Jan 3, 2023 | Accounting & Audit Updates, Tax News
Monthly financial reporting helps owners, managers and potential lenders get a better understanding of a company’s current and future financial status. You can see financial trends when you examine daily, weekly and monthly financial reports. You’ll be...
Dec 22, 2022 | Accounting & Audit Updates, Tax News
ERISA was developed to set minimum standards for pension plans, specifically for the private industry sector. It gives employers the rules they must follow for providing these retirement benefits to their staff, including when they qualify and how the benefits are...
Dec 13, 2022 | Accounting & Audit Updates, Tax News
The Financial Accounting Standards Board created ASC 606, which is essentially a standard that clarifies how businesses must go about recognizing their revenue. The ASC 606 revenue recognition standard provides a consistent, principles-based framework for all...
Nov 3, 2022 | Accounting & Audit Updates, Tax News
If you offer a 401(k) plan to your employees, the first thing you must figure out is whether it needs an independent audit. If you have 100 or more eligible employees at the start of the plan year, you need an audit. The essential word is “eligible.” So...
Aug 11, 2022 | Accounting & Audit Updates, Business Planning, Closely Held Business, Tax News
If you are a growing small business, you may want to take another look at your company’s retirement plan. Each retirement plan covered under Title I of the Employee Retirement Income Security Act of 1974 must file an annual report. Retirement plans with less than 100...
Jul 19, 2022 | Accounting & Audit Updates, Not-for-Profit
Due diligence is an investigation, an audit or a review performed to confirm facts or details of financial records. The objective is to confirm accuracy and appraise value. Audits often help uncover issues and avert potential ones in the future. When you outsource...