Applying ASC 606 in Construction
In simple terms, if you’re in the business of entering contracts to deliver goods or services to customers, you’re affected by the FASB’s ASC 606, which provides guidance in recognizing …
Subcontractor vs. Independent Consultant vs. Employee
We often hear our clients or other government contractors use “subcontractor” and “independent consultant” interchangeably; however, they are not synonymous. sometimes we hear independent consultants being referred to as “1099s,” …
The New Business Interest Expense Rules
The IRS released the final regulations and other guidance on the limitation on the deduction for business interest expenses amended by the CARES Act of 2020. The 2017 tax overhaul …
Leverage Your Accountant for Litigation Support
So much litigation these days is a money game that follows fraud dollars, exposes embezzlement and sets a dollar value for damages. Some accountants serve as expert witnesses to help …
Deciding Between a Compilation and a Review
Even a successful and growing small business may be asked for an audited financial statement by a banker, investor, creditor, or buyer. These third parties often want some assurance that …
New DOL Guidance on Employee Leaves
The pandemic has affected both employers and employees, and everyone is trying to figure out how to work under new situations and new rules. The new DOL guidance will help …