The technology industry, and in particular the software-as-a-services (SaaS) industry, faces several unique accounting challenges. One common question companies need answered is whether to expense or capitalize software development costs. When software is developed in-house it can be tricky to determine whether the cost of the development is a capital expenditure or just an expense. Read more…
The corporate scandals of Enron, WorldCom, and Tyco in the early 2000s have forever changed how management and investors view risk management programs. Circumventing controls and exposing a business to increased risk is a recipe for disaster that could result in reputational damage. Despite management’s good faith efforts to implement comprehensive risk assessments and mitigation Read more…
In this blog post, we will explain what SOX is and how your business can be compliant. We’ll also provide some resources to help you get started. What is SOX? Since signed into law in 2002, Sarbanes-Oxley (SOX) compliance has become one of the most historically significant reforms to U.S. security legislation. To increase transparency and create Read more…
On March 25, 2022, the Texas Supreme Court, in a much-anticipated opinion, ruled in favor of Sirius XM and rejected the Comptroller’s use of the “receipt-producing, end-product act” test to determine where a service is “performed”. The Texas Supreme Court’s decision in Sirius XM v. Hegar upheld the State’s statutory language that requires receipts from Read more…
The size and complexity of your business and family offices, the skills of your finance team, and a desire to protect your privacy can all help determine whether your business and family offices needs separate financial leadership. A shared responsibility can result in the company and family being well-served by a unified approach in some Read more…
If you own a business, then you have likely heard the buzz around the new lease accounting standard ASC 842 and the significant impact it will have on the way you record leases. For construction and other lease-heavy industries, we can expect to see major changes in not only balance sheets, but how investors, sureties, Read more…
Major events or transactions — such as a natural disaster, a cyberattack, a regulatory change or the loss of a large business contract — may happen after the reporting period ends but before financial statements are finalized. The decision of whether to report these so-called “subsequent events” is one of the gray areas in financial Read more…
There are many reasons why a person may choose to work at one company over another. From casual dress codes, unlimited vacation days, and remote work opportunities, today’s job perks run the gamut. But one employee incentive undoubtedly takes the cake regarding recruitment and retention power — equity. What is Equity in a Company? Simply Read more…
Typically, businesses want to delay the recognition of taxable income into future years and accelerate deductions into the current year. But when is it prudent to do the opposite? And why would you want to? Higher tax rates One reason might be tax law changes that raise tax rates. There have been discussions in Washington Read more…
In a historic ruling, the Securities and Exchange Commission (SEC) proposed a new rule requiring publicly listed companies to include certain climate change disclosures in their registration statements and periodic reports. Companies would need to include information about any climate-related risks that are expected to have a material impact on their business, operations, or financial Read more…
One of the most overlooked (and fascinating) industries that should be taking advantage of the Research & Development tax credit is food and beverage. Whether it’s a manufacturer of finished food products, an ingredient or flavor developer, or even brewing and distilling, there is usually a lot of interesting research and development. What Is the R&D Read more…
It’s no surprise that the long-awaited changes to lease accounting standards have caused quite the ruckus in recent years, particularly as businesses scramble to understand and implement the complex new rules. In addition to understanding the new rule’s impact on an operational level, it’s also important for businesses to prepare for the various tax implications Read more…
Do you know what a certified B corporation is? We’re running through what a B Corp is and the top five benefits of B Corp certification.
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In today’s economy, many small businesses are strapped for cash. They may find it beneficial to barter or trade for goods and services instead of paying cash for them. Bartering is the oldest form of trade and the internet has made it easier to engage with other businesses. But if your business gets involved in Read more…
Since the passage of the Tax Cuts and Jobs Act (TCJA) in 2017, individuals who itemize their federal tax deductions have been limited to a $10,000 deduction for state and local income taxes (“state taxes”). This has impacted taxpayers in high tax states like Oregon. What is a Pass-Through Entity Elective Tax (PTE-E) A pass-through Read more…
Updated on: August 28, 2023 A company’s ability to positively impact social and environmental change has become an increasingly relevant consideration for businesses. Environmental, social, and governance (ESG) factors cover many issues that touch on everything from company culture and employee compensation to climate impact and sourcing standards. Sustainability reporting allows businesses to provide insight Read more…
The accounting month-end close process is a time-critical activity with an often unforgiving deadline. It requires the synchronization of people, processes, and systems to produce the results necessary to satisfy the needs of management and other stakeholders. No matter the size and complexity of your organization, your industry, or the number of locations, you likely Read more…
New standards have been released for reporting on financial statements of employee benefit plans (EBP). The changes are intended to enhance the quality and transparency of ERISA plans for both the participants and reporting agencies (i.e. ERISA, DOL, etc.) by prescribing certain audit procedures. Under the new standard, “limited-scope” audits will now be referred to Read more…