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The Corporate Transparency Act (CTA) went into effect on January 1, 2024.  The CTA will impact most closely held business entities, such as limited liability companies, corporations, limited partnerships, and other closely held entities, defined as ‘reporting companies’. The CTA mandates reporting companies to disclose their beneficial ownership information (BOI) to the Financial Crimes Enforcement…
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On March 27, 2023, FASB passed ASU 2023-01 Leases (Topic 842): Common Control Arrangements. ASU 2013-01 provides more straightforward determinations of common control leasing arrangements. It also allows lessees to amortize leasehold improvements over their economic life. Why this is important ASC 842, Leases, created unforeseen problems for common control transactions related to leases and…
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FASB is expected to amend ASC 842, Leases, with regard to common control arrangements, per their recent February 15, 2023, meeting. The Problem Presently, ASC 842 requires entities to determine what is legally enforceable with regard to leases, even those of commonly controlled entities. The Solution The Board will provide private entities (it’s not official…
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Lease debt and right-of-use assets will appear on December 31, 2022, financial statements. All leases with a term of more than one year will appear on your balance sheet, even those with related parties. This article focuses on the lessee’s perspective. The Financial Accounting Standards Board (FASB) issued ASC 842, Leases, which governs lease accounting for nongovernmental entities. Therefore, financial statements…
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On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 which includes multiple items including clean energy and climate investments, affordable healthcare, additional funding for IRS enforcement, and key tax provisions as summarized below. A summary of the tax provisions are outlined as follows: 15% Minimum Tax on Large Corporations…
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Captain Kirk As a kid, Captain Kirk was my hero. Who wouldn’t want to boldly go where no man has been before?  Kirk was always in control. Why? Well, for one thing, he had a great view. He could always see what was coming.   And that’s the goal of enterprise risk management and the use of…
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A friend says, “You need an audit,” but is that true? Audits can be expensive, so are there other less costly options? The answer is yes, in some cases. This article explains how you can determine the accounting service you need without excess cost. Below we explain what we do in each service and how…
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On May 4, 2021, Georgia Governor Kemp signed into law H.B. 149, a bill that creates an election for partnerships and S-corporations to be taxed at the entity level. This is an annual irrevocable election, that must be completed before the due date of the return, including any extensions. When elected, the entity is subjected…
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With changes in operational practices and the ever-evolving shift to a more virtual work environment for many companies, the preparation for an upcoming EBP engagement is one of many areas of financial reporting and compliance will be impacted. Virtual Audits as the “New Normal” Withstanding the coronavirus pandemic, many companies had already begun the shift…
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Form 5500 is a part of the overall reporting and disclosure framework of Employee Retirement Income Security Act of 1974 (ERISA) that is designed to ensure employee benefit plans are managed and operated according to relevant standards. Auditors of employee benefit plans review internal controls as a basis for their audit planning. Any significant deficiencies…
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