By John Ammann, CPA Since early 2018, much has been said about the opportunity zone provisions that were enacted as part of the Tax Cuts and Jobs Act (TCJA). Designed to spur economic growth in select low-income communities across the U.S., the provisions designate more than 8,700 such communities as qualified opportunity zones (QOZs). Taxpayers […]
Top 5 Ways the New Revenue Recognition Standard Will Impact the Construction Industry
By Kyla Hansen, CPA There’s been a lot of talk about the new revenue recognition standard and the effect it could have on the construction industry. Although the standard, known as Accounting Standards Update (ASU) 2014-09, was first issued by the Financial Accounting Standards Board (FASB) in 2014, it goes into effect for privately held […]
States Respond to Supreme Court Sales Tax Decision
By Todd J. Koch, CPA, MBT, CFP® Since the decision in the South Dakota v. Wayfair case, states are continuing to determine their position. Many states already had economic laws in place and others introduced hard to understand requirements which includes noncompliance penalties. There are several different factors states are considering and it is important […]
5 Simple Accounting Tips for Small and Midsize Businesses
By Kelli Lind, CPA If you’re the owner of a small or midsize business, your to-do list never ends. There are customers to serve, projects to navigate, and employees to manage. And that’s just the tip of the iceberg. There’s another checklist to think about, too—the one that includes everything you have to do to […]
3 Simple Ways to Make Life Easier During Your Next Audit
By Nate Graf, CPA “I can’t wait for our audit!”—said no one ever. Yes, as auditors, we get it: an independent audit of your organization’s financial statements is probably not an event you anticipate with glee. But with a little preparation, the audit process can be—dare we say—downright painless. Here are three simple things you […]