Withum

JANUARY 12, 2024

The purpose of a PPA is to determine the fair value of the acquired assets and liabilities, which is essential for accurate financial reporting. Legal and Tax Compliance Accurate allocation of the purchase price is important for legal, tax, and regulatory compliance. Why Do I Need One?

Real Estate 75

Real Estate accounting standards financial statements accounting principles 75

CPA Practice

OCTOBER 16, 2023

Accountants are crucial for guiding clients through the various financial and administrative aspects of running a business. Tasks like meeting minutes might not be the most exciting part of running a business, but they are crucial for ensuring transparency, accountability, and legal compliance. Which Companies Need Meeting Minutes?

Legal 116

Legal payroll tax audit payroll 116

CPA Practice

OCTOBER 18, 2023

Accountants are crucial for guiding clients through the various financial and administrative aspects of running a business. Tasks like meeting minutes might not be the most exciting part of running a business, but they are crucial for ensuring transparency, accountability, and legal compliance. Which Companies Need Meeting Minutes?

Legal 105

Legal payroll tax audit payroll 105

MyIRSRelief

MARCH 29, 2024

The goal is to optimize a business’s tax position, reducing liabilities while adhering to legal requirements. They provide a clear picture of the financial health of the business, which is essential for strategic planning and decision-making.

California 130

California tax services business tax Tax 130

Basis 365

APRIL 10, 2024

This practice encompasses a broad spectrum of services, ranging from basic transaction coding and bank reconciliations to managing accounts payable/receivable and preparing financial statements. This precision is crucial for maintaining the integrity of financial reporting and avoiding potential fines or legal issues.

bookkeeping 59

bookkeeping accounts payable bookkeeping services financial statements 59

ThomsonReuters

JANUARY 8, 2024

Failure to comply with tax laws and regulations can result in severe penalties and legal consequences. AI algorithms can quickly scan through extensive legal documents, such as tax codes and regulations, identify relevant updates, and provide real-time notifications to professionals.

Tax 101

Tax Account accountant accounted 101

Randal DeHart

JUNE 16, 2023

We'll discuss how these principles can help you keep track of financial transactions, create accurate financial statements, and make informed decisions for your business. This guide will break down the essential accounting principles that every small business owner should know. So, let's dive in, shall we?

accounting concepts 75

accounting concepts Construction accounting principles Account 75

MyIRSRelief

OCTOBER 2, 2023

This is because LLCs are separate legal entities from their owners. Accounting is the process of recording, summarizing, and reporting financial transactions. Accountants use this information to prepare financial statements, such as balance sheets, income statements, and cash flow statements.

tax services 130

tax services bookkeeping bookkeeping services Tax 130

Going Concern

APRIL 12, 2024

electric carmaker Tesla, has failed to properly reflect fines in its financial statements and was issued a “qualified opinion” from an accounting firm on April 10. billion won in corporate taxes, but its management team recorded the amount as a receivable in its financial statements. Tesla Korea was subjected to 25.1

CPA 90

CPA auditor Tax audit 90

Cherry Bekaert

AUGUST 2, 2023

Local governments must make sure they adhere to what is explicitly allowed under State Statutes, as any charges not conforming with State Statute may not be legal. Funds must be placed in a Special Revenue Fund and a legal annual budget ordinance is required. Local governments may not budget under a grant project budget.

North Carolina 94

North Carolina accounting and finance financial statements Government 94

Basis 365

FEBRUARY 28, 2024

Bookkeepers regularly compare your internal records to bank statements, ensuring accuracy. Managing Basic Reports: Bookkeepers often generate basic financial statements like balance sheets, income statements, and cash flow statements. Synergy Identification: The CFO looked beyond the target's financials.

bookkeeping 64

bookkeeping Account accountant accounted 64

CPA Practice

MARCH 13, 2024

“The adjustments have no impact on our consolidated balance sheets, statement of earnings, comprehensive income or loss, or cash flows,” Luciano said. “In In addition, we determined that the adjustments are not material to our consolidated financial statements, taken as a whole, for any period.”

Account 52

Account accountant accounted Legal 52

Going Concern

NOVEMBER 2, 2023

SAB 121 is also unusual among SABs in the detailed description of disclosure the staff expects to see, including a full paragraph describing relevant disclosures that “may also be required outside the financial statements under existing Commission rules.”

