Insights

Assurance

January 15, 2021

Assessing and mitigating key person risks

Auditing standards require a year-end risk assessment. One potential source of risk may be a small business’s reliance on...

insights

January 13, 2021

Now more than ever, carefully track payroll r...

The subject of payroll has been top-of-mind for business owners this year. The COVID-19 pandemic triggered economic changes that...

COVID-19
taxes

January 11, 2021

Can your business benefit from the enhanced E...

COVID-19 has shut down many businesses, causing widespread furloughs and layoffs. Fortunately, employers that keep workers on their payrolls...

COVID-19

January 6, 2021

Need another PPP loan for your small business...

Congress recently passed, and President Trump signed, a new law providing additional relief for businesses and individuals during the...

insights

January 5, 2021

Best practices when forecasting cash flow

Cash flow is a top concern for most businesses today. Cash flow forecasts can help you predict potential shortfalls...

COVID-19

December 28, 2020

President Trump Signs New COVID Relief

On December 27, President Trump signed the Consolidated Appropriations Act of 2021 (CAA), which provides pandemic relief, as well as...

COVID-19

December 22, 2020

New COVID-19 Relief Signed

COVID-19 relief bill addresses key PPP issues The U.S. Senate and House of Representatives overwhelmingly passed a $900 billion COVID-19...

taxes

December 16, 2020

The QBI deduction basics and a year-end tax t...

If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction....

taxes

December 16, 2020

Drive more savings to your business with the ...

Are you considering replacing a car that you’re using in your business? There are several tax implications to keep...

COVID-19
Technology

December 16, 2020

Should you add a technology executive to your...

The COVID-19 pandemic and resulting economic impact have hurt many companies, especially small businesses. However, for others, the jarring...

Business

December 16, 2020

Rightsizing your sales force

With a difficult year almost over, and another one on the horizon, now may be a good time to...

Business

December 16, 2020

Year-end SWOT analysis can uncover risks

As your company plans for the coming year, management should assess your strengths, weaknesses, opportunities and threats. A SWOT...

Business

December 16, 2020

Put your company’s financial statements to wo...

It’s almost time for calendar-year businesses to prepare their year-end financial statements. If used correctly, these reports can be...

insights

December 7, 2020

Business website costs: How to handle them fo...

The business use of websites is widespread. But surprisingly, the IRS hasn’t yet issued formal guidance on when Internet...

taxes

December 3, 2020

Small businesses: Cash in on depreciation tax...

As we approach the end of the year, it’s a good time to think about whether your business needs...

Estate Planning

December 3, 2020

Family business owners must weave together su...

It’s been estimated that there are roughly 5 million family-owned businesses in the United States. Annually, these companies make substantial...

COVID-19

December 3, 2020

How COVID-19 could impact year-end inventory ...

Many businesses are closed or are limiting third-party access as COVID-19 surges across the United States. These restrictions could...

insights

December 2, 2020

Best practices when forecasting cash flow

Cash flow is a top concern for most businesses today. Cash flow forecasts can help you predict potential shortfalls...

taxes

November 30, 2020

The importance of S corporation basis and dis...

S corporations can provide tax advantages over C corporations in the right circumstances. This is true if you expect...

Business
COVID-19

November 30, 2020

Lessons of 2020: Change management

The year 2020 has taught businesses many lessons. The sudden onset of the COVID-19 pandemic followed by drastic changes...

Assurance

November 30, 2020

Cutoffs: What counts in 2020 vs. 2021

As year end approaches, it’s a good idea for calendar-year entities to review the guidelines for recognizing revenue and...

insights

November 23, 2020

Health Savings Accounts for your small busine...

Small business owners are well aware of the increasing cost of employee health care benefits. As a result, your...

COVID-19

November 23, 2020

Putting the finishing touches on next year’s ...

By now, some businesses have completed their 2021 budgets while others are still crunching numbers and scrutinizing line items....

Assurance

November 23, 2020

Avoiding conflicts of interest with auditors

A conflict of interest could impair your auditor’s objectivity and integrity and potentially compromise you company’s financial statements. That’s...

Business

November 23, 2020

Best practices when forecasting cash flow

Cash flow is a top concern for most businesses today. Cash flow forecasts can help you predict potential shortfalls...

Assurance

November 23, 2020

Cutoffs: What counts in 2020 vs. 2021

As year end approaches, it’s a good idea for calendar-year entities to review the guidelines for recognizing revenue and...

insights

November 18, 2020

4 Steps to Improving Your Company’s Sales

Most salespeople would tell you that there are few better feelings in life than closing a deal. This is...

insights

November 16, 2020

3 steps to “stress test” your business

During the COVID-19 crisis, you can’t afford to lose sight of other ongoing risk factors, such as cyberthreats, fraud,...

audit

November 10, 2020

Why face-to-face meetings with your auditor a...

