Professional Accounting Blog

    Accounting For Your Prosperity

    Economic Damages: Total Business Loss Evidence Allowed in Recent Case

    Posted by Meaden & Moore on Jan 15, 2019 8:00:00 AM

    Topics: Investigative and Forensic Accounting

    The Eighth Circuit Court of Appeals recently issued a surprising decision: It allowed a qualified damages expert to present a conclusion for the loss of a company’s entire value in a case where the plaintiff continued to operate after the defendants’ alleged wrongdoing. This article summarizes this case.

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    Shutdown Creates Tax Filing Uncertainty

    Posted by Jonathan Ciccotelli on Jan 14, 2019 1:22:16 PM

    Topics: Tax Planning & Strategies

    The IRS has announced that it will begin accepting paper and electronic tax returns for the 2018 tax year on January 28, but much remains to be seen about how the ongoing shutdown of the federal government will affect this year’s filings. Although the Trump administration has stated that the IRS will pay refunds during the closure — a shift from IRS practice in previous government shutdowns — it’s not clear how quickly such refunds can be processed.

    Effects of the shutdown on the IRS so far

    An estimated 800,000 federal government workers have been furloughed since December 22, 2018, due to the impasse between President Trump and Congress over funding for a southern border wall. The most recent contingency plan published for the IRS lapsed on December 31, 2018, but it provided that only 12.5% of the tax agency’s approximately 80,000 employees would be deemed essential and therefore continue working during a shutdown.

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    What is "The Cloud" and How Does It Impact Your Business

    Posted by Scott A. Holter on Jan 8, 2019 10:16:30 AM

    Topics: ERP

    Cloud computing is the biggest technology change witnessed by the professionals at Meaden & Moore Business Solutions since Windows replaced DOS. Every technology company is staking a claim in “the cloud” and marketing itself as cloud ready. Despite all the marketing hype, we have identified many differences in approaches that could impact your business.

    At its core, the idea behind cloud computing is to remove the costs, time, and hassles that companies incur in the management and maintenance of their own IT infrastructure and applications. This is not a new concept as “hosted” solutions have been around for over decade, but the means by which it’s accomplished is changing dramatically.

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    ESOP vs. Non-ESOP Companies: What’s the Difference?

    Posted by Michelle Buckley on Jan 3, 2019 8:00:00 AM

    Topics: Accounting and Tax Resource

    As of 2018, the National Center for Employee Ownership (NCEO) estimates there are almost 7,000 employee stock ownership plans (ESOPs) covering more than 14 million employees.

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    IRS Issues Proposed Regs on Business Interest Expense Deductions

    Posted by Jonathan Ciccotelli on Dec 12, 2018 2:27:30 PM

    Topics: Tax Planning & Strategies

    In April 2018, the IRS released temporary guidance on the amended limit on deductions for business interest expense for tax years beginning in 2018. Taxpayers were allowed to rely on that guidance while waiting for regulations. The IRS has now published proposed regulations that taxpayers can rely on until final regs are released.

    The proposed regs significantly expand on the temporary guidance. They include, among other notable provisions, a broader definition of interest than businesses have applied in the past.

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    Economic Losses In Fatal Accident Claims

    Posted by Brendan Cape on Dec 11, 2018 2:41:26 PM

    Topics: Investigative and Forensic Accounting

    Economic loss calculations in fatal and non-fatal accident claims share certain similarities, but as outlined in this article, there are a number of key differences to consider. 

    In a non-fatal accident claim, economic loss calculations are intended to restore the injured person to the financial position they would have enjoyed had the accident not occurred.  In particular, the injured person is normally compensated for both their lost earnings and the additional costs (e.g. medical expenses, housekeeping, caregiving, etc.) they are expected to incur as a result of an accident.

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    Changes on the Horizon for Employee Benefit Plan Limited Scope Audits

    Posted by Michelle Buckley on Dec 7, 2018 2:29:24 PM

    Topics: Benefit Plan Advising & Auditing

    The Auditing Standards Board (ASB) has voted to issue a change to the reporting and performance requirements in regards to limited scope audits for Employee Benefit Plans.

    The limited scope audit will be referred to as an ERISA Section 103(a)(3)(C) audits. The new standard will also require new procedures surrounding engagement acceptance, audit risk assessment and response, communications to those charged with governance along with other considerations.

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    Demand and Capacity Planning: Unlock Your ERP System’s Full Potential

    Posted by Scott A. Holter on Dec 6, 2018 12:36:19 PM

    Topics: Accounting and Tax Resource

    demand capacity planningDemand and capacity planning is essential for manufacturers. And while it may seem simple to determine production capacity requirements based on current demands and continually react to changes in capacity requirements, it’s not that easy.

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    What Do the 2019 Cost-Of-Living Adjustments Mean for You?

    Posted by Jonathan Ciccotelli on Dec 3, 2018 4:01:56 PM

    Topics: Tax Planning & Strategies

    The IRS has announced its 2019 cost-of-living adjustments to tax items that might affect you. Many of the amounts increased to account for inflation, but some remained at 2018 levels. As you implement 2018 year-end tax planning strategies, be sure to take these 2019 adjustments into account in your planning.

    Bear in mind that, under the Tax Cuts and Jobs Act, annual inflation adjustments are now calculated using the chained consumer price index (also known as C-CPI-U). This increases tax bracket thresholds, the standard deduction, certain exemptions and other figures at a slower rate than was the case with the consumer price index previously used, potentially pushing taxpayers into higher tax brackets and making various breaks worth less over time. The law adopts the C-CPI-U on a permanent basis

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    Maybe I Should Give up Coffee...

    Posted by Lloyd Bell on Nov 20, 2018 2:20:43 PM

    Topics: Corporate Finance

    I recently came across a 2015 study by the University of Innsbruck that concluded that people who drink black coffee, tonic water or enjoy radishes are more likely to be psychopaths. Actually, it states that people who enjoy those items are more likely to exhibit signs of “Machiavellianism, psychopathy, narcissism, and everyday sadism”. Not sure how “everyday sadism” differs from just plain old sadism, but they’re Austrian and must know something I don’t. Anyway, I happen to enjoy all three of those things, although I must admit the tonic water needs gin to make it palatable.

    The reason, according to the study, is that psychopaths enjoy taking risks. The bitter flavors found in nature (or black coffee) are often from plants that are poisonous.

    Thanks for dropping the knowledge, Lloyd. But where are you going?

    If psychopaths enjoy taking risks, would that suggest that entrepreneurs are psychopaths? Of course not. Psychopaths generally have a lack of empathy and feeling for others, selfishness, lack of guilt, and a superficial charm that manifests exclusively to manipulate others. OK, that sounds like some entrepreneurs I’ve met, but risk taking on its own can be explained by other, less menacing-sounding traits.

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