Cherry Bekaert

SEPTEMBER 20, 2023

Architectural & Engineering (A&E) firms that propose or work on government contracts may be required to have an adequate system review. If you have any questions specific to your business needs, Cherry Bekaert’s Professional Services team is available to discuss your situation with you.

audit 99

audit accounting system Government Tax 99

Cherry Bekaert

MARCH 7, 2024

CMMC is a major DoD program aimed at securing the DIB supply chain by increasing the protection of controlled unclassified information (CUI) and Federal Contract Information (FCI) within the DIB. The three levels include: CMMC Level 1 – Basic safeguarding of Federal Contract Information (FCI) CMMC Level 2 – (Previous CMMC 1.0

audit 94

audit Government Start-ups Maine 94

Cherry Bekaert

JANUARY 19, 2023

Contributor: Jack McKee, Manager | Government & Public Sector Governmental Accounting Standards Board (GASB) Statement 96 provides guidance and addresses how the costs and investments for subscription-based information technology arrangements (SBITAs) are accounted for and disclosed by governmental entities.

Technology 98

Technology Government accounting standards financial statements 98

CPA Practice

MARCH 27, 2024

I tapped the chat button on my tax software for help, expecting to be sucked into customer-service hell. The only sure thing in life, after death and taxes, is that the government is bad at technology. Lots of other countries, such as Japan, Germany, and New Zealand, already have their own government-run tax sites.

Technology 115

Technology Government Tax tax return 115

SMBAccountant

NOVEMBER 3, 2022

The benefits of following GAAP for Small Business: Many small business owners shy away from anything associated with Generally Accepted Accounting Principles (otherwise known as GAAP) thinking they apply only to large publicly held organizations. This thinking is far from true, however. Permalink

accounting principles 130

accounting principles Government Account accountant 130

Cherry Bekaert

SEPTEMBER 28, 2023

As the end of the fiscal year (FY) rapidly approaches in four days, and with no appropriations for FY 2024, government contractors should be planning for a shutdown that will interfere with services, payments and awards that were anticipated for future revenue. What Should Government Contractors Do?

Government 75

Government Account accountant accounted 75

Withum

FEBRUARY 20, 2024

A proposed environmental, social, and corporate governance (ESG) ruling will impose new reporting requirements for government contractors. The new rule, to be incorporated into FAR subpart 23, intends to protect the government supply chain from climate-related financial risk. Those with contracts between $7.5

Government 52

Government Transportation Non-Profits Maine 52

Withum

DECEMBER 16, 2022

On December 12, 2022, Martinez & Associates, a public accounting firm headquartered in Winter Springs, FL, announced it will join its practice with WithumSmith+Brown, PC (Withum), a nationally recognized CPA and advisory firm with 20 offices and annual revenue of $450M, ranking in the top 25 firms in the country.

Florida 98

Florida CPA Construction Manufacturing 98

Going Concern

JANUARY 8, 2024

Both the city and county utilize the services of Porter, Muirhead, Cornia and Howard (PMCH) — a certified public accountant based in Casper — for their audits. The firm works with the local governments to compile information for the audit throughout the year. The city of Sheridan is set to pay the firm about $127,000.

Wyoming 111

Wyoming audit Government Montana 111

CPA Practice

DECEMBER 19, 2023

Top 30 accounting firm Aprio has expanded into Texas after merging with San Antonio-based Ridout Barrett & Co. Founded in 1986, RBC has deep experience providing accounting and business consulting services to its clients, especially those in the construction and real estate industries. CPAs & Advisors (RBC).

Texas 64

Texas accounting firms Real Estate Construction 64

TaxConnex

SEPTEMBER 26, 2023

Usually all retail sales of tangible personal property (TPP) are taxable, but many states have started to tax services. Who the customer is and what they’ll use the TPP for can create a sales tax exclusion, too, such as when selling to a church or government agency. For TPP, where did possession take place? Marketplace facilitators.

Sales 202

Sales Tax South Dakota Colorado 202

Cherry Bekaert

FEBRUARY 23, 2024

Under the Coronavirus State and Local Fiscal Recovery Funds rule (31 CFR 35) , state and local governments were provided provisions for the use of this funding, including dates and deadlines. Funds must be committed for an eligible use through a contract, purchase order, subaward or an alternative binding document.

