Accounting and Auditing

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Smith Leonard PLLC Announces Retirement of Founding Partner Ken Smith

Smith Leonard PLLC, a leading Triad-based accounting firm, announces the retirement of Ken Smith, Founding and former Managing Partner, effective December 31, 2023.

Smith Leonard PLLC Names Three New Partners

Smith Leonard is pleased to announce Patrick Willis as its newest Tax Partner/Member. He is a key technical resource for the firm, a mentor to many staff members, and an integral part of the tax leadership team.

Smith Leonard Adds New Team Members

Smith Leonard is delighted to announce the addition of Jennifer Barbee-White and Jeanette Balazsi to the SL team.

Announcing Scotti Teschke as Partner

Smith Leonard is pleased to announce Scotti Vaughn Teschke as its newest Assurance Partner/Member. She is a key technical resource for the firm, a mentor to many staff members, and is an integral part of the leadership team for employee benefit plan audits.

FASB Approves Deferral of Leasing and Revenue Standards for Certain Private Companies

FASB votes to approve the proposed deferrals of the effective date for ASC 842, Leases (“ASC 842”), and ASC 606, Revenue from Contracts with Customers (“ASC 606”), for certain entities.

FASB Votes to Defer Effective Date of Leases Standard (ASC 842) and Other Accounting Relief

FASB recently proposed a delay to the effective dates of its standards on lease accounting and revenue recognition for certain entities due to the challenges companies are experiencing associated with the coronavirus pandemic. FASB proposes that private companies and not-for-profit entities get an extra year to implement the lease accounting standard. At the same time, the proposed plan will give private franchisor companies an extra year to implement the revenue recognition standard.

Required Minimum Distributions Suspended for 2020

RMDs are suspended for 2020, including inherited IRAs as well as traditional IRAs of those over age 70½. We answer two of the most common questions we’ve received in this post.

SBA Loan Information

With the economy in turmoil and business uncertainty looming, many of our clients are seeking guidance on how to proceed. One great option is to seek a SBA loan to cover salary expenditures, rent, and utilities for 8 weeks. We outline some of the SBA loan requirements below and are happy to work with you to get your financial packages in order so you may present them to a SBA lender.

Families First Coronavirus Response Act Signed Into Law

The Families First Coronavirus Response Act guarantees free testing for the novel coronavirus (COVID-19), establishes emergency paid sick leave, expands family and medical leave, enhances unemployment insurance, expands food security initiatives, and increases federal Medicaid funding. Read more to find out the impact to employees and employers.

Important News: Tax Payments Delayed; Smith Leonard To Close Offices, Work Remotely

In light of the global coronavirus (COVID-19) pandemic, the firm has made an important decision regarding the status of all Smith Leonard offices. Effective close of business March 17, all SL professionals will be working remotely through the end of March or as circumstances dictate. During this time, all SL offices will be closed.

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