A tax form that used to be filed back in the 1980s is coming back for 2020: Form 1099-NEC. Here’s what businesses need to know.Read More
Archive for the ‘Financial Reporting’ Category
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Overcoming the Challenges of Remote Auditing During the COVID-19 Crisis
Here is how you can facilitate the transition to remote auditing and help ensure timely, transparent financial reporting.Read More
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Adjusting Your Financial Statements for COVID-19 Tax Relief Measures
Amid the COVID-19 crisis, it’s critical to stay atop a barrage of tax law changes that may affect quarterly and year-end reporting.Read More
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Questions to Ask When Making COVID-19 Risk Disclosures
Efforts to contain the spread of the novel coronavirus (COVID-19) have led to suspension of many economic activities, putting unprecedented strain on businesses. The Securities and Exchange…Read More
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Cares Act Provides Option to Delay CECL Reporting
Implementation of the current expected credit loss (CECL) standard has been delayed again. This time, large public banks get a reprieve.Read More
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FAQs About Prepaid Expenses
It’s important to review the financial reporting requirements for prepaid assets and evaluate whether the benefits of prepaying outweigh the costs.Read More
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GAAP vs. Tax-Basis: Which Is Right for Your Business?
As GAAP accounting continues to get more complex, the tax-basis method is a simpler alternative that could provide relief for some private companies.Read More
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Manage Your Working Capital More Efficiently
Working capital is the difference between a company’s current assets and current liabilities. For a business to thrive, its working capital must be greater than zero. A…Read More
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Valuing Profits Interests in LLCs
The use of so-called “profits interest” awards as a tool to attract and retain skilled workers has increased, as more companies are being structured as limited liability…Read More
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New Business Travel Per Diem Rates Announced for 2020
Recordkeeping for reimbursing business travel expenses can be cumbersome. Instead of reimbursing employees for the actual costs they incur for out-of-town lodging, meals and incidentals, some employers…Read More