Not all companies follow U.S. generally accepted accounting principles (GAAP). Many smaller businesses, for example, have adopted the American Institute of CPAs’ Financial Reporting Framework for Small and Medium-Sized Entities
The IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA Basics An HSA is a trust created or organized exclusively for the purpose of paying the
Economists will look back on 2020 as a year with a distinct before and after. In early March, most companies’ sales projections looked a certain way. Just a few weeks
One of the strongest predictors of a non-profit’s long-term survival is multiple revenue streams. Many organizations with only one or two found that out that the hard way when they
The COVID-19 pandemic has caused some people to contemplate their own mortality or that of a family member. For those whose life expectancies are short — because of COVID-19 or
Private companies and most non-profits were supposed to implement updated revenue recognition guidance in fiscal year 2019 and updated lease guidance in fiscal year 2021. In the midst of the
The COVID-19 pandemic has forced many people to cancel or postpone vacations as well as travel plans to visit friends and family. While staying home to stay safe — and,
If you have outstanding loans to your children, grandchildren, or other family members, consider forgiving those loans to take advantage of the current, record-high $11.58 million gift and estate tax
The U.S. Department of Labor’s (DOL) Wage and Hour Division recently posted additional guidance regarding paid sick and emergency childcare leave under the Families First Coronavirus Response Act (FFCRA). Much
Financial statements are not particularly meaningful without a relevant basis of comparison. There are two types of benchmarks that a company’s financials can be compared to – its own historical
