March 13, 2020/Accounting and Auditing, Tax, Press Release, Business Planning, Financial Planning, COVID-19
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 […]
October 29, 2018/Business Planning, Accounting and Auditing
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.
January 2, 2018/Furniture Insights, Accounting and Auditing, Press Release
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/Tax, Accounting and Auditing
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.
