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Tuesday, 17 December 2019

Hindsight is 2020: What will you do differently next year?

Written by Forefield, Inc.

According to a recent survey, 76 percent of Americans reported having at least one financial regret. Over half of this group said it had to do with savings: 27 percent didn't start saving for retirement soon enough, 19 percent didn't contribute enough to an emergency fund, and 10 percent wish they had saved more for college. The saving conundrum What's preventing Americans from saving more? It's a confluence of factors: stagnant wages over many years; the high cost of housing and college; meeting everyday expenses for food, utilities, and child care; and squeezing in unpredictable expenses for things like health care, car maintenance, and home repairs...

Published in Wealth Management
Tuesday, 10 December 2019

Assembling the right team to open a new office

Written by Fred Schaard, CARR Healthcare Realty

Written by Fred Schaard, CARR Healthcare Realty   One of the most significant business decisions you will make is the strategic choice of your office’s location. In many markets, the incentives offered by landlords to new tenants make relocation more appealing than renewing a lease in your existing space, and before signing any lease renewal you should evaluate all the options in your area. If you decide to open a new office, whether as a relocation, new start-up practice, property purchase, or second office, having the right team in place is paramount and can make the process successful, profitable and maybe even fun! The unique office needs of healthcare providers are foreign to most real estate brokers, architects and other service providers...

Published in Healthcare
Tuesday, 10 December 2019

Preventing and detecting elder investor exploitation

Written by Thomson Reuters

The mission of the Securities and Exchange Commission (SEC) is “to educate and empower investors so they can plan for a financially secure future.” In October, the SEC held a roundtable to help raise awareness about exploitation against a particularly vulnerable group of investors — the elderly. Older investors tend to lose more money to fraud scams and have less time to recover than younger people.    Educating the elderly about potential financial exploitation schemes is the first line of defense...

Published in Audit & Assurance
Tuesday, 10 December 2019

Measuring the fair value of equity-based awards

Written by Thomson Reuters

Cash-strapped start-ups and high growth firms often award stock options and other forms of equity-based compensation to attract and retain skilled employees. These awards can also provide incentives for employees to boost performance and add value. But there’s a downside: Accounting for these payments can be costly and complicated, especially for privately held businesses.  Here’s an overview of the existing guidance under U...

Published in Audit & Assurance
Tuesday, 10 December 2019

Simplifying the rules for reporting income taxes

Written by Thomson Reuters

For years, businesses have complained that the guidance under Accounting Standards Codification Topic 740, Income Taxes, includes many mechanical rules and exceptions. As a result, it often yields information that’s challenging for investors to understand. These complaints intensified with the sweeping changes brought forth under the Tax Cuts and Jobs Act.  On September 4, the Financial Accounting Standards Board (FASB) unanimously voted to finalize a proposal to simplify the existing rules...

Published in Audit & Assurance
Monday, 09 December 2019

Defining “materiality”

Written by Thomson Reuters

The concept of materiality is used to determine what’s important enough to be included in — and what can be omitted from — a financial statement. In late October, the Auditing Standards Board (ASB) of the American Institute of Certified Public Accountants (AICPA) voted to finalize a revised definition of materiality in its professional standards.  Breaking away from international standards Under current U.S...

Published in Audit & Assurance
Monday, 09 December 2019

Does naming the lead auditor improve audit quality?

Written by Thomson Reuters

A recent study raises doubt that Rule 3211, Auditor Reporting of Certain Audit Participants, has produced the intended benefits. The Public Company Accounting Oversight Board (PCAOB) issued the rule at the end of 2015. It requires accounting firms to identify the name of the engagement partner in an audit of a public company. Investors had pushed for the rule, saying that auditors’ performance would improve if they knew that their names would be made public...

Published in Audit & Assurance
Wednesday, 04 December 2019

Every business owner needs an exit strategy

Written by Thomson Reuters

As a business owner, you have to keep your eye on your company’s income and expenses and applicable tax breaks. But you also must look out for your own financial future. And that includes creating an exit strategy. Buy-sell agreement When a business has more than one owner, a buy-sell agreement can be a powerful tool...

Published in Succession Planning
Wednesday, 04 December 2019

5 last-minute tax moves for your business

Written by Thomson Reuters

The days of the calendar year are vanishing quickly, but there still may be some last-minute strategies that business owners can use to lower their 2019 tax bills. Here are five to consider: Postpone invoices. If your business uses the cash method of accounting, and it would benefit from deferring income to next year, wait until early 2020 to send invoices. Accrual-basis businesses can defer recognition of certain advance payments for products to be delivered or services to be provided next year...

Published in Tax
Friday, 29 November 2019

Black Friday and Cyber Monday: Full of Deals or Cybersecurity Steals?

Written by Jessica Dore, CISA

As published in Finance Monthly Jessica Dore leads Rehmann’s Technology Risk Management Group, overseeing cybersecurity assessments, information security assessments, vulnerability and penetration testing, social engineering testing and information security training. Below are her tips for businesses to stay safe during the biggest shopping spree of the season.   In 2018, consumers spent a record-breaking $6.22 billion while shopping on Black Friday...

Published in Cybersecurity
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