April 1, 2020/COVID-19, Accounting and Auditing, Tax, Financial Planning
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.
March 30, 2020/Accounting and Auditing, Tax, Business Planning, Financial Planning, COVID-19
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.
March 23, 2020/Press Release, COVID-19, Accounting and Auditing, Tax
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.
March 17, 2020/Accounting and Auditing, Tax, Press Release, COVID-19
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.
March 13, 2020/Tax, Press Release, Business Planning, Financial Planning, COVID-19, Accounting and Auditing
SL COVID-19 Response and Update
In this time of uncertainty, Smith Leonard is working diligently to ensure optimal client service while following policies and procedures that protect our team members, clients, and communities. Learn more about our readiness plan and how we are handling the impact of the coronavirus in our business.
October 18, 2019/Accounting and Auditing
FASB Defers Effective Dates of Major New Accounting Standards
At its October 16, 2019 meeting, the FASB affirmed its decisions on two proposed Accounting Standards Updates (ASUs) to extend the deadline to implement FASB standards on current expected credit losses, leases, hedging and insurance that are not yet effective for some or all companies.
February 10, 2019/Accounting and Auditing
A Fresh Look at Percentage of Completion Accounting
How do you report revenue and expenses from long-term contracts? Some companies that were required to use the percentage of completion method (PCM) under prior tax law may qualify for an exception that was expanded by the Tax Cuts and Jobs Act (TCJA). This could, in turn, have spillover effects on some companies’ financial statements. […]
February 8, 2019/Accounting and Auditing
Accounting for Overhead Costs
Accurate overhead allocations are essential to understanding financial performance and making informed pricing decisions. Here’s guidance on how to estimate overhead rates to allocate these indirect costs to your products and how to adjust for variances that may occur. What’s included in overhead? Overhead costs are a part of every business. These accounts frequently serve […]
January 18, 2019/Accounting and Auditing
4 Ideas for Fostering a Partnership Between Internal and External Auditors
External audits aren’t required for every business. But whether required or not, they can provide lenders and investors with assurance that your financial statements are free from material misstatement and prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP). How can you help facilitate efficient, timely audit fieldwork? The keys are frequent communication and […]
November 7, 2018/Accounting and Auditing, Tax, Business Planning
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 […]
