A landmark financial reporting update is replacing about 180 pieces of industry-specific revenue accounting guidance with a single, principles-based approach. In May 2014, the Financial Accounting Standards Board (FASB) unveiled Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. In 2015, the FASB...
Turning receivables into cash is among the most important things a business must do. Of course, it is easier said than done. Here are five ways to speed up collections: Streamline the billing process. You cannot collect what you do not bill. Invoice customers promptly...
There is a lot to think about when you change jobs, and it is easy for a 401(k) or other employer-sponsored retirement plan to get lost in the shuffle. However, to keep building tax-deferred savings, it is important to make an informed decision about your...
Individuals: If you have an automatic six-month extension to file your income tax return for 2015, file Form 1040, 1040A, or 1040EZ and pay any tax, interest, or penalties due. Employers: For Social Security, Medicare, withheld income tax, and non-payroll withholding, deposit the tax for payments...
CPA stands for Certified Public Accountant. Although the company pays their fees, public company auditors work for the audit committee and the public in general, not management. This 'public watchdog' role demands that auditors exercise professional skepticism throughout the audit process. This role helps explain why...
Everyone needs a solid estate plan to distribute assets according to their wishes and benefit their heirs. This necessity is especially keen for business owners, many of whom have spent years working hard to build up the values of their companies. If you can relate to...
If you are charitably inclined, making donations is probably one of your key year-end tax planning strategies. But if you typically give cash, you may want to consider another option that provides not just one but two tax benefits — donating long-term appreciated stock. More tax...
In 2002, the Financial Accounting Standards Board (FASB), as part of its move toward international financial reporting convergence, began to transition from the principle of historic cost to fair value reporting. Fair value estimates are now used to report such assets as derivatives, non-public entity...
Employers may think it is ironic that would-be workers often focus on how much time they will not be working when they consider job offers. However, it is clear that offering time off may help to attract and retain valued employees. For business owners, the...
Employers who offer retirement savings plans are already helping their workforces, but not all employees take advantage of these plans. And many who do still do not contribute enough to retire comfortably. As a business owner, you can help your employees even more and drive...