As the days get longer, the snow melts and flowers start to bloom, it can only mean one thing – employee benefit plan audit season is almost upon us. The upcoming season of audits of employee benefit plans with Dec. 31, 2021, year ends will be significantly different than in years past, as Statement on […]
Last year, the IRS announced new Schedules K-2 and K-3 for the 2021 tax year. These schedules were introduced to standardize the reporting of international tax items that were previously reported on Schedule K-1. The IRS published updated instructions for Forms 1065, 1120-S and 8865 on Jan. 18, 2022, stating that entities with no foreign […]
Is the Build Back Better Act (BBB) going on a diet? President Biden’s $2.2 trillion spending proposal is showing signs that it’s too big to squeeze through the doors of the U.S. Senate, but advocates believe that losing a few pounds – er, dollars – is just what it needs to win final approval. The […]
Networking is a skill you can and must learn. Networking expands your web of people to reach out to for advice, career opportunities, and professional growth. Nick Spoltore, Surgent’s VP of Strategic Content Development, states, “…We all know bringing in business will ensure long-term success. It is the definitive hallmark for advancement, and many would argue […]
On Nov. 10, the Financial Accounting Standards Board (FASB) considered a request for a further two-year delay in the effective date of ASC Topic 842, Leases, for entities which have not yet adopted the new standard. The board voted 7-0 to not provide an additional deferral of ASC 842’s effective date. With this decision, the […]
Well, the Dems intend to partially fund the upcoming legislation with a wealth tax on roughly 750 Americans. The plan, released this morning, calls for the tax to apply to gains every year, instead of only at sale, to a taxpayer with $1B in assets or a taxpayer who earned $100M in income for three […]
CPAs’ Focus on Ethics and Independence is Critical, Especially in Times of Change
By Richard Daisley, CPA
The past year has provided numerous examples of CPAs providing critical assistance to their clients, both from an attest and non-attest perspective. From assisting with Paycheck Protection Program (PPP) loan applications to helping with new accounting standard assessment and even staff augmentation services, CPAs have repeatedly gone above and beyond for their clients. However, when […]
If you will be preparing 2020 partnership returns, we have the course for you. By now, you have probably heard partnerships filing Form 1065 for tax year 2020 are to calculate partner capital accounts using the transactional approach for the tax basis method. Partnerships report partner contributions and share of net income or loss, withdrawals […]
As our entire team is working feverishly to monitor the latest news coming out of Washington, we will have a webinar on the new stimulus package within hours of its release. As the domino effect of COVID raced through every sector of our lives, small businesses took the biggest hit. Temporary closings have become routine. […]
Accountants and financial professionals are oftentimes called upon to advise businesses on major decisions. The valuation process of a business is a critical tool that can reveal how economic trends affect businesses and uncover areas of growth and/or vulnerability. Our introductory course, Basics of the Valuation of a Closely Held Business (BVA4), provides the perfect platform […]
