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Overview of the New Audit Rules Under the new streamlined audit approach, the IRS will audit the partnership’s items of income, gain, loss, deduction, credit and partners’ distributive shares for a particular year of the partnership (the “reviewed year”). Any adjustments will be made at the partnership level and taken into account by the partnership in the year that the audit or any judicial review is completed (the “adjustment year”). In a significant departure from previous rules, the general rule is that an “imputed underpayment” will be assessed and collected at the partnership level. An adjustment that does not result […]

Since 1993, targeted financial reporting standards for Not-For-Profit (“NFP”) organizations  have been relatively unchanged. However, FASB’s soon to be effective ASU 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial statements of Not-for-Profit Entities (“amendments”), contains significant targeted changes and enhancements to the NFP financial reporting model. These amendments change the presentation and disclosure requirements (qualitatively and quantitatively) for several NFP areas such as: (i) reduction in net asset classes (ii) reporting on functional expenses (iii) disclosure of liquidity, flexibility and availability of financial resources, and (iv) several other areas. Transparency, disaggregation, modernization and understanding liquidity were the underlying themes for […]

It is clear that the economy is growing stronger and investment dollars are flowing more freely, particularly in certain industries such as HealthCare. Accordingly, many enterprises are evaluating if they should sell their business or expand through acquisitions. Human nature is to explore the sell side first. However, no matter which side of the fence an enterprise is on (i.e., buyer, seller, or in the process of determining which side their enterprise should be on), relying on an external professional analysis is one of management’s most valuable tools to help arrive at an answer and to provide third party comfort […]

The AICPA significantly changed their standard audit opinion in 2012 for U.S. nonpublic entities. The International Auditing and Assurance Standards Board (“IAASB”) substantially updated their international audit reports in early 2015 and the Public Company Accounting Oversight Board (“PCAOB”) recently presented proposed wide changes to their U.S. public company audit reports in late 2016. In a sophisticated game of leapfrog, the AICPA is again considering an overhaul of the auditor’s standard report for all U.S. nonpublic audits in order to converge to many of the IAASB changes and certain of the PCAOB changes. A working draft of the U.S. audit […]

Importance Revenue is one of the most important indicators of a successful business. It is a key statistic used in the assessment of a company’s financial health, performance and future.  Such assessment has long been clear to the financial world. For example, revenue is the starting point for virtually any historical analysis and forecast about a company’s operations. Revenue is also a primary source of valuation in many industries, including those that are publically traded, and is a secondary source for many others. Users of financial statements are also keenly interested in peer performance and trends of revenue. There is […]

New York City (“NYC”) became the first city in the USA to pass legislation to protect independent contractors (“Freelance workers” or “Freelancers”) by passing the Freelance Isn’t Free Act (“FIFA”), effective May 15, 2017. FIFA establishes and enhances protections for freelance workers. Briefly, it requires their right to a written contract between the hiring party and the Freelancer, the right to be paid timely and in full, and the right to be free of retaliation. FIFA also establishes penalties for violations of these rights, including statutory damages, double damages, injunctive relief, attorney’s fees, and other such remedies as may be […]

The majority of payroll providers, such as ADP and Paychex, can provide their clients with linking services which allow them to automatically download payroll information directly into QuickBooks or QuickBooks Online.  If you use accounting software other than QuickBooks, you should still speak to your payroll company.  In many cases, they can create a custom bridge which will work specifically with the accounting software your company utilizes.  The way the bridge works is by creating balanced journal entries, as well as detailed employee check information, from your payroll data.  Working with your payroll specialist, you instruct them which general ledger […]

On February 25, 2016, Financial Accounting Standards Board (FASB) concluded its decade(s) long leasing project with the release of Financial Accounting Standards Update 2016-02 Leases (Topic 842). The new leasing standard significantly changes lessee accounting compared to existing U.S. GAAP and has some targeted changes for lessor accounting. It also introduces several “accounting elections” to allow practical expedients to exist (i.e., shortcut), of which a few are mentioned herein. The main feature is that all lessees will now need to recognize lease assets and lease liabilities for leases that were previously straight operating leases. Furthermore, it alters the entity’s financial […]

QuickBooks Online has a lot of the same features as the Desktop version of QuickBooks. The pros and cons below will help you decide if your business should switch from the Desktop version of QuickBooks or from another financial software to the Online version of QuickBooks. Pros Ability to work anywhere there is an internet connection Access for up to 5 users at the same time Automatic updates and upgrades that don’t require any action Access for your accountant to work on your file at the same time – no need to backup and send files Ability to automatically download […]

Some of the new features of QuickBooks 2014 Premier are the following: 1. Client Collaborator – Create a transaction conversation. Your Gettry Marcus advisor sends an email notification to you. You get an email notification. You reply in QuickBooks. You send replies directly to your Gettry Marcus Advisor. Associate a question with a specific transaction. You provide answers directly from your QuickBooks file. ***Best new feature of QuickBooks 2014*** 2.  Recording Bounced Checks with Ease – Efficiently records multiple transactions associated with a bounced check (NSF funds). 3.  Income Tracker (can replace Collection Center) – Filter for transaction types. Manage […]