TCJA Provisions: Research Credit May Be Available

If your company engages in qualified research activities, revisit the research credit to be sure you’re taking full advantage of its benefits. Changes under the TCJA could make the credit more valuable and/or available for

Identifying Hidden Liabilities

From bad debts to pending lawsuits, a company’s financial statements may not disclose everything stakeholders need to know to assess its financial health. What’s undisclosed on a company’s financial statements can be just as significant

Conducting Risk Assessments

Your auditor conducts an updated risk assessment every year when preparing financial statements. Learn how CPAs factor risk assessments into their audit procedures. 3-Prong Assessment Audit risk is a combination of three components: Control risk.

That Time of the Year to Review your Business’s Expenses

It's getting to be that time of the year to review your business's expenses for deductibility. The deductibility of certain expenses is obvious, while in other cases it’s unclear. And the TCJA affects many business

Financial Reporting Issues With Audit Opinions

Lenders and investors look to your company’s audit opinion letter for insight. They know which types of audit opinions tend to foreshadow financial reporting and going-concern issues. Do you? The Basics To find out what

Audit Process of Royalty Agreements

Who’s monitoring your licenses? Whether due to error or fraud, underpayments may happen when your company licenses intellectual property to others. An external audit can ensure accurate royalty payments. The agreement The parties’ attorneys usually

What You Need To Know About Independent Contractors

Independent Contractor vs. Employee: Worker Classification Matters Many employers mistakenly believe that the misclassification of employees as independent contractors doesn’t really matter, so long as the contractors satisfy all of their tax obligations. This couldn’t

Calendar Year Vs. Fiscal Year

Abstract:   Using a calendar year as a company’s tax year is often the simplest approach. But for businesses whose primary operating season doesn’t fall neatly within a single calendar year, choosing a fiscal year end

Comparison of Cash and Accrual Reporting Methods

Tax reform has opened the door for more companies to use the simpler cash method of accounting. Small businesses tend to convert to accrual-basis reporting vs. cash for federal tax purposes. While simpler is often

Changes to the Tax Treatment of Fringe Benefits

The tax treatment of fringe benefits varies. Many types are tax-free to employees, but the TCJA has changed the tax treatment of some benefits. Here’s what small businesses need to know. Insurance Businesses can provide

Should your Business Consider a Cost Segregation Study?

Too often, businesses allocate all or most of a building’s acquisition or construction costs to real property, overlooking opportunities to allocate costs to shorter-lived personal property or land improvements and boost current tax deductions. The

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