Account 57

Account accountant accounted Legal 57

CPA Practice

FEBRUARY 23, 2024

Auditors, who by nature and training have extensive experience examining financial statements, evaluating control systems and identifying discrepancies, are ideally suited to navigate this complexity. Auditors’ proficiency in validating data ensures the reliability and accuracy of financial information.

audit 114

audit auditor accounting and finance Technology 114

TaxConnex

OCTOBER 12, 2023

There are also two big reasons to estimate the prior-period exposure: The data can help determine a strategy to mitigate the liability; and, if a company is publicly traded, it must required to disclose the exposure on the financial statements if it meets the reportable criteria/thresholds. Evaluate mitigation options.

Sales 113

Sales Tax audit tax return 113

Withum

NOVEMBER 3, 2023

The determination of enforceable terms of a lease amongst related parties can be difficult and costly and could necessitate a formal legal opinion due to the nature of the common control relationship. Under previous guidance, the entity would account for the lease arrangement based on economic substance.

accounting standards 124

accounting standards Account accountant accounted 124

Basis 365

JULY 28, 2023

Ensuring compliance with accounting standards and accurately reflecting revenue on financial statements is crucial to maintain transparency and trust with stakeholders. Incorrect inventory valuation can lead to inaccurate financial statements, affecting profitability and decision-making.

Account 52

Account accountant accounted financial statements 52

Withum

OCTOBER 5, 2023

This model has been essential to growing virtual health businesses that need to remain in compliance with the Corporate Practice of Medicine (CPOM) laws; however, there are several legal and tax considerations to be aware of when considering whether to file a consolidated federal income tax return for the entities within the structure.

income tax 59

income tax tax return Tax Legal 59

Basis 365

JUNE 15, 2023

Implement segregation of duties, ensuring multiple employees oversee financial processes. Regularly review and update financial policies to address new risks. Regularly Reconcile Financial Statements Conduct regular and thorough reviews of financial statements, bank reconciliations, and other relevant documents.

bookkeeping 52

bookkeeping Employee Expense Reimbursement Expense Reimbursements auditor 52

SMBAccountant

NOVEMBER 17, 2021

They review the financial statements as part of the audits. Including the child support deduction in a lump sum payroll expense can also lead to legal issues. Recording Jason’s deductions as a tax expense is incorrect and overstates the expense to the business. The business’s true expense is only $45.

payroll 130

payroll payroll tax income tax Expense Reimbursements 130

Airbase

JULY 19, 2023

Some purchases might require legal review, others may need executive team approval. The finance team must ensure the systems are in place to consistently provide three years of audited financial statements. Requests and approvals can span procurement, legal, IT, and other teams. Accelerated growth, rising risks.

audit 130

audit Legal Spend Management Finance 130

TaxConnex

FEBRUARY 24, 2022

There are two primary reasons to estimate the prior-period exposure: The data can help determine a strategy to mitigate the liability; and if a company is publicly traded, it’s required to disclose the exposure on the financial statements if it meets the reportable criteria/thresholds. Evaluate Mitigation Options.

Sales 194

Sales Tax tax return payroll 194

CPA Practice

DECEMBER 19, 2023

These tools should help in areas like automated bookkeeping, financial statement analysis and predictive budgeting. Compliance is not just a legal requirement but a trust-building measure with your clients. These are tools you’re already familiar with, Intuit Assist within QBO or AI tools built into Botkeeper.

accounting firms 124

accounting firms Account accountant accounted 124

Acterys

FEBRUARY 22, 2023

In this blog, we look at three main reporting types that FP&A teams must use to monitor the financial health and performance of a business. Type 1: Financial Statements Financial statements are a set of foundational reports that provide an overview of a company’s financial position and performance.

financial statements 130

financial statements accounting and finance Sales Finance 130

Going Concern

OCTOBER 31, 2022

The story is behind a paywall but Law.com says that during a recent Law.com webinar, EY global law leader Cornelius Grossmann said a new EY company, split from its audit business, would focus on largescale clients and projects that are multidisciplinary in nature, with legal services being a key—but not dominant—component. Happy Spoopy Day!

