Thought Leadership

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The New Lease Accounting Rules Are Here, Are You Ready?

Operating leases will move onto the balance sheet with the new lease accounting rules implementation. At the beginning of this year, public companies started using Accounting Standards Update No. 2016-02, Leases. Private companies must apply the updated guidance for fiscal years beginning after…

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Should You Elect S Corporation Status?

Operating a business as an S corporation may provide many advantages, including limited liability for owners and no double taxation (at least at the federal level). Self-employed people may also be able to lower their exposure to Social Security and Medicare taxes if they structure their businesses…

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FASB Seeks Deadline Extension for Hedging, Leases and CECL

The Financial Accounting Standards Board (FASB) is proposing review and comment to allow private companies, not-for-profit organizations and certain small public companies more time to apply FASB standards for leases, hedging and current expected credit losses (CECL). Stakeholders should provide…

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Saying Farewell to LIBOR

Many companies pay interest on variable rate loans, based on the London Interbank Offered Rate (LIBOR). In response to a series of scandals in which regulators uncovered banks colluding in attempt to manipulate LIBOR and profit from financial instruments supported by LIBOR, LIBOR will phase out by…

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Social Security Card

What to Do If Your Business Receives a “No-Match” Letter

In the past few months, many businesses and employers nationwide have received “no-match” letters from the Social Security Administration (SSA). The purpose of these letters is to alert employers if there’s a discrepancy between the agency’s files and data reported on W-2 forms, which are given to…

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To Be Effective, You Can't Fight Fraud Passively

When it comes to reducing fraud loss and duration, active detection methods (such as surprise audits or data monitoring) are far more effective than passive methods (such as confessions or notification by police).

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