When a plan sponsor hires a service provider, that organization and its professionals become part of the team operating the client’s retirement plan. But how do you know whether each service provider has effective systems and controls in place to ensure that they are executing their roles correctly?
Tax reform promised overall simplification for small business taxpayers. While many of these simplifying exceptions existed in some fashion prior to tax reform, the enactment of the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, significantly expanded the universe of taxpayers that qualify for the provisions.
The FASB's recently proposed ASU would amend the effective dates of certain major accounting standards that are not yet effective for some or all entities.
Every fall, students have a fresh start to build upon prior subjects and grow intellectually in the classroom. What if the same were true for your internal audit team? Why not test their knowledge and provide them with a fresh start of sorts?
An M&A attorney drafts and reviews sale agreements and assists with negotiating the various terms and conditions included in such agreements. However, the most important issue that often is overlooked by a seller is whether the company is prepared to be sold. What does this mean? A seller should consider whether the company’s operational, financial, tax, legal and regulatory matters are in order.
Attracting and retaining millennials, the largest segment of today’s workforce, is a priority for companies in one of the tightest labor markets in history. One way to do this is to re-evaluate the company’s benefits—particularly the retirement plan—so that they better align with millennials’ needs and priorities.
Just before the onset of this year’s tax filing deadline, the IRS re-examined Section 199A, the 20 percent deduction for pass-through businesses that was enacted as part of the 2017 Tax Cuts and Jobs Act. As a result, the IRS’ list of frequently asked questions was amended to include guidance for the IRS Section 199A – Qualified Business Income Deduction.
Have you been spending too much time and money to test your financially significant controls? In our experience at RyanSharkey, a company’s cost of internal control testing is significantly higher than expected due to a variety of factors.
The IRS and Treasury Department recently issued final regulations under Section 170, limiting federal charitable contribution deductions when taxpayers receive or expect to receive state or local tax (SALT) credits in return for charitable donations.
Acquisitions are often priced based on earnings, which are directly impacted by revenues. During the course of financial due diligence for a potential acquisition, there are several considerations that merit close attention. One area, in particular, is the reporting of revenue by the target company. In this case, it is critical to understand how a business recognizes revenues and how its process aligns with industry standards and norms.