Government 75

Government accounting standards payroll audit 75

CPA Practice

JUNE 28, 2023

By Emily Fish, director of product accounting at LeaseQuery Within the lease accounting standards, there are exceptions to help entities determine which leases are in scope and which are not. First and foremost, the lease accounting standards apply to all entities—there isn’t an exception for an entity or industry as a whole.

accounting standards 124

accounting standards Account accountant accounted 124

Withum

FEBRUARY 15, 2022

As government contractors prepare to bid on a proposal for a governmental contract that requires an adequate accounting system, a pre-approval known as a “pre-award survey” (Form “SF1408”) assesses the adequacy of a government contractor’s accounting system prior to the award of a cost-reimbursable contract.

accounting system 72

accounting system Government Account accountant 72

Withum

MARCH 29, 2023

Whether you are pursuing a new contract or have extensive experience in the industry, having the proper contractor business systems in place can ensure that your business is on the path to profitability and compliance. In government contracting, the level of compliance is determined by the contract.

Non-Profits 69

Non-Profits Government accounting system accounting standards 69

Menzies

MARCH 7, 2024

Menzies LLP - A leading chartered accountancy firm. Despite the hopes of many for a last minute reprieve it has now been confirmed that the new merged R&D scheme will take effect for periods starting on or after 1 April 2024.

chartered accountant 52

chartered accountant accounting firms Government Account 52

Going Concern

MAY 10, 2023

ICYMI, PwC Australia’s (former) CEO Tom Seymour stepped down on Monday which normally would inspire a hearty “who cares” from our primarily US-based audience but the issue surrounding his departure is prompting an attack on the entire professional services industry. The group said PwC should donate the $2.5

Government 60

Government Tax tax planning Account 60

Going Concern

SEPTEMBER 8, 2023

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. It can further be revealed that PwC’s Indigenous Consulting, which says it ‘works together with governments’ to ‘close the gap’ and has been given at least $44.67

Tax 96

Tax Kansas Arkansas Real Estate 96

VJM Global

MARCH 27, 2023

A works contract means a contract that involves both supplies of goods and supply of services such as a construction contract wherein the material is supplied along with service. Other examples of works contract service on completion, erection, installation, fitting, renovation, etc. As per entry No.

Construction 52

Construction Tax Government Account 52

Xero

APRIL 17, 2024

Understanding the environmental impact of your business is critical in today’s business environment — and carbon accounting is a fundamental step in this process. With carbon accounting increasingly becoming another compliance measure mandated by regulators, businesses of all types and sizes need to get their emissions numbers in order.

Account 82

Account accountant accounted accounting apps 82

Withum

JULY 20, 2023

Hopefully, you properly accounted for PPP loan forgiveness in preparing your indirect cost rate. To minimize the impact, any forgiveness of PPP loans should first be applied to direct labor of commercial contracts. Any direct labor on government contracts must be reallocated to indirect costs for the indirect cost rate calculation.

payroll 52

payroll Transportation Government Account 52

Cherry Bekaert

MAY 16, 2023

Contributors: John Ford | Senior Consultant, Government Contracting Industry Practice Tony Konkol | Manager, State & Local Tax Practice As a general rule, corporations are responsible for paying Federal and state taxes on the income they earn. The Administrative Contracting Officer (ACO) agreed with DCAA and disallowed the costs.

income tax 88

income tax Tax tax return Connecticut 88

CPA Practice

JANUARY 5, 2024

A Nevada accountant was sentenced Wednesday to 13 months in prison for his role in separate bribery and tax fraud conspiracies. Lewis, of Henderson, was a CPA employed by Las Vegas-based accounting firm L.L. According to court documents and statements made in court, Dustin M. Bradford & Company.

CPA 52

CPA Nevada Tax tax return 52

Cherry Bekaert

OCTOBER 25, 2023

The Financial Accounting Standards Board (FASB) has issued Accounting Standard Update (ASU) 2023-03 through ASU 2023-06. However, three of the four ASUs pertain to SEC guidance contained in the Codification and there were no new standards issued by the Government Accounting Standards Board (GASB) this quarter.

financial statements 111

financial statements accounting and finance accounting standards Finance 111

TaxConnex

JUNE 9, 2022

States’ sales taxes account for almost 30% of state tax revenue, but most sales taxes are imposed on narrow and still-narrowing bases, according to a new report from the Tax Foundation. Kentucky has enacted multiple tax changes , including expansion of the services subject to sales and use taxes. Time for a renovation? 25 this year.

