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About Kara Allen

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So far Kara Allen has created 40 blog entries.

Orlando’s Borcheck & Gase Joins Top 25 CPA and Advisory Firm Carr, Riggs & Ingram (CRI)

ORLANDO, FL – Local CPA firm Borcheck & Gase has merged with top 25 CPA and advisory firm Carr, Riggs & Ingram, LLC (CRI). All personnel will operate under the CRI name and join a team of more than 1,600 professionals across the Southern United States. Borcheck & Gase has been serving individuals and businesses in [...]

April 6th, 2017|NEWS, PRESS RELEASES|

Solving the Revenue Recognition Maze: Step 5, Recognizing Revenue

Our five-part series on revenue recognition has covered the first four steps in the Financial Accounting Standard Board’s (FASB’s) Revenue from Contracts with Customers (referred to hereafter as “the standard”): identifying contracts, determining performance obligations, determining transaction price, and allocating transaction price. We’ve arrived at the fifth and final step: recognizing revenue. Step 5 of [...]

March 28th, 2017|REVENUE RECOGNITION|

Solving the Revenue Recognition Maze: Step 4, Allocating the Transaction Price

So far in our five-part revenue recognition series, we have covered the first three steps in the Financial Accounting Standards Board’s (FASB’s) Revenue from Contracts with Customers (referred to hereafter as “the standard”): identifying contracts, determining performance obligations, and determining transaction price. In this part of the journey, we discuss the fourth step of recognizing [...]

March 28th, 2017|REVENUE RECOGNITION|

Solving the Revenue Recognition Maze: Step 3, Determining Transaction Price

So far in our five-part series on revenue recognition, we have covered the first two steps in the Financial Accounting Standard Board’s (FASB’s) Revenue from Contracts with Customers (referred to hereafter as “the standard”): identifying contracts and determining performance obligations. In this article, we discuss the third step of recognizing revenue: determining transaction price. [...]

March 27th, 2017|REVENUE RECOGNITION|

Solving the Revenue Recognition Maze: Step 1, Identifying Contracts

Finding a direct route to implementing the new revenue recognition standard is difficult – but not impossible. In this first article of our five-part series, we’ll begin you down the path toward successful implementation. Step 1 of Revenue Recognition: Identify Contracts Identify Customer Contracts Identify Performance Obligations Determine Transaction Price Allocate Transaction Price [...]

March 27th, 2017|APRIL 2017, REVENUE RECOGNITION|

Solving the Revenue Recognition Maze: Step 2, Identifying Performance Obligations

In the first article of our five-part series about revenue recognition, we gave an overview of the Financial Accounting Standard Board’s (FASB’s) Revenue from Contracts with Customers (referred to hereafter as the “standard”) and addressed the collectability issues that may arise from step one of the standard: identifying contracts. In this article, we highlight the [...]

March 27th, 2017|REVENUE RECOGNITION|

Knocking Down the “Pins” of Self-Employment Tax Challenges

Today’s technology strives to make self-employment easier than ever. However, those who work for themselves can face some distinctive self-employment tax challenges. Such individuals can step into the following three “lanes” to help overcome these obstacles. Lane #1: Learn Liabilities Because self-employed individuals are liable for self-employment tax, they must pay both the employee and [...]

March 27th, 2017|APRIL 2017, INDIVIDUAL TAX|

How Companies Can Protect Their Fortresses from Executive Impersonation Fraud

Just as medieval castles were designed to safeguard territories during war, a company’s employees are generally expected to strive to protect the organization from a cybersecurity breach. Yet, thousands of team members unknowingly allow imposters to infiltrate businesses and steal millions of dollars by falling victim to executive impersonation fraud. Surveying the Executive Impersonation Fraud [...]

March 27th, 2017|APRIL 2017, CYBERSECURITY|

3 Minutes on the 3 Main Changes of the New Nonprofit Reporting Standard

The Financial Accounting Standards Board’s (FASB’s) new standard for nonprofit financial reporting will dramatically change how not-for-profit organizations present their financial statements. The new regulations are designed to help financial statement users more clearly understand how nonprofits manage their funds. Watch as Alyssa Hill explains three key changes the FASB’s standard will introduce, [...]

March 10th, 2017|NONPROFIT REPORTING STANDARD, NOT-FOR-PROFITS, VIDEO|

U.S. Appeals Court Ruling Deals the Cards in the Fiduciary Blame Game

When a fiduciary breach occurs, some fiduciaries may be more culpable than others. In such cases, a court can order those parties to indemnify other fiduciaries who were, despite their technical status as fiduciaries, without blame. That ruling was the opinion of the U.S. Court of Appeals for the Seventh Circuit in a recent case. [...]

