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While preparing for an audit can seem like a daunting and overwhelming task, these management tips can help you plan ahead and execute successfully.
How to identify new contract liabilities and how the standard will affect the processes and controls of revenue recognition.
Being an effective internal auditor in today’s fast-paced, technology savvy environment can be challenging and overwhelming.
Understand the risks and benefits of DIY business valuation compared to business valuation from a highly trained and accredited professional.
A high-level overview of major changes coming to FASB’s lease accounting standard.
Here’s a practical reference tool featuring key terms and performance indicators for your balance sheet.
Many business owners excel in the day-to-day operations of working with customers and delivering services or products. But they may not grasp the insight their financial statements can provide.
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Learn about 5 critical areas of a business often overlooked when selling a business.
For a successful transition of your business’ ownership, remember these tips.
If you’re considering selling the business, get a head-start with these questions you’ll want to have or find answers for if you decide to sell.
This worksheet can help guide you through the process of selecting potential candidates based on the needs of each role and determining what will be necessary to ready them for the transition.
Value drivers for closely held companies either reduce risk or increase growth/return. Learn more about the four critical value drivers that can influence your business' worth.
Business valuations can help determine the fair market value of a business and are essential when contemplating a change in ownership.
Newly eligible construction businesses should determine whether these would be advantageous and, if so, consider switching methods.
The need to build a strong talent pipeline grows as construction companies continue to see a lack of skilled labor to fill jobs in their organizations.
The construction industry can make good economic times even better by taking advantage of the Tax Cuts and Jobs Act.
As construction companies struggle to find and retain qualified workers, they are often overlooking an essential tool for employers: communication.
With the non-wage business income exemption repealed, it’s time for construction companies to reexamine their tax strategy.
There’s a lot that goes into developing your family business’ next generation of leadership. Don’t wait to start.
Your organization’s key positions need successors in place. Here are some factors to keep in mind when finding and preparing them.
As family businesses grow, they’ll need to overcome new hurdles surrounding management and succession planning.
Strike while the iron is cool. The right preparation can prevent destructive outcomes and create positive resolutions, strengthening both the family and the organization.
While banks are seeing tremendous growth, they also continue to see a lack of talent to fill the jobs that will be created as a result of this potential growth.
Newly eligible businesses should determine whether this method change would be advantageous and, if so, consider switching methods.
The Tax Cuts and Jobs Act contains a number of provisions all businesses should be aware of. Here are some significant sections that affect the banking industry.
Expect CECL's effect to be felt when the standard becomes effective in 2020 for publicly traded banks and 2021 for all other banks.
Financial institutions must prepare now for big changes in how they calculate loan and lease losses. CECL becomes effective in 2020 for SEC filers and 2021 for all others.
What do banks need to know about managing cybersecurity risk to help protect themselves against cyber attacks? Brian Johnson puts the threats into context for banking leaders.
The Federal Financial Institutions Examination Council (FFIEC) created a risk assessment tool to help financial institutions manage their cybersecurity risks.
The micro-purchases threshold has been raised. What does this mean for you?
This infographic covers four of the major changes the Governmental Accounting Standards Board has made from statement 45 to 75.
Who should be involved in long-term financial planning in what roles during mobilization, analysis, decisions and implementation?
Long-term financial planning is a step-by-step process to help government leaders (both elected and staff) look ahead.
Before issuing debt for major capital projects, it’s often helpful to rely on a checklist of factors to consider for the best results in a bond issuance.
Having well-thought-out fiscal policies in place can help governmental entities mitigate risk, increase fiscal soundness, and serve as good stewards of taxpayer funds.
The IRS recently announced the new 2019 amounts for 401(k) deferral limits, IRA contribution limits, Social Security wage base and more.
After paycheck checkup, the payroll withholding employees have in place may no longer fit their revised tax situation.
There are several aspects of a 401(k) plan that employers should consider when choosing what is best for their employees and business.
IRS recently came out with limits on Social Security wage base, funding retirement plans, health savings account contributions, and more.
There are rising risks and complexities for plan administration as the year ends. Here are some key areas plan administrators need to focus on.
The earlier stay on additional overtime eligibility has become a permanent block. Also, pay reporting on EEO-1 is suspended.
