Background – Legislation Effects The Controlled Substances Act of 1970 made all forms of cannabis an illegal Schedule 1 substance. Today, 33 states, plus the District of Columbia, have legalized marijuana for medical use, and 11 states allow recreational use of marijuana for adults over the age of 21. On December 20, 2018, the Agricultural [...]
CRI Partner Andy Grant recently spoke to the members of the Jewish Networking Group at their bi-monthly meeting. His presentation provided information about the tax reform as well as different areas of CRI.
CRI Partner Cathy Haug will be presenting a 2019 Tax Update along with Manager Ryan Hayden at the Suncoast Estate Planning Council Tax Update. This event will take place on January 9, 2020 at the St. Petersburg Yacht Club. Whether you want to cut your tax bill or save for retirement, this presentation will keep [...]
CRI Partner Kelly Littleton recently presented "Personal Finance, Year-End Giving, Taxes, and You" at the First United Methodist Church of Panama City. Her presentation provided important year-end planning topics for both individuals and businesses, as well as an update for reporting hurricane casualty details on tax returns.
CRI Partner Steve Ritmiller recently welcomed local business leaders and service providers to the Palm Beach North Chamber Annual Holiday Mixer at the Gardens Mall. He started the event with a quick introduction to the event as well as CRI's lines of service and industries served.
On December 5th, the IRS released the final version of the 2020 Form W-4. This includes fundamental changes to income tax withholding that will significantly affect both employers and employees. These changes are largely in response to the 2017 Tax Cuts and Jobs Act. This 2020 IRS Form W-4 Employer Guide is intended to help [...]
CRI Partner Keith Hundley will host multiple sessions at the Smarter Grants Summit in San Antonio, TX, on January 14, 2020. Keith's presentions will cover internal controls, deterring fraud, and best practices in fiscal excellence.
The Agriculture Improvement Act of 2018 (or the 2018 Farm Bill), which removed hemp as a Schedule 1 controlled substance under the Controlled Substance Act, became law on December 20, 2018. The 2018 Farm Bill directs the United States Department of Agriculture (USDA), in consultation with the U.S. Attorney General, to regulate hemp production. The [...]
For nonprofit organizations, “revenue” can be a tricky concept — especially when it comes to determining how and when to record it. The new revenue recognition standard (Accounting Standards Codification 606, Revenue from Contracts with Customers) goes into effect starting with annual periods ending after December 15, 2019, and accounting for anything other than a [...]
Effective October 31, 2019, the U.S. Department of Agriculture (USDA) released the long-awaited interim final rules on the production of hemp in the United States of America. This legislation is a massive moment for the fledgling product’s return to the American agricultural market after roughly 50 years on the sidelines. Hemp has been grown in [...]
Due to newly released accounting standards, expect significant changes in both the audit process and the financial statement and management communication deliverables. The American Institute of Certified Public Accountants (AICPA) has issued a new standard that will apply to all audits of ERISA plan financial statements covering periods ending after December 15, 2020. (In other [...]
CRI Partner Cathy Haug will present at the BUCKS Business Network weekly meeting on December 12, 2019. Her presentation will cover 2019 tax planning opportunities with a focus on business owners and self-employed individuals.
PDPM or Patient-Driven Payment Model is the new Medicare reimbursement system. It introduces a number of changes compared to the historical RUG-IV model. It is designed to address each patient’s unique needs independently and encourages more specialized, patient-driven care. Under PDPM, each patient is classified into a group of each of the five case-mix [...]
CRI Partner Keith Hundley is hosting a session at the South Carolina Association of Community Action Partnership's 12th Statewide Board Training Retreat on December 6, 2019. Keith's presentation will cover Financial Operations and Oversight for Board Members based on the requirements contained in the CSBG Organizational Standards, Head Start Act, and Head Start Program Performance [...]
CRI Partner Lorie Keegan will be opening the Good Morning Gainesville monthly meeting on December 4, 2019, to discuss current local events. We are always glad to see our partners getting involved in their communities with peers!
Ready or not, revenue recognition is changing. Two major new accounting standards — Accounting Standards Codification 606, Revenue from Contracts with Customers (Topic 606) and Accounting Standards Update 2018-08, Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made (ASU 2018-08) — are effective for reporting periods ending after December 15, 2019. [...]
As a manufacturer, the success of your business is dependent on your products. Things like secret ingredients, build lists, and patented designs and production processes are key to keeping your products unique and valuable to your consumers. Because a vast majority of this information is stored in digital technologies (like cloud storage and artificial intelligence), [...]
Although it’s been almost a year since the new revenue recognition standard officially went into effect for public companies, many industries are continuing to struggle to understand and implement the complex new rules. In fact, many manufacturers and distributors are finding that adopting the new standard requires changes in everything from their accounting processes and [...]
Marena Messina was recently recognized by the Birmingham Business Journal as a Rising Star of Accounting. Her highlight demonstrates her passion for being a helpful resource for clients. Congratulations, Marena!
CRI Partner Jeff Hawkins recently participated in a panel of experts from the staffing, accounting, and banking industry at the Wells Fargo Symposium for Staffing Companies. During the discussion, Jeff described the challenges of the industry as well as the various solutions provided by CRI.