Archive for August, 2018

Accounting & Audit Alert- Identifying and reporting critical audit matters

For over 40 years, the Securities and Exchange Commission (SEC) has required only a simple pass-fail statement in public companies’ audit reports. But the deadline for mandatory reporting of critical audit matters (CAMs) in audit

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Posted In: Alerts & Advisories

Emerging Tax Alert- IRS issues proposed regulations on the pass-through business income deduction

The IRS recently released highly anticipated regulations addressing the deduction for up to 20% of qualified business income (QBI) from pass-through entities. The deduction was a major component of the Tax Cuts and Jobs Act,

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Posted In: Alerts & Advisories

Emerging Tax Alert- IRS issues guidance on new bonus depreciation rules

The Tax Cuts and Jobs Act (TCJA) significantly expands bonus depreciation under Section 168(k) of the Internal Revenue Code for both regular tax and alternative minimum tax (AMT) purposes. Now, the IRS has released proposed

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Posted In: Alerts & Advisories

Accounting & Audit Alert- It’s important to monitor your SEC filing status

As public companies grow, they may move from one filing status or issuer category to another. Recent and proposed changes to the Securities and Exchange Commission (SEC) rules for some categories could affect your company’s

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Posted In: Alerts & Advisories

Tax Alert- The TCJA prohibits undoing 2018 Roth IRA conversions, but 2017 conversions are still eligible

Converting a traditional IRA to a Roth IRA can provide tax-free growth and tax-free withdrawals in retirement. But what if you convert your traditional IRA — subject to income taxes on all earnings and deductible

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Posted In: Alerts & Advisories

Accounting & Audit Alert- Auditing the use of estimates and specialists

Complex accounting estimates — such as allowances for doubtful accounts, impairments of long-lived assets, and valuations of financial and nonfinancial assets — have been blamed for many high-profile accounting scams and financial restatements. Estimates generally

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Posted In: Alerts & Advisories

Tax Alert- Do you still need to worry about the AMT?

There was talk of repealing the individual alternative minimum tax (AMT) as part of last year’s tax reform legislation. A repeal wasn’t included in the final version of the Tax Cuts and Jobs Act (TCJA),

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Posted In: Alerts & Advisories

Accounting & Audit Alert- Hidden liabilities: What’s excluded from the balance sheet?

Financial statements help investors and lenders monitor a company’s performance. However, financial statements may not provide a full picture of financial health. What’s undisclosed could be just as significant as the disclosures. Here’s how a

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Posted In: Alerts & Advisories