Ready for the new not-for-profit accounting standard?
A new accounting standard goes into effect starting in 2018 for churches, charities and other not-for-profit entities. Here’s a summary of the major changes. Net asset classifications The existing rules require nonprofit organizations to classify
Charles Federanich at 2017 Cleveland Accounting Show
Pease & Associates Director of Tax, Charles Federanich, will present at the 2017 Cleveland Accounting Show at the I-X Center later this month. Chuck will join a panel on Thursday, October 26th to discuss the
Investors: Beware of the Wash Sale Rule
A tried-and-true tax-saving strategy for investors is to sell assets at a loss to offset gains that have been realized during the year. So if you’ve cashed in some big gains this year, consider looking
How Effectively do you Manage Risk?
Businesses can’t eliminate risk, but they can manage it to maximize the entity’s economic return. A new framework aims to help business owners and managers more effectively integrate enterprise risk management (ERM) practices into their
Why You Should Boost Your 401(k) Contribution
One important step to both reducing taxes and saving for retirement is to contribute to a tax-advantaged retirement plan. If your employer offers a 401(k) plan, contributing to that is likely your best first step.
Hedging Strategies for Your Business
The Financial Accounting Standards Board (FASB) recently issued some targeted improvements to its guidance that could encourage more companies to engage in hedging arrangements to minimize volatility in their financial statements. Here’s a close-up on
Save More for College with a 529 Savings Plan
With kids back in school, it’s a good time for parents (and grandparents) to think about college funding. One option, which can be especially beneficial if the children in question still have many years until
GAAP vs. Tax-Basis Reporting
GAAP vs. Tax-Basis Reporting: Choosing the right model for your business Virtually every business must file a tax return. So, some private companies issue tax-basis financial statements, rather than statements that comply with U.S. Generally
Watch Out for Potential Tax Pitfalls of Donating Real Estate to Charity
Charitable giving allows you to help an organization you care about and, in most cases, enjoy a valuable income tax deduction. If you’re considering a large gift, a noncash donation such as appreciated real estate
Reasons to Outsource Payroll and Obtain a Service Audit Report
With Labor Day starting out this week, it’s a good time to focus on how your business pays employees. Payroll reporting doesn’t have to be a laborious process. Consider using an outside company to manage
Supplement your Financial Statements with Timely Flash Reports
Most companies prepare financial statements on a monthly or quarterly basis. Unfortunately, it usually takes between two and six weeks for management to finalize reports that comply with U.S. Generally Accepted Accounting Principles (GAAP). The
Worrying About Estate Taxes?
How to determine if you need to worry about estate taxes Among the taxes that are being considered for repeal as part of tax reform legislation is the estate tax. This tax applies to transfers
