Accounting and Advisory Services

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, 10 January 2022

Planning for Inflation

Written by By John Pridnia, CPA, CGMA

Written by By John Pridnia, CPA, CGMA   COVID-19 has been a catalyst for countless sudden changes to everyday life. In addition to impacting our physical health, the pandemic brought our financial wellness into the spotlight as millions lost their jobs, took pay cuts, or were forced to shutter their businesses for weeks on end. . One issue that has certainly been expedited, if not catapulted by the pandemic, is inflation – a topic most have heard discussed on the news, but one that many might not pay much attention to under normal circumstances...

Monday, 05 April 2021

US policy briefing: stimulus updates and tax changes

Written by John Pridnia

When Covid-19 reached the US in March 2020, the government worked quickly to roll out its first stimulus relief package, the CARES Act. The most impactful element of the legislation was the Paycheck Protection Program (PPP), writes John Pridnia, CPA, regional managing principal at Rehmann Associates. The PPP allowed businesses to apply for loans to cover the losses incurred by the pandemic. A second Paycheck ProtectionProgram, known as PPP2, was included in the Coronavirus Response and Relief Supplemental Appropriations Act of 2021...

Monday, 20 April 2020

Empowering growth: How entrepreneurs can position themselves to focus on growth

Written by Sandra Shecter, CPA, CGMA, Mark Spaak, and Susan West, SPHR, SHRM-SCP

Entrepreneurs are in constant danger of spreading themselves too thin. Your focus should be growing the business. But other areas can take over. Delegation is the answer...

Tuesday, 17 April 2018

Tech-Savvy CFOs Look Beyond the Cloud for Agility

Written by Cindy Jutras

The digital world we live in today brings new opportunities, along with new challenges for companies of all sizes. The Internet has leveled the playing field. Even small to midsize enterprises can establish a worldwide presence and compete on a global scale. But even as technological advances create unprecedented opportunities, they also increase the potential for business disruption, bringing new sources of competition as well as entirely new business models...

Wednesday, 11 April 2018

5 Leadership Qualities of a Tech-Savvy CFO

Written by Cindy Brinker

The success or failure of a company is directly dependent on the collective decisions of each team member, but the actions of the team are dependent on their leader. A strong leader will inspire their team to develop themselves both personally and professionally, which generates passion for improvement. A unified, passionate team will perform with enhanced productivity and contribute to the growth and success of their company. Therefore, being a great leader is required for running a great business...

Tuesday, 25 October 2016

Is XBRL reporting the wave of the future?

Written by Thomson Reuters

Public companies are required to submit regulatory filings using eXtensible Business Reporting Language (XBRL). XBRL is a machine-readable reporting format intended to make financial statements more useful to researchers, regulators and investors. It has the potential to increase the speed, accuracy and usability of financial disclosure — and eventually reduce costs. But the U...

Tuesday, 25 October 2016

Mission accomplished: FASB finalizes the cash flow project

Written by Thomson Reuters

On August 26, the Financial Accounting Standards Board (FASB) published an update to U.S. Generally Accepted Accounting Principles (GAAP) that aims to improve and clarify eight parts of existing guidance on cash flow statement presentation and classification. The update addresses some frequently asked questions about what is considered a complex area of accounting...

Tuesday, 25 October 2016

The FASB simplifies accounting for share-based compensation

Written by Thomson Reuters

On March 30, the Financial Accounting Standards Board (FASB) published an updated standard to simplify some provisions in share-based compensation accounting. The update — Accounting Standards Update (ASU) No. 2016-09, Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting — makes it easier for employers to report the tax deductions for paying employees with stock options and restricted shares. The update also provides practical expedients for private companies that offer share-based compensation...

Friday, 16 January 2015

"IRS" Scammers Are Back At It Again

Written by Rehmann Team

It seems that every day the news media shares new information about criminals trying to scam innocent people. The Southeast Michigan area has been hit hard recently with an IRS tax return fraud scam. In this instance the scammer poses as an IRS agent and calls to inform the taxpayer that he/she is being investigated for tax fraud. They are attempting to obtain Social Security Numbers and other personal information from people in order to steal their money and/or identities...

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