Importance of the statement of cash flows
The statement of cash flows provides answers to the important question “Where did the money go?”
Lease accounting update will affect balance sheets in all sectors
The update is significant for the financial reporting and compliance requirements it presents to businesses across all sectors.
Tax consequences of charging below-market rent
Many property owners fail to realize offering a rental to a relative at a below-market rate could make the property ineligible for certain tax breaks.
How To Avoid Late Remittances
Employers who withhold employee salaries as contributions to benefits plans must act as timely and efficient stewards of these funds or risk fines from the U.S. Department of Labor.
Changes to Voluntary Correction Program Compliance Fees
Through the VCP, the IRS offers a way for companies not currently undergoing an IRS audit to remedy errors in their retirement plan documents.
Historic Preservation Tax Credit Program
The historic preservation tax credit program is designed to encourage developers to restore historic buildings of cultural and aesthetic significance for commercial and residential use.
Comfort Letters and Third-Party Verification Requests
Verification letters are often required in application processes that can be of special significance to client’s life. However, in responding to a third party verification, a CPA may violate professional standards.
Complying with Pension Plan Act of 2006 Restatements
Employers must routinely make adjustments to their defined contribution retirement plans in order to stay in compliance with the IRS.
Benefits of Cost Segregation Studies
Cost segregation allows for reduced tax liability and can be particularly helpful in the early years of a new business.
Is your employee benefit plan compliant?
It’s more important than ever for employers to determine that their benefit plans adhere to Department of Labor and Internal Revenue Service regulations as these regulatory bodies have become better at identifying businesses that fail to comply with fiduciary responsibilities. That means more and more benefit plan administrators are being hit with fines that can total up to $1,100 a day.
What are the different types of financial statement services?
The term “audit” gets used liberally when businesses need to provide financial statements to outside parties, but an audit may not actually be what many businesses need to meet their financial requirements.
Understanding Louisiana’s unclaimed property laws
Louisiana residents should familiarize themselves with the state’s unclaimed property laws, which can have different parameters depending on the property type.