Global Convergence Project: U.S. GAAP is Alive and Well

SEC Chairman Jay Clayton recently announced that a consideration to require or allow U.S. public companies to use IFRS is “not a focus” for him. His lack of interest contrasts with the “high priority” former Chair Mary Jo…

Paid Family and Medical Leave Under the New Tax Law

The 2017 Tax Cuts and Jobs Act created a credit for employers when they give qualified employees paid family and medical leave. This act is currently in effect for 2018 and 2019 and applies to businesses covered…

The One Page Business Plan

Traditional business plans usually consist of dozens of pages of text and data tables. They can take many days or even weeks to produce. But if your small business is seeking financing, you may need one…

Private Companies Can Elect Out of the Complex VIE Guidance

In October, the FASB gave private companies long-awaited relief from the variable interest entity (VIE) guidance — one of the most complicated areas of U.S. GAAP. This article explains the consolidation rules and why private companies…

Updated IRS Guidance on Entertainment Meal Deductions

In relation to our first blog, “Understanding the New Rules Regarding Business Entertainment Deductions,” the IRS has since issued a notice with updated guidance on the expenses deductibility of meals purchased for entertainment…

What You Need to Know About Accounting to Use QuickBooks

Whether or not you use the word “accounting,” your business already does it. You manage accounts, pay bills, receive payments – all tasks that are a part of the process. When you use QuickBooks, though, you are following the same…

What Financial Statements Can Tell You About Your Business

One of the best things about QuickBooks is its reporting options. You select one, and the software creates the report using your company’s data. Some of these are called financial statements. They are always required by financial institutions…

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