The Financial Accounting Standards Board (FASB) issued new rules for how to recognize revenue from contracts with customers. The new revenue rules contain a number of considerable changes that impact the ways companies account for revenue, including those in the construction industry.Read More
Topics: Accounting & Auditing
Topics: Accounting & Auditing
An employee stock ownership plan (ESOP) is a type of retirement plan that helps employees obtain ownership of the company they are employed by. An ESOP can be an exit strategy for an owner of a privately held company. There are different types of retirement plan options to offer employees if you are an ESOP.Read More
Much of the excitement in recent years has centered on the great transfer of wealth that is expected to occur as Baby Boomers retire. There is no denying the demographics: the Pew Research Center reports that 10,000 Boomers will turn 65 every day for the next 19 years. Gads…where are we going to put them all?Read More
The threat of cybersecurity is nothing new these days. However, the threat continues to promulgate itself into more and more aspects of our daily life. From GPS systems to automobile computer systems to social media platforms, cybersecurity threats are continuing to evolve and will continue to inflict harm on the unprepared. And, employee benefit plans are no exception.Read More
Prior to 2009, merger and acquisition (M&A) transaction costs were capitalized and recorded as part of the purchase price of a business combination. But with the issuance of FASB 141-Revised (which became effective in late 2008 or 2009), things changed dramatically. Under the revised Generally Accepted Accounting Principles (GAAP) guidelines, direct M&A transaction costs now needed to be treated separately from the business combination and expensed as occurred. This was a big change and a big topic of conversation almost 20 years ago. It also had a significant impact on the bottom line of many company’s P&Ls. Even today, many CPAs and acquisition teams struggle with the accounting and tax treatment of acquisition costs. Below we will discuss the various types of costs and the general accounting and tax treatment.Read More
A common saying in the business world is “cash is king.”
This expression implies that the most valuable asset a company has is its cash balance. If you live by this motto, you will feel pressure to rush your technology out to potential investors to get your hands on this ever-important cash.
Taking on a partner at the first promise of cash may be foolish as this partner may not be the right fit for your startup. It’s your technology and management team that will attract the quality cash and the quality partner.Read More
Will the changes in the tax code impact the value of your business?Read More
The challenge of locating missing participants for benefits due to them under a qualified retirement plan is nothing new. However, an apparent new focus by auditors with the U.S. Department of Labor (DOL) regarding vested benefits under a defined benefit pension plan (DB) is making this challenge especially onerous and, potentially, costly.
The DOL has recently begun seeking out for audit inquiry those plans that have filed Form 5500s indicating large numbers of terminated vested participants. The data included on the census file may be focused on demographic and historical payroll data in order to provide for accurate benefit payment calculations. However, as time goes on, those components of the census may not change but mailing addresses can become obsolete very quickly after termination of employment and as time progresses beyond that date.Read More