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Defined contribution plan sponsors face numerous challenges when workers change jobs, and the Department of Labor is paying close attention to how employers are dealing with these situations.
In 2018, the Financial Accounting Standards Board (FASB) issued ASC-606, Revenue from Contracts with Customers, a new revenue recognition accounting standard. This new guidance is intended to improve the overall comparability and consistency of financial statements, as well as to provide users of financial statements with more useful information.
The use of representations and warranties (R&W) insurance in mergers and acquisitions has grown significantly over the past several years and has become an increasingly integral component of the transaction process. Buyers and sellers can use R&W insurance for both strategic and risk management purposes.
Lately, it seems like everyone has jumped on the bandwagon in an attempt to combine a limited liability company’s coolness and flexibility with an S corporation’s simplicity and fragility to create the delicate flower known as the LLC taxed as an S corporation. However, trendiness often comes with a cost, and in the case of an LLC electing to be taxed as an S corporation, that cost could be corporate-level taxes.
If your company does not have the proper internal controls in place, you could be leaving your company vulnerable to employee theft. While no business owner wants to think it can happen to them, employee theft does occur and it can result in a great cost to your company.
It’s important for plan sponsors to remember that every service offered in a 401(k) plan has a cost. It’s up to the plan sponsor to determine whether the overall fees are reasonable. In today’s environment, plan sponsors who don’t address these issues or don’t conduct periodic reviews of service fees may likely find themselves in a very costly lawsuit.
The Research and Development Tax Credit (R&D) isn’t a new development, but some government contractors have yet to take full advantage of its benefits. For those who are, the credit provides a clear financial advantage in a highly competitive industry.
Privately held government contractors racing to implement new FASB and IASB standards for identifying and reporting revenue from customer contracts by the end of this year are wrestling with one overarching question—when?
Enacted as part of the Tax Cuts and Job Act (TCJA), the new “base erosion and anti-abuse tax” (BEAT) can apply to certain corporations that make “base erosion payments” paid or accrued in taxable years beginning after December 31, 2017.
Congress isn’t alone in offering tax breaks to most U.S. taxpayers this year. Back by popular demand, most states, including Virginia, will offer a sales tax holiday, right before the start of the new school year.

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