provisions impossible. Now, the year-end panic is over, as the Act makes many of these provisions permanent.
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Topics: Accounting, nonprofit tax, Nonprofits, PATH Act, Uncategorized
Businesses with Transactions in State of Alabama: Beware of New Rule on Sales Taxes
Posted by nhogan on Feb 11, 2016 4:43:17 PM
We would like to remind our clients or raise your awareness on a new rule that went into effect January 1, 2016 for transactions within the State of Alabama. Out-of-state businesses with “substantial economic presence” in Alabama must now collect and remit sales taxes, even if they do not have a physical presence (nexus) within the State of Alabama.
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Topics: Accounting, Tax, Uncategorized
Should You Add Life-Cycle Costing to Your Portfolio of Construction Services?
Posted by bgoricki on Oct 6, 2015 4:46:59 PM
Today’s construction companies do more than just build things; they can be information providers. A prime example of this is a contractor’s role in a process called life-cycle costing (LCC). Read on and consider whether your business might want to add LCC analysis to its portfolio of services.
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Topics: Accounting, Construction, Uncategorized
Gamification Plays Well in Construction Employee Training
Posted by bgoricki on Oct 6, 2015 4:34:43 PM
“Gamification” is a perhaps odd word that’s gained acceptance in business circles recently. In its most general sense, the term refers to integrating characteristics of game-playing into business-related tasks as a way to excite and engage the people involved. Does the concept have a place in the construction industry? More than likely, the answer is “yes.”
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Topics: Accounting, Construction, Uncategorized
Cyber thieves don’t physically grab your keys or force an entry into your home, but the damage they do to your nonprofit organization can be just as consequential. If your nonprofit becomes the victim of cybercrime, it could suffer a blow to its reputation that’s impossible to overcome.
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Topics: Accounting, Uncategorized
Some liabilities may be out of sight, but they should never be out of a lender’s mind. For example, a borrower’s balance sheet won’t list contingent costs, pending claims or underfunded accounts. Proactive lenders search for undisclosed risks to get a complete assessment of their borrowers’ financial health. Here are some items you might unearth.
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Topics: Accounting, Advisory, Commercial Lenders, CPA Assurance, Liabilities, Uncategorized
Skimmer frauds cost U.S. businesses billions of dollars annually, according to a report released by the Association of Chartered Certified Accountants USA (ACCA) and Pace University in February. The average loss per skimmer scam was roughly $50,000 in 2011, up from $30,000 in 2010. This trend shows no signs of stopping.
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Topics: Accounting, ATM, Advisory, Borrowers, Card Readers, Commercial Lenders, Electronic Payments, Fraud, Fraud Detection, Skimmer Scams, Transactions, Uncategorized
CPAs reconsider the “going concern” assumption every time they audit financial statements. When the long-term viability of a borrower is doubtful, it may cause the CPA to issue a qualified audit opinion — or, worse, to withdraw from the job altogether.
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Topics: Accounting, Audit Opinion, Advisory, Commercial Lenders, FASB, Going Concern, Uncategorized
For years, small companies and their accountants have complained about the increasing complexity and costs of complying with Generally Accepted Accounting Principles (GAAP). So the Financial Accounting Standards Board (FASB) solicited feedback from private company lenders and other stakeholders about the usefulness of certain complex accounting rules.
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Topics: Accounting, Advisory, Commercial Lenders, GAAP, Goodwill, Uncategorized