Sales 193

Sales Tax Colorado Massachusetts 193

Cherry Bekaert

FEBRUARY 26, 2024

Contributor: Veronica Vannoy Cherry Bekaert offers outsourced accounting services to businesses that want to reduce costs, improve efficiency and focus on core operations. Our certified accounting professionals produce accurate and timely financial reporting, while ensuring confidentiality and data security.

Account 81

Account accountant accounted accounting and finance 81

Going Concern

MAY 12, 2023

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. UK accounting sector needs to put more emphasis on its people [ AccountancyAge ] Across the UK, increasing turnover rates have been observed across barrios sectors.

CPA 103

CPA Account accountant accounted 103

CPA Practice

SEPTEMBER 6, 2023

million reasons to ensure tax laws account for sales of NFTs and other new tech, crafting tax policies for NFTs is difficult. A non-fungible token, or NFT, is a unique digital identifier that certifies the authenticity and ownership of a physical or digital good or service. That kind of money could turn any tax official’s head.

Washington 121

Washington Pennsylvania Technology Tax 121

Cherry Bekaert

MAY 16, 2023

Authors: Kenneth Woodring , Senior Manager, Risk & Accounting Advisory Services , Graham Michitsch , Senior Manager, Risk & Accounting Advisory Services Congratulations to successfully completing your implementation of ASC 842 and IFRS 16 – Leases. How is the related information transferred or communicated?

Account 98

Account accountant accounted accounting and finance 98

ThomsonReuters

NOVEMBER 8, 2022

In this edition, we take a look at recent editions to Checkpoint’s ESG toolkit, new SEC rules on clawback of executive compensation, and new FASB guidance on revenue contracts. through due diligence, advisory, consulting and assurance services). SEC Accounting and Reporting Update (SARU): No. Not yet a subscriber?

accounting and finance 59

accounting and finance audit Finance Account 59

Going Concern

OCTOBER 2, 2023

Global accounting and advisory firm Deloitte is well and truly pulling away from its Big Four rivals. The AICPA created the practice aid to help accounting professionals establish a QM system for their firm’s accounting and auditing practice in line with the Statement on Quality Management Standards (SQMS) No.

North Dakota 98

North Dakota Account accountant accounted 98

Accounting Insight

JANUARY 8, 2024

To help this collaboration, businesses should take steps such as implementing AI and automation tools to detect any suspicious activities or anomalies within the Accounts Payable (AP) process. But in 2024, we will see much stronger industry and government action to enforce a permanent shift to on-time payments.

accounts payable 105

accounts payable B2C Technology accounting and finance 105

Going Concern

JUNE 7, 2023

Australian Retirement Trust is the second largest pension fund in the country and joins largest fund AustralianSuper in breaking up with the most prestigious of Big 4 professional services firms. million members, “will not be undertaking any new contracts with PwC at this time,” a spokeswoman told Bloomberg in an emailed statement.

audit 75

audit Tax Government Account 75

Menzies

MARCH 22, 2024

Menzies LLP - A leading chartered accountancy firm. Part-year worker – A worker who under the terms of their contract, is required to work only part of that year and there are periods within that year (during the term of the contract) of at least a week which they are not required to work and for which they are not paid.

chartered accountant 52

chartered accountant Legal accounting firms Government 52

Going Concern

AUGUST 11, 2023

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. Accounting and advisory firm Grant Thornton trimmed about 3% of its ranks in June. What drew you to the field of accounting?

Account 74

Account accountant accounted audit 74

SMBAccountant

SEPTEMBER 9, 2022

by Chris Poponak – SMB Government Compliance Analyst. Also, according to Haileyesus, “most women-owned firms are small businesses with the top employment industries being health care; accommodation and food services; and administrative support. billion of all contracts to women-owned small businesses in fiscal year (FY) 2015.

Government 49

Government Account accountant accounted 49

Going Concern

MARCH 12, 2024

KPMG let 6 percent of their deals people go in October, up to 600 people at PwC were asked to leave or get fired in November, and 150 more people were punted out of EY just days before Christmas on top of the five percent of the 2,300 people in financial services consulting chopped in August. It’s rough.

Government 87

Government Sales Account accountant 87