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Accounting & Auditing

  • The New Credit Loss Standard and the CECL Model

    After almost a decade of study, the Financial Accounting Standards Board (FASB) released an accounting standard on the credit losses on financial instruments. In rethinking how credit losses should be recognized and measured, however, FASB created a standard that affects the accounting for a wide variety of financial instruments and a wide variety of entities.
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  • DOL Proposes Significant Overhaul to Form 5500

    Form 5500 is the primary documentation disclosed to participants and beneficiaries of employee benefit plans. It is an essential compliance tool for the Employee Benefits Security Administration, and it is in the process of being modernized to fit today’s plan operations and practices.
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Technology

  • How Construction Contractors Can Reduce Their Risk of Cybercrime

    If you are in construction and worried about your vulnerability to cyberattack, you'll need a collection of protections in place to help keep hackers at bay and safeguard your data. The first order of business is to establish internal controls over your IT processes and user functions.
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  • Running a Business with Your Head in the Clouds

    Storing information “in the cloud” is a nebulous concept for most. To put it simply, cloud computing is essentially a place to store a lot of stuff. If the cloud was tangible, it would be an organized and (theoretically) limitless version of your attic.
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Tax

  • Marshawn Lynch and the Tax Deductibility of Fines

    One of the most common questions an accountant receives is whether or not an expense is deductible. There are no cut-and-dried answers, as the taxpayer needs to make the determination as to whether the costs incurred were common, accepted (ordinary), essential, and appropriate (necessary). But fines on a football player?
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  • Silent Tax Returns, Chatty CPAs

    Every tax season presents its own unique challenges, so CPAs entered this season recognizing that there would be planning difficulties because of the uncertainty of future tax laws. Even with PICPA's many tax resources, nobody anticipated the "silent tax return."
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