Accounting and Auditing

Could a Cost Segregation Study Help You Accelerate Depreciation Deductions?

Businesses that acquire, construct or substantially improve a building — or did so in previous years — should consider a cost segregation study. It may allow you to accelerate depreciation deductions, thus reducing taxes and boosting cash flow. And the potential benefits are now even greater due to enhancements to certain depreciation-related breaks under the […]

Trust is an Essential Building Block of Today’s Websites

When business use of websites began, getting noticed was the name of the game. Remember pop-up ads? Text scrolling up the screen? How about those mesmerizing rotating banners? Yes, there were — and remain — a variety of comical and some would say annoying ways to get visitors’ attention. Nowadays, most Internet users are savvy […]

September 5, 2018/Accounting and Auditing

New Revenue Recognition Standard: Are You Prepared?

Revenue recognition changes as a result of ASC 606 are required to be implemented by December 15, 2018. For many entities, changes in the timing and pattern of revenue recognition may be significant. In most entities, implementation will require careful deliberation and comprehensive insight into the new rules. In many cases, new and/or modified processes will be needed to record revenue in the correct period.

Ken Smith Named 2017 Citizen of the Year

The High Point Enterprise names Ken Smith as their 2017 Citizen of the Year in their New Year’s Day issue.

February 27, 2017/Accounting and Auditing, Tax

Should You Challenge Your Property Tax Value?

2017 is a big valuation year for property taxes in North Carolina, with several Triad counties up for revaluation. There is a window of opportunity for businesses that own real property in the counties mentioned below to appeal their 2017 value and realize potentially significant savings. The optimum time to appeal is within thirty days of receiving your 2017 valuation.

March 28, 2016/Accounting and Auditing

FASB ISSUES ASU ON LEASES

On February 25, 2016, the FASB issued its highly-anticipated leasing standard1 for both lessees and lessors. Under its core principle, a lessee will recognize lease assets and liabilities on the balance sheet for all arrangements with terms longer than 12 months. Lessor accounting remains largely consistent with existing U.S. GAAP. The new standard takes effect in 2019 for public business entities and 2020 for all other entities.

February 28, 2016/Accounting and Auditing

Quarterly Insights

On December 18, 2015, President Obama signed the Protecting Americans from Tax Hikes (“PATH”) Act of 2015, which includes a provision making permanent the Research & Development (“R&D”) tax credit under Section 41. This is a very significant development, as the R&D credit generally has required annual legislative renewal. A permanent R&D credit will provide businesses and investors the stability needed to enhance long term planning and decision making.

August 28, 2015/Accounting and Auditing

New Revenue Standard Date Deferred

The FASB recently issued ASU 2015-14 to defer the effective date of its new revenue recognition standard by one year. As such, it now takes effect for public entities in fiscal years beginning after December 15, 2017. All other entities have an additional year. However, early adoption is permitted for any entity that chooses to adopt the new standard as of the original effective date.

June 28, 2015/Accounting and Auditing

2015 Significant Accounting and Reporting Matters

The amendments in this Update represent changes to clarify the FASB Accounting Standards Codification (ASC), correct unintended application of guidance, or make minor improvements to the ASC that are not expected o have a significant effect on current accounting practice or create a significant administrative cost to most entities.

January 28, 2015/Accounting and Auditing

FASB 2014 Year in Review

During 2014 the Financial Accounting Standards Board (FASB) made progress on several major, long-term projects, while also issuing guidance to resolve known practice issues. The most notable achievement during the year was the issuance of a substantially converged revenue recognition standard by the FASB and the International Accounting Standards Board (IASB) that is scheduled to take effect in 2017. The Boards continued to work together on the joint leasing project, but took different directions on classification & measurement and impairment of financial instruments. The FASB plans to complete those projects in 2015.

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