USCIS issued a slightly revised Form I-9 which employers must implement by Sept. 18 or face potential penalties.
HR pros affect the bottom line through your key assets – your talent.
Awareness of email scams and social engineering is your best bet to protect your company from new fraud schemes.
Like most aspects of business, the handling of background checks is subject to government rules.
Keeping your employees' information safe starts with accepting that your company's IT security is only as strong as its weakest employee's understanding of information security.
The following steps should help you ensure a safe, healthy and productive work environment.
The Department of Labor appears to be sending plan sponsors two parallel messages based on its hiring trends and a 2015 DOL study of employee benefit plan audit quality.
Employers must continue to put solid efforts into looking for ways to recruit and retain their current workforce as well as plan for future employment needs.
A recent court case demonstrates that using intranets/internal websites or common-area postings (such as a break room posting) isn't enough to ensure all employees receive SPD.
DOL is cracking down on employers who are late depositing employee earmarked funds withheld from their paychecks into their retirement plan.
All too often, businesses get in trouble with the IRS because they do not understand the intricacy of payroll tax laws.
Even the smallest mistakes must be corrected or a plan is subject to IRS disqualification, leaving plan sponsors and employees potentially subject to increased taxes on funds in the plan.
Employees need time to recharge their batteries and recuperate from sickness or stress. To that end, many employers give their employees paid leave as part of their benefits package.
5 questions plan sponsors should ask about their retirement plan.
An employee handbook serves as the bible of a company, providing the answers to some of the most basic employment questions.
Every employee's personnel file should contain his or her complete employment history. This should include the job application, resume and employment agreements and exit interview.
HR audits examine employee processes and procedures for compliance with federal employment laws, alignment with the organization’s business strategy, and HR best practices.
The results of a human resources audit help organizations reduce risk, increase productivity, enhance profits, and become an employer of choice.
Whether an employee leaves your company amicably on his or her own terms or after being fired, there are a number of steps businesses should take to ensure their security.
Payroll tax payments are federally mandated and you must withhold the tax amount from employees' paychecks. Despite your willingness to adhere to the law, mistakes can still happen.
Employers can optimize their 401(k) plans so employees contribute to their plans. Several key trends may affect a plan's ability to attract an employee's hard-earned savings.
Terminations have an effect on company morale, but more importantly, if you're not careful you can open yourself up to legal action in the form of a wrongful termination lawsuit.
As is the case with most laws, overtime laws have some exceptions. Not all employees are entitled to overtime. And not all employers are required to pay it.
Since the IRS expects you to manage and pay your employees' payroll taxes, it is your responsibility to make sure these are done.
If you haven’t done a compensation review in the last couple of years, it’s time. This infographic captures the key points you need to know for conducting a compensation review.
I-9 compliance is tough for many businesses and it's easy for companies to be levied large fines if regulations are not followed appropriately.
To help strengthen your HR skills, and in turn your employee recruiting skills, we have listed four tips for anyone responsible hiring and retaining key personnel.
As our environment continues to change, the CFO’s role in managing risk has become more than just the numbers.
Personal development is more than formalized education. Learn how you can max out your potential with these tips.
Increase employees’ professional growth by providing both positive and negative feedback effectively.
Three questions to help gauge your organization’s strategic alignment.
Use these four tips to get the best results when managing remote employees.
How learning to say no can open up time and resources for your top priorities as a leader.
Use these steps to move past workplace differences and start connecting with co-workers.
Don’t let these myths keep you from assembling a board of directors.
One of your organization’s most effective recruitment tools comes from what may seem like an unlikely source.
Whether it’s thinking too big, too fuzzily, or too rigidly, strategic plans can fail for a variety of reasons – here are 6 to be wary of.
A written warning can be useful in getting an employee to realize the severity of his or her behavior. It also can provide legal protection from a wrongful termination lawsuit.
This article sheds light on why strategic plans fail and what organizations can do to get back on track.
Organizations must recognize why they exist before they can truly succeed in how they carry out their mission.
Unlike traditional employee recognition programs, positive reinforcement helps develop employees who not only do their jobs well but also look for opportunities to consistently go above and beyond.