Interviews are a key part of your auditor’s evaluation of your fraud risks. But in-person interviews may not make...

audit

November 9, 2020

Preparing for the possibility of a remote aud...

The coming audit season might be much different than seasons of yore. As many companies continue to operate remotely...

Technology

November 4, 2020

Should you go phishing with your employees?

Every business owner is aware of the threat posed by cybercriminals. If a hacker were to gain access to...

COVID-19

November 4, 2020

Tax responsibilities if your business is clos...

Unfortunately, the COVID-19 pandemic has forced many businesses to shut down. If this is your situation, we’re here to...

COVID-19
Payroll

October 28, 2020

Now more than ever, carefully track payroll r...

The subject of payroll has been top-of-mind for business owners this year. The COVID-19 pandemic triggered economic changes that...

Retirement

October 27, 2020

New business? It’s a good time to start a ret...

If you recently launched a business, you may want to set up a tax-favored retirement plan for yourself and...

Assurance

October 26, 2020

Best practices when forecasting cash flow

Cash flow is a top concern for most businesses today. Cash flow forecasts can help you predict potential shortfalls...

COVID-19

October 21, 2020

Inventory management is especially important ...

As year-end draws near, many businesses will be not only be generating their fourth quarter financial statements, but also...

insights

October 19, 2020

The 2021 “Social Security wage base” is incre...

If your small business is planning for payroll next year, be aware that the “Social Security wage base” is...

Assurance

October 19, 2020

Avoiding conflicts of interest with auditors

A conflict of interest could impair your auditor’s objectivity and integrity and potentially compromise you company’s financial statements. That’s...

taxes

October 14, 2020

Understanding the passive activity loss rules

Are you wondering if the passive activity loss rules affect business ventures you’re engaged in — or might engage...

Business
COVID-19

October 14, 2020

Reviewing your disaster plan in a tumultuous ...

It’s been a year like no other. The sudden impact of the COVID-19 pandemic in March forced every business...

Assurance
COVID-19

October 12, 2020

More time: FASB delays long-term insurance st...

On September 30, the Financial Accounting Standards Board (FASB) finalized a rule to defer the effective date of the updated...

Assurance
insights

October 5, 2020

Gifts in kind: New reporting requirements for...

September 17, the Financial Accounting Standards Board (FASB) issued an accounting rule that will provide more detailed information about...

insights
Technology

October 1, 2020

Reinforce protection of your company’s mobile...

Whether it’s a smart phone, tablet or laptop, mobile devices have become the constant companions of today’s employees. And...

insights
taxes
Technology

September 29, 2020

The tax rules for deducting the computer soft...

Do you buy or lease computer software to use in your business? Do you develop computer software for use...

Assurance

September 29, 2020

Why face-to-face meetings with your auditor a...

Remote audit procedures can help streamline the audit process and protect the parties from health risks during the COVID-19...

taxes

September 24, 2020

IRS announces per diem rates for business tra...

In Notice 2020-71, the IRS recently announced per diem rates that can be used to substantiate the amount of...

insights

September 21, 2020

Business website costs: How to handle them fo...

The business use of websites is widespread. But surprisingly, the IRS hasn’t yet issued formal guidance on when Internet...

Assurance
COVID-19

September 21, 2020

How to report COVID-19-related debt restructu...

Today, many banks are working with struggling borrowers on loan modifications. Recent guidance from the Financial Accounting Standards Board...

taxes

September 16, 2020

2020 Q4 tax calendar: Key deadlines for busin...

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2020....

audit
COVID-19

September 15, 2020

On-time financial reporting is key in times o...

Many companies are struggling as a result of shutdowns and restructurings during the COVID-19 crisis. To add insult to...

insights

September 10, 2020

Prioritize customer service now more than eve...

You’d be hard-pressed to find a business that doesn’t value its customers, but tough times put many things into...

insights

September 8, 2020

Employers have questions and concerns about d...

The IRS has provided guidance to employers regarding the recent presidential action to allow employers to defer the withholding,...

Business
COVID-19

September 8, 2020

Reporting discontinued operations today

Marketplace changes during the COVID-19 crisis have caused many companies to make major strategic shifts in their operations —...

taxes

August 31, 2020

5 key points about bonus depreciation

Under current law, 100% bonus depreciation will be phased out in steps for property placed in service in calendar...

audit
COVID-19

August 31, 2020

Levels of assurance: Choosing the right optio...

