The FASB recently issued ASU 2017-04 to simplify how all entities assess goodwill for impairment by eliminating Step 2 from the goodwill impairment test. As amended, the goodwill impairment test will consist of one step comparing the fair value of a reporting unit with its carrying amount. This article gives you all the details.
Small-business owners must remain alert
It seems to be in the news every other day: A trusted longtime employee is found guilty of embezzling money from his or her employer. This may give you momentary pause, but then it is likely that you will simply continue to go about your business. After all, this cannot happen to you—can it?
Timely points of particular interest
This article touches on significant estate-tax changes in individual states as well as one idea for owners and managers to consider if thinking about growing your business in 2017.
Where Are They Most Vulnerable and What Can We Do? Part One - Disbursements
The most common frauds, in any business, involve schemes associated with the person handling the money and stealing the funds that have already been deposited into the organization’s checking account. Part one of this brief series focuses on theft by disbursements. In part two, we’ll discuss theft associated with cash receipts.
The FASB recently issued ASU 2017-02 to clarify when a not-for-profit entity (NFP) that is a general partner or a limited partner should consolidate a for-profit limited partnership or similar legal entity once the amendments in Accounting Standards Update No. 2015-02, Amendments to the Consolidation Analysis, become effective. The ASU is available here, and becomes effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. Early adoption is permitted, including adoption in an interim period.
You know that QuickBooks saves a lot of time. But have you explored how it does so by memorizing transactions?
Your accounting work involves a lot of repetition. You send invoices. Pay bills. Create purchase orders. Generate payroll checks and submit payroll taxes.
Some of the time, you only fill out those transaction forms once. You might be doing a one-time purchase, like paying for some new office furniture. Other times, though, you’re paying or charging the same companies or individuals on a regular basis.
QuickBooks contains a shortcut to those recurring tasks, called Memorized Transactions. You can save the details that remain the same every time, and use that template every time the bill or invoice is due, which can save a lot of time and improve accuracy. This article explains how it works.
If you plan to have multiple employees using QuickBooks, you can limit their access to specific areas.
Controlling access to your QuickBooks company file is easy when you’re a one-person accounting department. This article explains how it works.
Whether we look at the blueprint for tax reform put forth by Republican House Ways and Means Committee members, the deliberations of the Senate Finance Committee’s bipartisan tax reform working groups or the tax proposals of President Trump, there is a very real possibility that tax rates will be lowered in the near future. While the Internal Revenue Code (IRC) hasn’t seen a major overhaul since 1986, the tax law as we know it today may not be the tax law next year.
Beginning Jan. 22, 2017, employers must use the 11/14/2016 N version of Form I-9 Employment Eligibility Verification, to verify the identity and work eligibility of every new employee hired, or for the reverification of expiring employment authorization of current employees (if applicable).
All too often employee benefit plans are overlooked during the day-to-day operations of a business. As with most things, a lack of ongoing oversight and review increases risk exposure and creates opportunities for seemingly trusted employees or plan sponsors to commit to commit fraud. This article explores three key areas employers should focus on when reviewing their plan.