Too often, performance management can become a paperwork exercise completed more to meet deadlines than to yield results.
What is the right way to conduct effective meetings between managers and direct reports? Use this checklist to get the most from one-on-one meetings.
The requirements for a top CFO have evolved quickly from a transactional, data-reporting role to one now responsible for strategic management of the organization’s assets.
The term “soft skills” has more to do with how employees act than what they know – skills such as collaboration, problem solving, conflict resolution, and communication.
Developing a board that truly adds value is not an easy task; it takes keen self-examination and planning on the part of senior leadership.
Many people suffer from job burnout, particularly in today's challenging economic conditions. But burnout can often be alleviated.
We assembled the following six steps to help you with a difficult discussion (although we suggest getting an HR professional's advice when dealing with critical HR issues).
It's all too common to stroll by an employee's desk and catch him/her surfing the Web -- obviously, for personal use not business-related research.
Engaged employees who are committed, putting forth extra effort and who feel connected to the organization don’t get that way because of a “program.” See what you can do to keep them engaged.
No matter what size company you work for, you have probably seen a disconnect between management and team members.
The key to improving your performance is not to be overwhelmed by setbacks or problems but to control problems and improve how your work gets done.
Everyone experiences problems at work, but how we approach these problems makes all the difference in how well we resolve them in an efficient manner.
The job of owners, directors or managers is to get things done through their employees. And to make this happen, leaders need to be able to motivate their staff.
We have put together a number of tips to help you or someone you know become a better leader in the coming months.
Word-of-mouth advertising is one of the cheapest and most effective types of advertising. In order to make this happen, you need to get out of your office and network.
To get the most out of your employee reviews, we have listed crucial steps that need to be taken to ensure an effective employee performance review.
Managers should not underestimate the power of managing expectations. In fact, the reality of managing expectations revolves around three simple principles.
Research has proven that the more uncomfortable a worker feels, the less productive he or she is for the company.
Networking through community service is a win-win situation. Your company will benefit from the exposure and you will feel good knowing that you are helping your community.
Newly eligible manufacturing businesses should determine whether these would be advantageous and, if so, consider switching methods.
While it is necessary to bolster cyber defenses, manufacturers should not lose sight of other vulnerabilities.
The need to build a strong talent pipeline grows as manufacturing organizations continue to see a lack of skilled labor to fill jobs in their organizations.
Good economic times can be made even better by taking advantage of the Tax Cuts and Jobs Act.
Kansas manufacturers can earn significant tax breaks through the High Performance Incentive Program.
For many companies with export sales, setting up an IC-DISC, or Interest-Charge Domestic International Sales Corporation, can deliver significant tax savings.
Today’s reliance on technology introduces risk. Managing that risk requires effectively integrating sound IT practices into an organization’s overall governance framework.
Identity thieves prey on businesses and organizations of all sizes given the fact that they hold sensitive tax data on their employees
The IRS has taken successful steps to reduce tax-related identity theft, but it cautions taxpayers to stay alert for scams year round.
If something as small as a smart phone has the potential to put your entire business in jeopardy, why do business leaders avoid analyzing and managing their information security risks? These questions can get you started.
An employer could face legal action and be forced to pay financial damages for an employee’s mistake.
Following the Equifax data breach, the Federal Trade Commission recommends consumers consider a freeze with credit reporting agencies.
Avoid becoming a victim of devastating cyber-attacks by learning from these three incidents.
Workers' comp insurance covers most, but not all, on-the-job injuries. However, it does not cover the following...
Use these tips to help stop phishing emails from harming your organization.
Phishing is a top cybersecurity threat for every organization. It can cause problems ranging from inconvenience to catastrophic interruption.
From fraudulent expense reimbursement claims, to claiming overtime for hours not worked, to adding "ghost employees" to the system, there are myriad ways in which fraud can infiltrate your payroll.
There is no one-size-fits-all plan, but here are three steps you and your staff should take to increase your chance of survival.
No checklist can protect an organization from the possibility of fraud, but there are many preventive actions that can reduce a potential fraudster’s opportunities to do harm.
Leadership – including boards, top-level executives, and others – must be constantly aware of and asking questions about their organization's cybersecurity.