The COVID-19 crisis is causing private companies to re-evaluate the type of financial statements they should generate for 2020....

COVID-19
insights

August 25, 2020

CARES Act made changes to excess business los...

The Coronavirus Aid, Relief and Economic Security (CARES) Act made changes to excess business losses. This includes some changes...

COVID-19
insights

August 17, 2020

The President’s action to defer payroll taxes...

On August 8, President Trump signed four executive actions, including a Presidential Memorandum to defer the employee’s portion of Social...

COVID-19
insights

August 17, 2020

3 steps to “stress test” your business

During the COVID-19 crisis, you can’t afford to lose sight of other ongoing risk factors, such as cyberthreats, fraud,...

insights
Technology

August 12, 2020

5 common accounting software mistakes to avoi...

No company can afford to operate without the right accounting software. When considering whether to buy a new product...

audit
insights

August 10, 2020

Forecasting financial results for a start-up ...

There’s a bright side to today’s unprecedented market conditions: Agile people may discover opportunities to start new business ventures....

COVID-19
insights

August 6, 2020

Thoughtful onboarding is more important than ...

Although many businesses have had to reduce their workforces because of the COVID-19 pandemic, others are hiring or may...

insights
taxes

August 4, 2020

File cash transaction reports for your busine...

Does your business receive large amounts of cash or cash equivalents? You may be required to submit forms to...

COVID-19
insights

August 3, 2020

Strengthen your supply chain with constant ri...

When the COVID-19 crisis exploded in March, among the many concerns was the state of the nation’s supply chains....

audit
insights

August 3, 2020

Reporting CAMs in the COVID-19 era

Starting in 2019, auditors’ reports for certain public companies must contain a new element: critical audit matters (CAMs). The...

insights
taxes

July 28, 2020

Why do partners sometimes report more income ...

If you’re a partner in a business, you may have come across a situation that gave you pause. In...

COVID-19
insights

July 27, 2020

Reopening concepts: What business owners shou...

A widely circulated article about the COVID-19 pandemic, written by author Tomas Pueyo in March, described efforts to cope...

Business
insights

July 27, 2020

Drive success with dashboard reports

Timely, relevant financial data is critical to managing a business in today’s unprecedented conditions. Similar to the control panel...

taxes

July 21, 2020

Even if no money changes hands, bartering is ...

During the COVID-19 pandemic, many small businesses are strapped for cash. They may find it beneficial to barter for...

Business

July 21, 2020

Does your business have a unique selling prop...

Many business owners — particularly those who own smaller companies — spend so much time trying to eliminate weaknesses...

audit

July 21, 2020

External audits offer many benefits to nonpro...

Your nonprofit organization may be required to hire an independent outside CPA to audit its books, depending on its...

taxes

July 13, 2020

Businesses: Get ready for the new Form 1099-N...

There’s a new IRS form for business taxpayers that pay or receive nonemployee compensation. Beginning with tax year 2020, payers...

audit

July 13, 2020

Reporting embedded leases

In 2016, the Financial Accounting Standards Board (FASB) published guidance that requires major changes to how leases are reported...

Trust

July 7, 2020

Steer clear of the Trust Fund Recovery Penalt...

If you own or manage a business with employees, you may be at risk for a severe tax penalty....

Business
COVID-19

July 6, 2020

Assessing productivity as you cope with the p...

The COVID-19 crisis is affecting not only the way many businesses operate, but also how they assess productivity. How...

Technology

July 6, 2020

Accounting for cloud computing arrangements

The costs to set up cloud computing services can be significant, and many companies would prefer not to immediately...

COVID-19

July 1, 2020

Senate approves 5-week PPP extension

Senate approves 5-week PPP extension Source: By Jeff Drew Journal of Accountancy The U.S. Senate passed by unanimous consent a five-week...

COVID-19
taxes

June 29, 2020

Haven’t filed your 2019 business tax return y...

The extended federal income tax deadline is coming up fast. As you know, the IRS postponed until July 15...

COVID-19

June 29, 2020

Establishing your company’s risk appetite

The Committee of Sponsoring Organizations of the Treadway Commission (COSO) recently published new guidance on how companies can promote...

COVID-19

June 25, 2020

SBA reopens EIDL program to small businesses ...

Just last week, the Small Business Administration (SBA) announced that it has reopened the Economic Injury Disaster Loan (EIDL)...

COVID-19
taxes

June 22, 2020

COVID-19 Tax Relief: Roundup of Postponed Fed...

As a COVID-19 relief measure, the IRS has postponed many of the usual federal tax filing and payment deadlines, along...