Account 91

Account accountant accounted audit 91

Cherry Bekaert

MARCH 21, 2023

With respect to restricted securities , the amendments in ASU 2022-03 do not change the guidance for equity securities subject to legal restrictions that prevent the securities from being sold on a national securities exchange or an over-the-counter (OTC) market until the securities are registered or deemed to be exempt from registration.

Sales 74

Sales Legal accounting standards financial statements 74

Going Concern

JUNE 13, 2023

PwC raised average pay for its London-based audit graduates to £32,000 last year, roughly half the salary of the City’s best-paid legal trainees. Du Plessis, former chair of BT and Rio Tinto, said the difficulty auditors faced recruiting the right people was no different to that in many other sectors.

auditor 104

auditor audit financial statements Legal 104

Going Concern

JANUARY 4, 2024

Financial Services Practice). Hughes provides financial statement audit services for various financial institutions, primary mortgage companies, public and privately held community banks, credit unions and other specialty lenders. Financial Services Practice). Chris Hughes (San Francisco, Calif., General Counsel).

Real Estate 57

Real Estate Hospitality Construction audit 57

Going Concern

JULY 1, 2022

As of right now, 19 states have legalized marijuana, with several more having decriminalized and/or allowed for medical use. billion in 2021 and many of the 66 known cannabinoids can be delivered to your someone who isn’t you’s house — legally — with just a click. The CBD market alone was worth $12.8

cpas 69

cpas CPA Legal cpa firm 69

Going Concern

OCTOBER 27, 2022

In its defence filed this month, EY said audits were designed to give “reasonable assurance” the accounts were not materially misstated but they do not guarantee this and do not absolve company directors of “primary responsibility for the accuracy of those financial statements”. “Whose statements are these?

audit 81

audit auditor Legal Transportation 81

Cherry Bekaert

JUNE 9, 2023

However, based on the feedback from respondents to the 2021 FASB Invitation to Comment related to Accounting for and Disclosure of Crypto Assets , applying that model has its limitations and does not provide users of their financial statements with decision-useful information. tax return and financial statement reporting.

Account 98

Account accountant accounted accounting and finance 98

CPA Practice

APRIL 10, 2024

Restatement history (firm-level only): Restatements of financial statements and management reports on internal control over financial reporting that were audited by the firm over the past five years. The largest registered firms would also be required to confidentially submit financial statements annually to the PCAOB.

audit 52

audit auditor public accounting accounting firms 52

Going Concern

NOVEMBER 30, 2023

Among other violations, Haoxin and the engagement team improperly relied on a predecessor auditor’s draft work papers, adopted those draft work papers as their own, and performed limited additional procedures before issuing an unqualified audit opinion on Gridsum’s 2015-2017 financial statements. Haoxin violated the U.S.

audit 61

audit auditor public accounting financial statements 61

Cherry Bekaert

MARCH 4, 2024

Compliance: In preparation for a successful annual audit, the establishment of accurate financial statements was critical. With the guidance of Cherry Bekaert, the deployment of Sage Intacct helped Stravos adhere to legal and regulatory requirements that govern financial reporting, data security, privacy, and taxation.

general ledger 52

general ledger Education Technology accounting and finance 52

Cherry Bekaert

FEBRUARY 26, 2024

These functions can include managing payroll, accounts payable, accounts receivable, monthly bank reconciliations, tax prep support, legal compliance and financial reporting, among others. Outsourced accounting occurs when a business hires an external, third-party company to handle its finance and accounting functions.

Account 81

Account accountant accounted accounting and finance 81

Withum

DECEMBER 14, 2023

In terms of filing requirements, the Form 5500 must include a Schedule DCG for each individual plan within the DCG, and each plan in the group that has an audit requirement must attach their respective audited financial statements to the Schedule DCG.

audit 75

audit financial statements Legal Tax 75

Withum

OCTOBER 20, 2022

For example, legal fees incurred to negotiate a lease are going to be incurred whether the lease is ultimately executed or not. The new lease accounting standards only apply to financial statements reported under Generally Accepted Accounting Principles (GAAP). Under the new standards, these costs will be expensed as incurred.

Real Estate 78

Real Estate Account accountant accounted 78