Articles

Wednesday, 29 June 2022

New Ohio Pass-Through Entity Election Tax

Written by The Rehmann Team

On June 14, 2022, Ohio joined numerous other states in adopting a pass-through entity tax election. The Ohio election allows a qualified pass-through entity to directly pay Ohio income tax at the entity level, and then allows owners to receive a refundable credit on their individual income tax return for their share of the entity level Ohio tax paid.  For individual owners, the new provisions provide relief from the $10,000 State and Local Tax (SALT) cap currently in place at the federal level...

Published in Tax
Tuesday, 28 June 2022

Tax Savings: Business inventory accounting options

Written by Mike Powell, CPA, MST, CMP and Nelson Finley, CPA

by Mike Powell, CPA, MST, CMP and Nelson Finley, CPA   Market and economic conditions are always in flux, perhaps now more than ever. Businesses are struggling to maintain profitable margins, thanks to a spike in global prices for a variety of goods that stems from the current supply chain disruption, recent financial policy decisions, and ongoing world events. Fortunately, every challenge comes with an opportunity. In this case, near-term tax savings are a possibility when considering options for inventory accounting...

Monday, 27 June 2022

Empowered Chats: Crypto and navigating today's world of modern assets

Written by The Rehmann Team

  Cryptocurrency – a term you’ve likely heard in recent years as its popularity continues to grow. Many individuals and businesses are eager to get a taste of this “digital gold.” However, before making a move, it’s important you understand cryptocurrency, how it fits within your portfolio, and what the future holds for this high-risk, high-reward asset. In this latest installment of Empowered Chats, we sat down with Jim Carpp, chief digital officer, and Simon Micakaj*, C(K)P, CHSA, retirement plan advisor, to discuss cryptocurrency and how to navigate today’s modern world of assets...

Published in Cybersecurity
Monday, 27 June 2022

FASB plans to study KPIs

Written by Thomson Reuters

In late May, the Financial Accounting Standards Board (FASB) added a project to its research agenda to study key performance indicators (KPIs) for business entities. The plan is to study the feasibility of standardizing definitions for KPIs, including earnings before interest, taxes, depreciation and amortization (EBITDA). But work won’t start until the FASB progresses further on its project on disaggregation of income statement expenses. Public response The FASB received mixed feedback from respondents to Invitation-to-Comment (ITC) No...

Published in Audit & Assurance
Monday, 27 June 2022

Income tax disclosures: Targeted improvements in the works

Written by Thomson Reuters

The income tax disclosures project is back on the active agenda of the Financial Accounting Standards Board (FASB). The decision was made after hearing feedback from stakeholders that the existing disclosure rules aren’t sufficiently useful for decision-making. The objective of the revived project is to focus on targeted improvements, steering clear of aspects of the topic that could be controversial. History lesson The income tax disclosure project started in 2014...

Published in Audit & Assurance
Monday, 27 June 2022

Why have financial restatements surged?

Written by Thomson Reuters

Audit Analytics, an independent accounting research firm, reports that restatements surged in 2021 — and more than three-quarters of these restatements were filed by special purpose acquisition companies (SPACs). Here is an overview of what SPACs are used for, why they can be risky ventures and what measures the Securities and Exchange Commission (SEC) has proposed to help rein them in. Restating financial results Financial restatements help gauge financial reporting quality. A financial restatement occurs when a company discovers an error or misstatement in previously issued financial statements, and the company corrects it by adjusting previous periods, using one of three methods: Reissuance restatements, Revision restatements, or Out-of-period adjustments...

Published in Audit & Assurance
Tuesday, 14 June 2022

What’s an HSA and is it Right for You?

Written by Retirement Plan Advisory Group

Health savings accounts (HSAs) have grown tremendously in popularity over the past few years. You’ve probably heard of them or maybe your employer offers one. This memo will uncover answers to common questions you may have about HSAs. What’s an HSA?..

Published in Wealth Management
Tuesday, 14 June 2022

Beneficiary Designations – Who will get your money?

Written by Retirement Plan Advisory Group

Although not a pleasant topic, it is an important one – Who is the named beneficiary of your retirement account should you pass away? When you enrolled in your retirement plan, you were asked to select a beneficiary to receive your retirement plan assets in the event of your death. This step may be more important than you think, and it is imperative that you keep this information up to date. Single If you are single, your assets go to the designated beneficiary, no matter what your will states...

Published in Wealth Management
Tuesday, 14 June 2022

Planning Financial Futures

Written by Retirement Plan Advisory Group

Do you spend more time planning your annual vacation than you do thinking about your personal finances? If so, you’re not alone. A lot of people put off financial planning or avoid it altogether. Personal financial planning is an ongoing, lifelong process...

Published in Wealth Management
Monday, 06 June 2022

FASB proposes delay in shift from LIBOR

Written by Thompson Reuters

On April 20, 2022, the Financial Accounting Standards Board (FASB) proposed to defer the sunset date of rate reform rules by two years to December 31, 2024, a year after the new cessation date of the London Interbank Offered Rate (LIBOR). The proposal would also amend the definition of the Secured Overnight Financing Rate (SOFR) Swap Rate as part of efforts to stay aligned with market developments to shift from LIBOR to other rates. Background In 2017, global regulators decided to discontinue the use of LIBOR after bankers were caught manipulating it to profit on the financial instruments supported by LIBOR. Published reports suggest that the rate-fixing scheme might have been taking place since as early as 2003...

Published in Audit & Assurance
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