Aug 2, 2021 | Accounting, Advisory, Agriculture, Beer, Blog, Cider, Closely Held Businesses, Manufacturing, Nonprofit, Real Estate and Construction, SBA, Startup Business, Wine
As your organization strives to use its resources as effectively as possible, you might at some point consider outsourcing the functions that fall under your accounting and financial umbrella. But wait: You’ll first need to weigh the possible benefits and pitfalls....
Jul 26, 2021 | Advisory, Audit, Blog, Nonprofit
Audits have become more important due to increased public and government scrutiny of not-for-profit organizations, their management, and their boards. Audits not only provide you with a fair assessment of your organization’s financial health, but also can reveal...
Jul 19, 2021 | Advisory, Blog, Tax
Virtual currencies, also known as cryptocurrencies, have gone mainstream. For example, you can use Bitcoin to buy a Tesla, or you can use a Bitcoin wallet on your smartphone to make everyday purchases. However, using virtual currency has federal income tax...
Jul 12, 2021 | Advisory, Blog, Business Insights and Analytics, Manufacturing
To succeed in the 21st century, manufacturers must embrace the latest technological innovations. As part of this trend, factories around the world are becoming increasingly interrelated using blockchain technology. Although the concept is shared by businesses in...
Jul 5, 2021 | Advisory, Benefit Plans, Blog, Closely Held Businesses, Real Estate and Construction, SBA, Startup Business
Small employers can still provide their team members with an excellent retirement plan option. The IRS provides insights on profit sharing in the following. Overview A profit-sharing plan has the same contribution limits as a Simplified Employee Pension (SEP) Plan;...
Jun 17, 2021 | Advisory, Audit, Blog, Nonprofit Insights
Last September, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-07 regarding the disclosure and presentation of contributed nonfinancial assets. The update seeks to increase transparency about how these types of assets are...
