New Nonprofit Accounting Standard ASU -2016-14

In August of 2016, the FASB issued ASU 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements for Not-for-Profit Entities. ASU 2016-14 establishes a new financial reporting framework for not-for-profit entities. This will result in changes to the presentation of the statements of financial position, activities, and cash flows. Organizations need to think about when… Read more »

Having Your Taxes Professionally Prepared Reduces the Risk of an Audit

The business world today is full of do-it-yourself tax software and cookie-cutter tax services that offer to prepare your taxes for filing by April 15. These one-size-fits-all tax preparations might work for individuals and some small businesses, but they often cause red flags that can increase your company’s chances of being audited by the Internal… Read more »

Utah Captive Association recently reorganized

There are many benefits to belonging to a captive association if you are involved in the captive insurance market. Utah is fortunate to serve as the domicile of choice for a major segment of the captive insurance company community. The Utah Captive Insurance Association (UCIA) has supported and served the captive insurance industry as legislative and… Read more »

Recent developments that may affect YOUR tax situation: Affordable Care Act, Mileage, and Extenders

The following is a summary of important tax developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to minimize the… Read more »

Lease Accounting: Fully Evaluate the Impacts of Recent FASB Changes

In February 2016, the FASB issued Accounting Standard Update 2016-02, Leases (Topic 842), with the objective to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about lease arrangements.   What are some of the major changes as a result of this update?… Read more »

Outsourcing CFO Responsibilities Can Help Your Business Grow

If you have a startup company or small business, you likely have several roles and responsibilities. The Chief Financial Officer’s responsibilities are some of the most important duties that keep a small business growing. At the same time, bookkeeping, payroll, allocation of investments, insurance, and business infrastructure spending might not be something you or your… Read more »

What’s new for 2017: a roundup of tax changes going into effect this year — Part I

The new year promises to be an challenging one for tax practitioners, as President-elect Trump and Congressional Republicans have promised to enact a significant tax reform package in 2017. However, even if there is no new law, practitioners still will have to cope with a number of tax changes that go into effect for the… Read more »

IRS extends micro-captive transaction disclosure deadlines

In a Notice, IRS has extended the deadline by which participants in, and material advisors with respect to, “micro-captive transactions” must make disclosures under Code Sec. 6111 and Code Sec. 6112, until May 1, 2017. A micro-captive transaction is a transaction in which a taxpayer attempts to evade taxation by entering into contracts with a… Read more »

Internal Audit Power: How Internal Audit Can Help Prepare for a SOC Audit

Who takes responsibility for a Service Organization Control (SOC) audit?   Yes, the title gave away the answer a bit. Although the responsibility for the completion of a SOC audit will rest with the board of directors and can be delegated to a key member of management (e.g. controller), an organization’s internal audit department (IA)… Read more »

The Basics of Using Payroll in QuickBooks

Do you use QuickBooks for your business bookkeeping? Are you thinking of hiring a few employees but not sure how that whole payroll thing works? Understanding how to use the Payroll Center in QuickBooks can help your transition to the New Year be smooth and easy. We will go over some basics of how the… Read more »