Thought Leadership

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Communicating Critical Audit Matters: A Matter of Judgement

New rules for public company audit reports  require auditors to share more information in the audit for investors’ benefit. As auditors have begun adding critical audit matters (CAMs) to their reports, the Center for Audit Quality (CAQ) has found that they must exercise significant judgment and…

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Auditors' Approach to Accounts Payable

The accounts payable (AP) team at most organizations handles a huge number of transactions each month. That volume makes the AP ledger likely to contain errors, and also makes it a favorite target for hiding fraud.

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When Are LLC Members Subject to Self-Employment Tax?

Limited liability company (LLC) members commonly claim that their distributive shares of LLC income — after deducting compensation for services in the form of guaranteed payments — aren’t subject to self-employment (SE) tax. But the IRS has been cracking down on LLC members it claims have…

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How Do Profits and Cash Flow Differ?

Business owners sometimes mistakenly equate profits with cash flow. Here’s how this can lead to surprises when managing day-to-day operations — and why many profitable companies experience cash shortages.

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Private Company Audit Standards to Look More Like PCAOB's

Financial reporting standards for private companies, which are established in the U.S. by the AICPA Auditing Standards Board (ASB), have always diverged slightly from public company standards set by the Public Company Accounting Oversight Board (PCAOB).

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IRS Offers Last-Minute Guidance for QBI Deduction

When the Tax Cuts and Jobs Act (TCJA) passed in December 2017, the sizable cut in corporate tax rates got all the publicity. But the TCJA also includes a generous deduction for smaller businesses that operate as pass-through entities, with income that is “passed through” to owners and taxed as…

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How Experts Use Tax Returns to Find Hidden Assets

Business owners engaged in fraudulent activities often try to manipulate their companies’ financial statements. Fortunately for fraud experts, business owners’ tax returns aren’t as easy to misrepresent. Here’s how experts use them to locate hidden assets and income.

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