Articles & Videos

Community Bank Vendor Risk: Don’t Roll the Dice

April 15th, 2016|FINANCIAL INSTITUTIONS|

While what happens in Vegas may sometimes stay in Vegas, when a community bank experiences customer data breaches that typically makes the news. So what steps should a financial institution take to ensure it meets the requirements of the Gramm-Leach-Bliley Act (GLBA)? From loan reviews to service organization controls (SOC) reports, community banks often choose [...]

Leasing or Buying: Which Provides Better Fertile Soil for Your Business?

April 19th, 2017|LEASE ACCOUNTING|

Plants require fuel for growth, and a business is no different. Companies grow by synthesizing assets — people, equipment, and property — to deliver goods and services. It is typically easy to tell by looking at a plant if it is getting the right nutrition. An important gauge of a business’ health is the balance [...]

Give Your Small Business a Jolt of Efficiency with Cloud-Based Accounting

April 19th, 2017|CLIENT ACCOUNTING SERVICES|

Many people need a dose of caffeine – usually in the form of coffee – to be more energized and productive in the morning. Similarly, small businesses have tools at their disposal to help them be more productive. When it comes to small business efficiency, cloud-based applications have fostered tremendous improvements in processes that are [...]

Should Your Business Include a “You” and “I”?

April 19th, 2017|CLIENT ACCOUNTING SERVICES|

One of the toughest decisions facing a start-up or early-stage business is whether to go it alone or take on a partner (or partners). For someone who has spent years planning, preparing and longing for the day when he or she gets to be the boss, the idea of sharing that responsibility with others can [...]

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

April 6th, 2017|NEWS, PRESS RELEASES|

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 [...]

Solving the Revenue Recognition Maze: Step 5, Recognizing Revenue

March 28th, 2017|REVENUE RECOGNITION|

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 [...]

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

March 28th, 2017|REVENUE RECOGNITION|

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 [...]

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

March 27th, 2017|REVENUE RECOGNITION|

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. [...]

Solving the Revenue Recognition Maze: Step 1, Identifying Contracts

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

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 [...]

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

March 27th, 2017|REVENUE RECOGNITION|

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 [...]

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

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

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 [...]

How Companies Can Protect Their Fortresses from Executive Impersonation Fraud

March 27th, 2017|APRIL 2017, CYBERSECURITY|

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 [...]

A Picture of the Changes to the IRS Determination Letter Program

March 16th, 2017|BENEFIT PLAN NEWS FLASH, EMPLOYEE BENEFIT PLANS|

The IRS’ determination letter program allowed sponsors of individually designed retirement plans to receive a routine determination letter, which is a periodic official regulatory compliance seal of approval that the IRS grants to benefit plans. While the recent decision to end this program has left many plan sponsors and their advocates uneasy, the IRS may [...]

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

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

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, [...]

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

March 9th, 2017|EMPLOYEE BENEFIT PLANS|

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. [...]

Keep Your Information Safe with Multi-Factor Authentication (MFA)

March 7th, 2017|IT AUDITS & ASSURANCE, VIDEO|

Most of us are familiar with traditional forms of authentication, such as a password. While such methods can work, hackers have become more sophisticated in cracking them. Multi-factor authentication (MFA) is advantageous because it requires multiple forms of identification to access a system. Watch as Tom Montalbano discusses how MFA works to protect [...]

What Creates U.S. Taxes On Overseas Income?

March 6th, 2017|INTERNATIONAL TAX, VIDEO|

It may be tempting to think that any income that a U.S. citizen earns outside of the country is not subject to domestic taxes. Although U.S. taxpayers living overseas are still indebted to the IRS, there may be instances in which they can reduce how much they owe. Watch as Brian Barksdale explains [...]

Dispatching Guidance for Properly Recording Contribution Revenue

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

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 [...]

Depreciation is a Two-Way Street. Which Way Should You Go?

March 3rd, 2017|BUSINESS TAX, VIDEO|

Some business owners may find themselves at a crossroads when selecting a depreciation method. For some companies, it may be better to maximize the depreciation deduction. Other organizations may benefit the most from minimizing the depreciation deduction to save it for future years. Watch as Kelly Littleton discusses these options in greater detail, [...]

5 Steps to Follow After Receiving an IRS Penalty Notice for ACA Reporting Compliance

March 3rd, 2017|AFFORDABLE CARE ACT (ACA) COMPLIANCE, VIDEO|

Applicable large employers (ALEs) – usually those that employ at least 50 full-time employees (including full-time equivalents) in a given year – may receive an IRS penalty notice if they either did not provide healthcare coverage or offered unaffordable coverage options in a prior year. The good news for ALEs is that there [...]