About Kara Allen

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So far Kara Allen has created 47 blog entries.

Tax Planning Reasons to Potentially Run Toward Establishing a Private Foundation

Have you ever started training for a race (maybe a 5K, 10K or half marathon) but not yet known exactly which date and location it would be? A private foundation offers some potentially similar benefits in many ways. Basically, a private foundation is an excellent vehicle for a family to get an immediate tax deduction [...]

May 26th, 2017|JUNE 2017, NOT-FOR-PROFITS|

6 Considerations Before Diving Into Starting a Charitable Organization

Forming a not-for-profit organization is typically a wonderful idea based on a worthy charitable purpose, but it’s also subject to a litany of administrative work and documentation requirements. In order to ease that burden, consider these six items before taking the plunge. Draft a mission statement. This critical first step determines the organization’s purpose. Know [...]

May 26th, 2017|JUNE 2017, NOT-FOR-PROFITS|

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 [...]

May 24th, 2017|JUNE 2017, REVENUE RECOGNITION|

4 Debt Management Magic Tricks for Financial Success

Debt is a reality for many Americans. Consider the following statistics from consumer information provider ValuePenguin: The average amount of credit card debt in America is $5,700. More than one-third of all American households have credit card debt. The total outstanding U.S. consumer debt is $3.4 trillion. Many individuals find themselves underestimating or ignoring their [...]


Sail Smoothly Through Those Saving or Shredding Decisions

With that sigh of relief that the April 18 deadline to file your tax return—or request an extension—may also come the desire to purge some prior year documents such as receipts, canceled checks, and bank and brokerage statements. Follow these general retention tips for individuals and businesses as you head toward the blue skies of [...]

May 5th, 2017|BUSINESS TAX, INDIVIDUAL TAX, May 2017|

The Opportunities of Effective Risk Management

Looking at risk through a more objective lens can help organizations identify and address risks before they become threats. In other words, it may be more advantageous to view risk as an opportunity rather than a problem. Risk Management Basics Effective risk management is a core concern for companies of all sizes – as well [...]


Protecting the Coat of Arms: Keeping the “Business” in “Family Business”

Managing the “family” part of a family business can be complicated — especially as the guild grows. Multiple generations mean added challenges, from ambitious siblings jousting for a position to the older generation crusading against health and succession issues. Mix in marriage, divorce, children, and more children, and suddenly the family business is much different [...]

May 1st, 2017|BUSINESS CONSULTING, May 2017|

It May Be Time to Swim in a New Direction with Research Tax Credits

The PATH Act, signed into law in late 2015, extended many business and individual tax provisions. A few of the changes, which can first be applied in 2016, are extremely beneficial for companies incurring research and development expenditures. Some of the qualifying business activities that may indicate a research tax credit possibility are: concept developing; [...]


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 [...]


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 [...]


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. [...]


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|

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|CYBERSECURITY, JUNE 2017|

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, [...]


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. [...]


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 [...]


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 [...]