For many companies, revenue is one of the largest financial statement accounts. It’s also highly susceptible to financial misstatement. When it comes to revenue, auditors customarily watch…Read More
Blog
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It’s not too late: You can still set up a retirement plan for 2018
If most of your money is tied up in your business, retirement can be a challenge. So if you haven’t already set up a tax-advantaged retirement plan,…Read More
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A fresh look at percentage of completion accounting
How do you report revenue and expenses from long-term contracts? Some companies that were required to use the percentage of completion method (PCM) under prior tax law…Read More
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Buy business assets before year end to reduce your 2018 tax liability
The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses. To take advantage of these breaks,…Read More
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LIFO lessons learned
You have choices when it comes to reporting inventory costs. One popular technique — the last-in, first-out (LIFO) method — assumes that merchandise is sold in the…Read More
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Research credit available to some businesses for the first time
The Tax Cuts and Jobs Act (TCJA) didn’t change the federal tax credit for “increasing research activities,” but several TCJA provisions have an indirect impact on the…Read More
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How auditors assess risk when preparing financial statements
Every year, your audit firm will conduct a fresh risk assessment before the start of fieldwork. Why? Because your auditor wants to mitigate the risk of expressing…Read More
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Selling your business? Defer — and possibly reduce — tax with an installment sale
You’ve spent years building your company and now are ready to move on to something else, whether launching a new business, taking advantage of another career opportunity…Read More
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Assessing the effectiveness of internal controls
Strong internal controls can help prevent and detect fraud. That’s why Section 404(a) of the Sarbanes-Oxley Act (SOX) requires a public company’s management to annually assess the…Read More
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Now’s the time to review your business expenses
As we approach the end of the year, it’s a good idea to review your business’s expenses for deductibility. At the same time, consider whether your business…Read More