Accounting and Auditing Archives

CECL for Non-Financial Institutions: Navigating New Accounting Waters

The introduction of the Current Expected Credit Loss (CECL) model by the Financial Accounting Standards Board (FASB) in 2016 marks a significant evolution in accounting standards, with vast implications for how credit losses on financial assets are estimated. Implemented in…

New Accounting Standards Upcoming Effective Dates for Public and Private Companies

This publication summarizes the new accounting standards with mandatory effective dates in the first quarter of 2024 for public entities, as well as new standards that take effect in annual 2023 financial statements for nonpublic entities. Those effective dates reflect…

2023 Year-End Guide – Tax Accounting Methods

A taxpayer’s tax accounting methods determine when income is recognized and costs are deducted for income tax purposes. Strategically adopting or changing tax accounting methods can provide opportunities to drive tax savings and increase cash flow. However, the rules covering the…

6 Reasons Why Business Owners Should Opt for a Virtual Accounting Team

Written by: Todd Ellis, CPA, MST, CGMA In today’s rapidly changing business landscape, sourcing the right accounting team is a crucial decision faced by business owners, CEOs, and executive teams. Traditional hiring processes can feel like navigating a maze, especially when…

Clarifying the SECURE Act 2.0 Roth Catch-Up Contribution Extension

While, the IRS’ announcement last month provides significant compliance relief for processing catch-up contributions as after-tax “Roth” contributions, the focus now for plan sponsors should be on proper implementation of the guidance. IRS Notice 2023-62 established a two-year administrative extension…

Working with a Virtual Accounting Team: Insights, Expectations, and Debunking Myths

Written by: Todd Ellis, CPA, MST, CGMA Virtual accounting has become a key solution for businesses seeking effective and efficient financial operations. But as its popularity grows, so do misconceptions. If you are considering working with a virtual accounting team for…

New Accounting for Joint Venture Formations

Summary Joint ventures, as defined in U.S. GAAP and formed after January 1, 2025, must apply a new basis of accounting, as issued by the FASB in Accounting Standards Update (ASU) 2023-05, Business Combinations — Joint Venture Formations (Subtopic 805-60).…

Navigating the Future of Educational Planning: Enhancements to 529 Plans Under the SECURE 2.0 Act

Written by: Stephen Candelario, CPA As parents, we all dream of providing the best education for our children. But with escalating education costs, planning for their future education can often seem daunting. Fortunately, there are now tools available, such as…

Common Control Entities and Lease Accounting Methods

The FASB released ASU No 2023-01 to Topic 842, Leases on March 27, 2023. Applicable businesses can adopt the changes in their lease accounting procedures for fiscal years beginning after December 15, 2023. The new lease accounting methods have been…

IRS Announces Retirement Plan Contribution Limits for 2023

Written by: Jonathan Hitter, CPA, MST, CGMA On October 21, 2022, the Internal Revenue Service (IRS) announced the updated contribution limits to retirement plans in Notice 2022-55. The new limits are valid beginning in tax year 2023. These limits are…

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