Share While at a construction client doing preliminary audit work, in which the client had recently entered into a new loan agreement with a bank and the first question I asked them was, “Are there any financial loan covenant ratios you have to adhere to as part of the loan agreement?” I was expecting the…
IRS Releases Revised Information on the United States-Canada Income Tax Treaty The U.S. Internal Revenue Service (“IRS”) has released revised Publication 597 (Rev. October 2015), “Information on the United States-Canada Income Tax Treaty” (the “Publication”). The 1980 United States-Canada income tax treaty was signed on 26 September 1980. It has been amended by five protocols,…
Inflation, What Went Wrong? By Anthony DiLorenzo, M.S Accountant WithumSmithBrown, PC After the crash of 2008 – 2009, the US government along with the Federal Reserve (the “Fed”) implemented massive efforts to avoid a deflationary scenario that was last seen during the great depression. In the years following the initial introduction of these policies, there…
Do you struggle determining what meals and entertainment expenses are subject to the 50% limitation? You might not be taking full advantage of the deductions you are entitled to. This article will explain the general rules relating to meals and entertainment, and the exceptions to the 50% limitation. Entertainment expenses that are incurred while entertaining…
Is Your Company Ready for a Real Board? Col. Jessep: You want answers? Kaffee: I think I’m entitled Col. Jessep: You want answers? Kaffee: I want the truth! Col. Jessep: You can’t handle the truth! – dialogue from the film A Few Good Men Many entrepreneurs, especially younger ones, believe that forming a board is…
SEC Proposes Liquidity Management Rules for Mutual Funds and ETFs By: Frank Boutillette, CPA, Partner – WithumSmith+Brown, PC On September 22, 2015, the SEC voted to propose a package of rule reforms that are designed to enhance effective liquidity risk management by open-end funds, including mutual funds and exchange- traded funds (ETFs). Under the proposal,…
Not-For-Profit Revenue Recognition – How Will The New Standard Affect Your Organization? In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606) as part of a joint project with the International Accounting Standards Board (IASB). The purpose of the joint project and this…
Is Your Business Model Sound? “If it’s a penny for your thoughts and you put in your two cents worth, then someone, somewhere is making a penny.” – quote from Steven Wright. I love to listen to entrepreneurs and advisors talk about the value of a new venture. Even more enlightening to me is the…
Public-Private Partnerships: The Good, The Bad, The Opportunity, The Risk Public-private partnerships (P3s) have been around for quite some time and are gaining momentum. They are an increasingly important instrument for supplying public services on capital project assets including institutional facilities (i.e. state universities), more complex assets (i.e. prisons and utilities) and infrastructure assets (i.e….