Uncategorized

June 22, 2020

Demystifying Casualty Loss Deductions

The days when you could claim deductions for run-of-the-mill casualty and theft losses of personal property are gone — at least temporarily....

COVID-19

June 22, 2020

Launching a business? How to treat start-up e...

While the COVID-19 crisis has devastated many existing businesses, the pandemic has also created opportunities for entrepreneurs to launch...

COVID-19

June 22, 2020

Re-evaluate your company’s competitiveness in...

Just about every business owner’s strategic plans for 2020 look far different now than they did heading into the...

COVID-19

June 22, 2020

Asset impairment is expected to hit 2020 fina...

Some companies are expected to report impairment losses in fiscal year 2020 because of the COVID-19 crisis. Depending on...

COVID-19
taxes

June 17, 2020

To Extend or Not to Extend?

During the COVID-19 crisis, some key tax deadlines were postponed until July 15, 2020. If your business and/or personal federal...

taxes

June 15, 2020

Good records are the key to tax deductions an...

If you operate a small business, or you’re starting a new one, you probably know you need to keep...

COVID-19

June 15, 2020

PPP Flexibility Act eases rules for borrowers...

As you may recall, the Small Business Administration (SBA) launched the Paycheck Protection Program (PPP) back in April to...

COVID-19

June 15, 2020

Is it time to outsource finance and accountin...

Outsourcing may appeal to organizations that are currently struggling with mounting overhead costs during the COVID-19 crisis. By outsourcing,...

Sports

June 14, 2020

KSDT Wins with Kyle Busch at Homestead-Miami

Busch Overcomes Early Challenges to Dominate at Homestead-Miami Cessna Tundra Driver Leads Race-High 82 Laps En Route to...

Sports

June 10, 2020

NASCAR is back with historic Double Header in...

The NASCAR Xfinity Series season heads to Homestead-Miami Speedway for the sight of a historic double header event this...

Business
COVID-19

June 9, 2020

60% threshold for PPP clarified

Partial PPP loan forgiveness remains if 60% threshold not met June 8, 2020 Source: by Jeff Drew, Journal of Accountancy Borrowers under...

Business
COVID-19

June 8, 2020

5 steps to streamline the month-end close

Many companies struggle to close the books at the end of the month. The month-end close requires accounting personnel...

insights

June 8, 2020

Does your company have an emergency successio...

For business owners, succession planning is ideally a long-term project. You want to begin laying out a smooth ownership...

Business
COVID-19

June 8, 2020

Rioting damage at your business? You may be a...

The recent riots around the country have resulted in many storefronts, office buildings and business properties being destroyed. In...

COVID-19
taxes

June 2, 2020

Business meal deductions: The current rules a...

Restaurants and entertainment venues have been hard hit by the novel coronavirus (COVID-19) pandemic. One of the tax breaks...

COVID-19
taxes

June 1, 2020

Family Business Tax-Saving Moves in the COVID...

Many family businesses have been adversely affected by the novel coronavirus (COVID-19) pandemic. But there's a silver lining: Proactive tax...

COVID-19
Lease Accounting

June 1, 2020

Revenue recognition and leases: FASB gives ce...

Private companies and most nonprofits were supposed to implement updated revenue recognition guidance in fiscal year 2019 and updated...

audit
COVID-19

May 27, 2020

Overcoming the challenges of remote auditing ...

Many people are currently working from home to help prevent the spread of the novel coronavirus (COVID-19). Your external...

Healthcare
insights

May 26, 2020

IRS releases 2021 amounts for Health Savings ...

The IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA basics An HSA is a trust created...

COVID-19

May 20, 2020

Fortunate enough to get a PPP loan? Forgiven ...

The IRS has issued guidance clarifying that certain deductions aren’t allowed if a business has received a Paycheck Protection...

Business
COVID-19

May 20, 2020

Adjust your expectations of business interrup...

A natural place to turn when disaster strikes is insurance. The very reason you pay premiums and deal with...

Business
COVID-19

May 20, 2020

Attuning your social media strategy to the pa...

Social media for business: Your time has come. That’s not to say it wasn’t important before but, during the...

COVID-19
Technology

May 20, 2020

Digital documents with e-signatures aren’t go...

Have you applied for a business loan lately? Or had some repairs done on your facilities? Maybe you’ve signed...

COVID-19

May 12, 2020

Can you business survive these trying times? ...

The novel coronavirus (COVID-19) pandemic has caused difficulties for millions of businesses — from family-owned restaurants and niche manufacturers to...

COVID-19

May 12, 2020

Business charitable contribution rules have c...

