Audits and “Continuous Auditing”

December 14, 2019By Smeriglio Associates LLCNews

Technology is altering the traditional approach to internal audits. Instead of reviewing reams of paperwork, today’s auditor is learning to use electronic records in real time. Going paperless facilitates a concept known as “continuous auditing,” where auditors continually gather data to support their procedures. This more modern approach can improve your company’s internal audit and … Read More

What is your taxpayer filing status?

December 13, 2019By Smeriglio Associates LLCNews

For tax purposes, December 31 means more than New Year’s Eve celebrations. It affects the filing status box that will be checked on your tax return for the year. When you file your return, you do so with one of five filing statuses, which depend in part on whether you’re married or unmarried on December … Read More

Website Design Development Costs

December 13, 2019By Smeriglio Associates LLCNews

Most businesses have a website. But determining the proper tax treatment for the costs involved in developing a website isn’t easy. The IRS hasn’t yet released official guidance, so you must apply existing guidance that’s available on other costs to the issue of website development costs. The exact treatment of website design costs depends on … Read More

Employer Credit for Paid Family & Medical Leave

December 12, 2019By Smeriglio Associates LLCNews

Attention employers! A valuable credit, known as the employer credit for paid family and medical leave, will expire soon. It allows eligible employers to claim a general business credit on their 2018 and 2019 tax returns. The credit is based on wages paid in those years to “qualifying employees” on leave, subject to conditions. It’s … Read More

Close-up on pushdown accounting for M&As

December 11, 2019By Smeriglio Associates LLCNews

Change-in-control events — like merger and acquisition (M&A) transactions — don’t happen every day. If you’re currently in the market to merge with or buy a business, you might not be aware of updated financial reporting guidance that took effect in November 2014. The changes provide greater flexibility to post-M&A accounting. Pushdown accounting is optional … Read More

NFP: Accounting for contributions and grants is now easier

December 9, 2019By Smeriglio Associates LLCNews

Accounting for contributions and grants has often proven complicated for not-for-profits, especially when they come with donor-imposed conditions. But 2018 guidance from the Financial Accounting Standards Board (FASB) provided some much-needed clarification of earlier instructions. Provider factor Traditionally, nonprofits have taken varying approaches to characterizing grants and similar contracts as exchange transactions (also known as … Read More