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Private Companies: Have You Implemented The New Revenue Recognition Standard?

Private companies that follow U.S. Generally Accepted Accounting Principles (GAAP) must comply with the landmark new revenue recognition standard in 2019. Many private company CFOs and controllers report that they still have significant work to do to meet the demands of the sweeping rules. If you haven’t started the implementation process, it’s time to get […]

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Financial Best Practices For Religious Congregations

Churches, synagogues, mosques and other religious congregations aren’t required to file tax returns, so they might not regularly hire independent accountants. But regardless of size, religious organizations often are subject to other requirements, such as paying unrelated business income tax (UBIT) and properly classifying employees. Without the oversight of tax authorities or outside accountants, religious

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Evaluating Your Audit Committee

Under the Sarbanes-Oxley Act, the audit committee — not management or the full board of directors — is directly responsible for appointing, compensating and overseeing external auditors. Periodically, it’s a good idea to assess the effectiveness of your audit committee by performing a self-evaluation. Here are reasons to conduct a self-evaluation, along with some common

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Don’t Let The “Commerciality Doctrine” Trip Up Your Nonprofit

The commerciality doctrine was created along with the operational test to address concerns over not-for-profits competing at an unfair tax advantage with for-profit businesses. But even business activities related to your exempt purpose could fall prey to the commerciality doctrine, resulting in the potential loss of your organization’s exempt status. Several factors considered The operational

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Time To celebrate! FASB Expands VIE Exception For Private Companies

The Financial Accounting Standards Board (FASB) recently gave private companies long-awaited relief from one of the most complicated aspects of financial reporting — consolidation of variable interest entities (VIEs). Here are the details. Old rules Accounting Standards Codification (ASC) Topic 810, Consolidation, was designed to prevent companies from hiding liabilities in off-balance sheet vehicles. It

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Comply Carefully With The Laws Regarding Background Checks

A bad hire can lead to more than just disappointment. Disgruntled employees may draw bad publicity; file complicated, expensive lawsuits; and even disclose or destroy sensitive data. Many employers are adding background checks to their hiring processes for these reasons. If you’re thinking about joining them, here are some dos and don’ts to follow. What

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3 Under-the-Radar Aspects Of Payroll Record-Keeping

The phrase “payroll record-keeping” may conjure images of pay-stubs and W-4s. But there are other aspects that often fly under the radar and lead to administrative slip-ups. Here are three examples. 1. Fringe benefit records The tax code provides an explicit record-keeping requirement for employers with enumerated fringe benefit plans, such as: Health insurance, Cafeteria

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