March 9th, 2017|EMPLOYEE BENEFIT PLANS|

Dispatching Guidance for Properly Recording Contribution Revenue

Navigating nonprofit accounting can be confusing, especially in relation to recording contribution revenue. Determining when contribution revenue is unrestricted, temporarily restricted, or permanently restricted may involve many twists and turns. However, it is important to note that – much like air traffic controllers – the donor directs an organization regarding how to categorize his or [...]

March 5th, 2017|NONPROFIT REPORTING STANDARD, NOT-FOR-PROFITS|

Defying the Gravity of Going Concern Issues for Nonprofits

The Financial Accounting Standards Board (FASB) requires management of both nonprofit and for-profit entities to assess whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the organization's ability to continue as a going concern for at least one year after the date that the financial statements are issued. Some [...]

March 2nd, 2017|NOT-FOR-PROFITS|

How Nonprofits Cluster Functional Expenses on Financial Statements

Like grapes, a nonprofit entity’s expenses are “clustered” on the organization’s financial statement. Nonprofits are required to report financial information using functional expense classification, which is a method of grouping expenses according to their purposes (e.g., program services and supporting services). By contrast, natural expense classification is based on the type of expense – such [...]

March 2nd, 2017|NONPROFIT REPORTING STANDARD, NOT-FOR-PROFITS|

How to Use Real-Time Financial Data to Improve Your Cash Flow Forecast

Real-time weather data has transformed our lives. Long gone (for most of us!) are the days of being caught in a rainstorm without an umbrella or in a bulky sweater on an unseasonably warm day. Similarly, accounting systems that provide an up-to-the-minute look at a company’s condition mean that businesses are better prepared to avert [...]

Atlanta’s BNKJ Joins Top 25 CPA and Advisory Firm Carr, Riggs & Ingram (CRI)

ATLANTA, GA – Local CPA firm Babush, Neiman, Kornman & Johnson, LLP (BNKJ) has merged with top 25 CPA and advisory firm Carr, Riggs & Ingram, LLC (CRI). The BNKJ team will operate under the CRI name and join a team of more than 1,600 professionals across the South. For more than 50 years, BNKJ has [...]

February 28th, 2017|NEWS, PRESS RELEASES|

Two Practical Solutions to Combat the Revenue Cycle Impact of High Deductible Plans

Rising healthcare costs have prompted consumers to increasingly choose high-deductible insurance plans. As a result, much of the healthcare industry is now driven by out-of-pocket costs rather than government or commercial payers. Therefore, healthcare providers must now focus on working directly with patients to settle their account balances. Watch as Kathleen Zuniga discusses [...]

February 27th, 2017|HEALTHCARE, VIDEO|

The Death of Traditional Bookkeeping: A Eulogy

Technology is radically changing every aspect of a business’ operations – including accounting. Consequently, traditional bookkeeping is slowly being replaced by accounting software that provides real-time insights, fosters collaboration, and allows for automated processes. Watch as Martin Copeland discusses how such systems are revolutionizing business recordkeeping.

February 24th, 2017|CLIENT ACCOUNTING SERVICES, VIDEO|

Maximize Tax Refund Benefits For Your Small Business

Receiving a tax refund can be exciting for many individuals. For small business owners, a refund can lead to new company investments, significant retirement plan contributions, or both. Watch as Heather Jourdan explains several options that small business owners have for making the best use of their tax refunds.

February 22nd, 2017|BUSINESS TAX, VIDEO|

New and Improved Bonus Depreciation Provisions Now Available for a Limited Time Only

Any fan of late-night infomercials knows that a key part of the marketing pitch is that final offer that pushes the perceived value of the package well past the asking price. Similarly, the extension of bonus depreciation is the literal “bonus” of the Protecting Americans from Tax Hikes (PATH) Act that can deliver impressive value [...]

February 22nd, 2017|MARCH 2017, TAX SPECIALTY SERVICES|

Solving the Hardship Withdrawal Program Administration Puzzle

Riddle Me This: Why Offer a Hardship Withdrawal Option? Plans that do not offer a hardship withdrawal option are still subject to “plan leakage.” In other words, employees’ retirement dollars prematurely leave the plan due to hardship withdrawals, plan loans going into default upon employment termination or other reasons. Whatever the cause of the leakage, [...]

February 21st, 2017|BENEFIT PLAN NEWS FLASH, EMPLOYEE BENEFIT PLANS|