INSIGHTS
Updated Current Procedural Terminology Codes for 2019
The Current Procedural Terminology (CPT) code changes for 2019 are here! The American Medical Association (AMA) has announced the release of the 2019 CPT Code Set. The changes include 335 codes in the new CPT edition in an effort…
2019 Retirement Plan Limit Updates
2019 is the perfect time to boost your retirement plan since the IRS has announced new plan limits. These changes include increases for the 401(k), 403(b) and most government plans. In addition, it will produce benefits for many traditional…
Narrow Scope Project Reflects Changing Distribution Methods
In October, the FASB agreed to release for public comment a proposed amendment that would align the accounting for the production costs of TV shows with that for the costs of movies under U.S. GAAP. The existing guidance was…
Grace Period for “Good Faith” Income Tax Reporting Ends Soon
Interpretive guidance that lets companies use good faith estimates to adjust for the income tax effects of the Tax Cuts and Jobs Act (TCJA) expires at the end of the year. This article describes the accounting rules for reporting income…
Are You Read for the Changes to the Auditor’s Report?
The SEC will soon require auditors to issue expanded reports for public companies. Some companies are having their accounting firms conduct dry runs on previous years’ financial statements to ensure compliance with the…
Paving the Way to Surety Bonds for Construction Projects
Surety bonds are commonly needed by construction companies. Often confused with insurance, these bonds work more like a form a credit—a guarantee that the construction company will carry out a contract within all applicable laws…
5 Ways to Make Your Budgets Work
There are numerous reasons why a lot of small businesses don’t create budgets. They are time-consuming and difficult to create. And perhaps the most universal reason: It’s too challenging to predict what your income and expenses might be…
How ESOPs Can Benefit Companies and Their Owners
As the business owner of a profitable business, you may want to take some risk out of the picture but you’re not ready to sell the company to a third party. What are some other options? One often overlooked and underutilized…
Implementing the New Standards of Lease Accounting
During the first quarter of 2016, the Financial Accounting Standards Board (FASB) issued a new standard on leases. This move was intended to improve financial reporting, transparency and accountability. The new standards go into effect…
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