02.07.19

FASB Expands VIE Exception for Private Companies

Private manufacturers often set up separate legal entities to hold real estate or operate new but separate business ventures. Under current accounting rules, these entities are typically considered variable interest entities that must be consolidated on to the controlling entity’s financial statements under current GAAP.

01.31.19

How to Avoid HIPAA-Related Data Breaches
Jason Flahive

Data breaches are as prevalent as ever. News of large-scale breaches, such as tech-giant Facebook and insurance company Anthem, are popping up on the news nearly every week. Medical practices are often easier targets because of the personal and financial data available.

01.30.19

Getting the Most Out of Your Audit
Kevin Omahen

Whether you are currently working on closing the year or in the midst of your organization’s busy time, your annual financial statement audit will be here before you know it, regardless of fiscal year end.

01.25.19

Making the Most of the New Pass-Through Deduction

Many families use pass-through entities such as partnerships, limited liability companies and S corporations for financial, estate or succession-planning purposes. If you own interests in any such entities, it is important to familiarize yourself with the new 20% “pass-through” deduction contained in the Tax Cuts and Jobs Act.

01.24.19

Real Estate Activities Versus Investments: Why it Matters
Justin L. Sylvan

The characterization of a real estate entity’s activities as a business or an investment makes a big difference to the bottom line when it comes to taxation. In Conner v. Commissioner, a developer whose plans were derailed by the Great Recession recently learned this lesson the hard way.

01.16.19

New Sales Tax Regime Casts a Wide Net
Robert Swenson

The U.S. Supreme Court’s landmark June 2018 decision in South Dakota v. Wayfair opened the door for states to impose sales tax collection obligations on out-of-state sellers without a physical presence in the state.

01.14.19

Critical Questions to Ask About Internal Controls
Kenneth Tornheim

When fraud strikes manufacturers, the effects can be devastating. The median fraud loss in the manufacturing sector was $240,000, according to the 2018 Report to the Nations published by the Association of Certified Fraud Examiners. Internal controls are a company’s first line of defense in preventing and detecting fraudulent activity.

01.07.19

Streamlining for Savings
Jennifer Herman

I am the CFO…and bookkeeper. I am a finance, accounting and HR department of one. I work three days per week in a 10’ x 10’ office with minimal storage or desk space. What’s the key to my success?

01.03.19

The Case for Zero-Based Budgeting for Profitability

Considering making the transition to zero-based budgeting? We break down the pros and cons of this cost-reduction approach to building your budget.

12.28.18

Moving Your Business to the Cloud

Many manufacturers and distributors have already jumped aboard the cloud computing bandwagon, but is it right for your business?