Debit cards are fairly easy to use. Unfortunately they are also easy targets for fraudulent activity, but many people are unaware of these financial risks.
The FASB recently issued ASU 2017-11 to simplify the accounting for certain financial instruments with down round features. This new standard will reduce income statement volatility for many companies that issue warrants and convertible instruments containing such features.
Traditionally, it’s been easy for most people to identify their taxable state of residence. You own a home, you live in that home, and that’s where your residency, well, resides. Yet today, many employees work remotely or commute across state lines. So how do state tax departments determine where your home actually is?
While travel expenses are one of the most often used business deductions, it can sometimes be difficult to understand what is truly deductible.
Cybersecurity is a critical business function, yet, paradoxically, cyber risk is often insufficiently examined – or even overlooked – during the merger and acquisition due diligence process. This often results in the acquiring company unwittingly assuming risk and placing assets in jeopardy.
Many organizations think that developing a risk control matrix is a one-time exercise, since the inherent process risks rarely change. What these organizations sometimes overlook is that the control environment continually evolves due to changes in applications, reassignment of control activities, or reorganization of personnel involved in performing control activities.
On June 1, 2017 the Public Company Accounting Oversight Board adopted a new auditor reporting standard, The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion, and related amendments to certain other PCAOB standards, to enhance the auditor’s report by requiring communication of additional information about the audit.
The IRS provides guidance on The Protecting Americans from Tax Hikes Act of 2015 which includes amendments and changes to Section 179, 168(k), and 168(j). The changes made in The Act are effective for property placed in service in taxable years beginning in 2016. A major impact of The Act is the creation of a new category of qualified property, called qualified improvement property, eligible for the additional first-year depreciation deduction under §168(k).
It’s a near certainty that businesses of any size or scope would seek to reduce costs, if given the chance. And why not? Lowering costs is arguably the most direct way to increase profitability. If only it were that simple. In reality, many businesses find that reducing costs is actually quite complex, given a host of variables unique to their business. Add to that competing internal priorities, as well as a general fear of cutting too deeply and trimming muscle and bone with the fat. It’s no wonder, then, that businesses find controlling core costs one of their biggest challenges.
With all the buzz about cyberattacks and cyber threats, it’s all too easy to take your eyes off of a common threat that is much closer to home—fraud that occurs within your own organization. While no business owner wants to think about embezzlement occurring within their own employee population, it can and does happen on a frequent basis.