Criminals have a variety of methods to steal your private data. The IRS wants you to understand how they operate so you can avoid becoming the victim of a scam artist.
Although small or medium-sized entities likely don’t have the resources for sophisticated fraud-prevention strategies, this eBook outlines ways to mitigate the most important fraud risks.
Payroll and money theft begins with a person(s) giving signs of stealing. There are common signs you should be cognizant of as a business executive.
In an era of constant potential cyber-breaches and attacks, who is ultimately responsible for making sure that sensitive information is secure?
What steps can you take, if they're not already employed, to protect your org. against cash fraud? For the short answer, look at our brief presentation.
New limitations on itemized deductions effective for tax years beginning in 2018 may impact the tax benefit of charitable donations.
Those with underreported tax liabilities in these three states now have an opportunity to participate in tax amnesty programs.
As you implement 2018 year-end tax planning strategies, be sure to take these 2019 adjustments into account in your planning.
The TCJA created more than 100 new tax provisions — a staggering thought as individuals begin preparing for the next filing season.
The passage of the TCJA brought changes to the tax landscape. Some tried-and-true strategies have changed and others remain viable.
Taxpayers generally may rely on these rules if they apply them in their entirety and in a consistent manner.
IRS issues guidance that confirms the deduction remains allowable and clarifies when businesses can claim it.
After the TCJA, C Corporation income tax rate was reduced dramatically, tempting business owners to change their business structures.
The aggregation rules can provide a significant benefit to taxpayers with higher taxable income subject to the phase out limitations.
Recently released IRS guidance addresses definitions for what constitutes an eligible business for qualified business income deduction purposes.
You may be eligible to invest capital gain recognized after 1/1/18 into a Qualified Opportunity Fund to access benefits.
In an effort to address confusion over certain changes to deductions on home equity loans, the IRS has issued a statement.
While many individuals and businesses are still working to fully understand how the provisions of the Tax Cuts and Jobs Act affect them, lawmakers are prepping for Tax Reform 2.0.
If you are a remote seller, make sales online or make sales into multiple states, you may be impacted by a recent ruling by the U.S. Supreme Court.
Prior to the TCJA, most taxpayers were unaware of the interest limitation because it only applied to corporations in very limited circumstances.
How not-for-profits can know when income is subject to tax.
The qualified business income deduction is a valuable opportunity for businesses that operate as pass-through entities.
Provisions related to depreciation and expensing of fixed assets have been modified under the Tax Cuts and Jobs Act.
The Tax Cuts and Jobs Act contains valuable opportunities for businesses that operate as pass-through entities.
The Tax Cuts and Jobs act has changed the deductibility of business-related meals and entertainment.
The Bipartisan Budget Act of 2018 contains tax provisions that could impact what some taxpayers owe for the 2017 tax year.
One of the first steps to institute the Tax Cuts and Jobs Act, the updated withholding tables provide a number of indications that both employers and employees should be aware of.
The new tax reform law, commonly called the “Tax Cuts and Jobs Act” (TCJA), is the biggest federal tax law overhaul in 31 years, and it has both good and bad news for taxpayers.
Property donation to a qualified entity delivers tax deduction while allowing continued use of the land via conservation easement.
Action may need to be taken now to amend your partnership agreements to allow for these changes and who makes these decisions.
Kansas individual income tax rates require employers to change payroll tax rates; employees’ take-home to decrease.
Bill repeals state income tax exemption for many businesses, increases individual state income tax rates.
Reference for employers seeking Work Opportunity Tax Credit for hiring employees in targeted groups – forms and deadlines
File for Work Opportunity Tax Credit within 28 days of hiring eligible employees to potentially earn tax credits.
Taxpayers receiving requests for personal info or tax/fee payment should make sure they’re legitimate before responding.
A common question among partnerships with service partners is whether those service partners may be treated as employees of the partnership.
The IRS issued temporary regulations in May clarifying that partners in a partnership entity cannot be treated as employees of the partnership.
We recommend you educate employees on how to help protect the organization and themselves from scams. These 5 simple steps are a good start.
The IRS has changed the services they can provide through their toll-free number. They are guiding taxpayers to use the Internet to find the answers to most of their tax inquiries.