In light of the novel coronavirus (COVID-19) pandemic, many businesses are interested in donating to charity. In order to...

COVID-19

May 12, 2020

Subchapter V: A silver lining for small busin...

Many small businesses continue to struggle in the wake of the coronavirus (COVID-19) pandemic. Some have already closed their...

COVID-19

May 12, 2020

COVID-19: A reminder of why cross-training yo...

Imagine this scenario: A company’s controller is hospitalized for the novel coronavirus (COVID-19), and she’s the only person inside...

COVID-19
taxes

May 12, 2020

Benchmarking: Why normalizing adjustments are...

Financial statements aren’t particularly meaningful without a relevant basis of comparison. There are two types of “benchmarks” that a...

Business
insights

May 9, 2020

USMCA: New Trade Agreement Will Modernize NAF...

The United States-Mexico-Canada Agreement (USMCA) will take effect on July 1, 2020. President Trump has hailed the new North...

insights
taxes

April 27, 2020

CARES Act Provides 4 Possible Reasons to File...

The $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act delivers good news to individuals and businesses, including...

Uncategorized

April 23, 2020

FAQs issued for second round of PPP Funding

Source: Forbes Today the US Small Business Administration (SBA) sent an important message: loans under the Paycheck Protection Program (PPP)...

insights

April 21, 2020

New COVID-19 law makes favorable changes to “...

The law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for...

insights

April 20, 2020

Tax-favored coronavirus-related distributions

The coronavirus (COVID-19) pandemic is causing economic hardship for many people and businesses in the United States. On March...

insights

April 20, 2020

What are the key distinctions between layoffs...

As businesses across the country grapple with the economic fallout from the novel coronavirus (COVID-19) pandemic, many must decide...

insights

April 20, 2020

Questions to ask when making COVID-19 risk di...

Efforts to contain the spread of the novel coronavirus (COVID-19) have led to suspension of many economic activities, putting...

insights

April 20, 2020

Adjusting your financial statements for COVID...

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27, 2020, contains several tax-related provisions...

insights

April 15, 2020

SBA Issues New PPP Guidance for the Self-empl...

SBA publishes new PPP guidance for the self-employed and general partners By Jeff Drew April 14, 2020 The U.S. Small Business Administration...

insights

April 14, 2020

Deferral of Employment Tax Deposits and Payme...

Deferral of employment tax deposits and payments through December 31, 2020 The Coronavirus, Aid, Relief and Economic Security Act (CARES...

insights

April 13, 2020

COVID-19 Relief for Employers: New Employee R...

The coronavirus (COVID-19) pandemic has shut down many sectors of the U.S. economy, causing widespread job losses. Over 10 million...

insights

April 13, 2020

Real Estate Qualified Improvement Property (Q...

At long last, Congress passed legislation to correct a drafting error related to real estate qualified improvement property (QIP). The...

insights

April 10, 2020

COVID-19: CARES Act relaxes the limit on Bus...

The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides roughly $2 trillion of much-needed financial relief, including tax...

insights

April 7, 2020

Answers to questions about the CARES Act empl...

The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50%...

insights

April 7, 2020

CARES Act provides option to delay CECL repor...

The Coronavirus Aid, Relief and Economic Security (CARES) Act was signed into law on March 27. Among other economic relief...

insights

April 1, 2020

SBA offering loans to small businesses hit ha...

Every company has faced unprecedented challenges in adjusting to life following the widespread outbreak of the coronavirus (COVID-19). Small...

insights

April 1, 2020

Using your financial statements during an eco...

The economic fallout from the coronavirus (COVID-19) pandemic has forced business owners to reevaluate their operations and make difficult...

insights

April 1, 2020

The new COVID-19 law provides bus...

On March 27, President Trump signed into law another coronavirus (COVID-19) law, which provides extensive relief for businesses and...

insights

March 30, 2020

KSDT's Summary of CARES ACT

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020. In addition to...

insights

March 26, 2020

How to Manage COVID-19 Related Risk

The coronavirus (COVID-19) outbreak has had a crippling effect on the global economy. This is clearly uncharted territory. As millions around...

insights

March 26, 2020

Federal Tax Relief to Alleviate COVID-19 Hard...

The coronavirus (COVID-19) pandemic has already had widespread effects on the U.S. economy. Demand for many goods and services has...

insights

March 24, 2020

SBA Disaster Assistance in Response to the Co...

Source: SBA Website The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working...

insights

March 24, 2020

Families First Coronavirus Response Act: Empl...

From Department of Labor Website The Families First Coronavirus Response Act (FFCRA or Act) requires certain employers to provide employees with expanded...