Share Not-for-profit entities with a reporting period beginning after December 15, 2019 should be prepared to include FASB’s ASC 606, Revenue from Contracts with Customers, and changes in their audited financial statements. The new guidance supersedes or replaces nearly all previous revenue recognition guidance and places an emphasis on fulfillment of contract performance obligations for…
Executive Summary Using a specialized technique called the Customer Journey, Withum reviewed and analyzed the current state of a distribution and logistics company’s people, processes, technology, and data to quickly expose potential gaps and facilitate a collective understanding of the company’s needs and priorities. The outputs were presented in a simple and easy-to-understand format combined…
Share It’s late at night; you can’t sleep, so you find yourself scrolling. Next thing you know, you’ve ordered online from various stores with items anticipated to arrive in the next few days. But what you didn’t plan on receiving the following day was a notification that you’re locked out of your email and that…
Download a PDF of this case study. Executive Summary This construction company was looking to modernize and automate its project estimation process to make it more efficient and timely. By introducing automation using Microsoft Power Apps, the firm was able to accelerate the estimation process while increasing the number of estimates going out the door…
Determining whether the trading activity will allow the fund to qualify for trader vs. investor status is nothing new to portfolio managers and tax practitioners, but continues to leave the industry with questions due to the lack of guidance from the IRS to differentiate between the two. The distinction is not a formal election that…
Fraud and theft are prevalent issues within the restaurant industry. Many restaurants have large staffs, giving multiple people access to registers and inventory. Coupled with alternating shifts and employee turnover, fraud can be detrimental to small businesses if not monitored closely. Below are tips to help business owners detect and prevent fraud. Behavioral Red Flags…
As a result of the Coronavirus pandemic, lenders may have had to restructure and modify debt agreements with borrowers. The accounting guidance provides two possible methods to treat these debt modifications. The Financial Accounting Standards Board (FASB) provides guidance on determining whether the modification or exchange is treated as a troubled debt restructure (TDR), FASB…
As upcoming Form 990 filing season approaches, organizations are adapting to changes from the prior year’s form and instructions, as well as new IRS mandatory e-filing requirements discussed here which are now required for all 2020 (and beyond) Forms 990 going forward under the Taxpayer First Act enacted in 2019. It has come to Withum’s…
Learn how Withum helped a professional services firm modernize its operations by developing a centralized knowledge base, saving time and money. Download a PDF of this case study Executive Summary An Information Technology consulting firm based in Atlanta, GA, faced challenges as they were growing and expanding. The challenges stemmed from multiple disconnected systems and…
Share The latest version of the draft Form 1065 instructions, released January 14, 2021, confirms tax capital reporting will be required for tax year 2020 on the partner’s Schedule K-1 and clarifies some key questions from the industry. Background Beginning in the 2020 taxable year, the 2020 Form 1065 Instructions require partnerships to calculate and…