Time to Update

New Revenue Recognition Standard for Private Companies That Follow GAAP

Private companies that follow U.S. Generally Accepted Accounting Principles (GAAP) must comply with the landmark new revenue recognition standard in 2019. Many private company CFOs and controllers report that they still have significant work to do to meet the demands of the sweeping rules. If you haven’t started the implementation process, it’s time to get […]

Continue Reading
man in suit and words choosing an executor

Choosing an Estate Executor

Choosing the right executor — sometimes known as a “personal representative” — is critical to the smooth administration of an estate. Yet many people treat this decision as an afterthought. Given an executor’s many responsibilities and complex tasks, it pays to put some thought into the selection. Job description An executor’s duties may include: Collecting, […]

Continue Reading
Businessperson Filling Survey Form On Digital Tablet

Evaluating Your Audit Committee

Under the Sarbanes-Oxley Act, the audit committee — not management or the full board of directors — is directly responsible for appointing, compensating and overseeing external auditors. Periodically, it’s a good idea to assess the effectiveness of your audit committee by performing a self-evaluation. Here are reasons to conduct a self-evaluation, along with some common […]

Continue Reading
hard hats and architect plans on a building site

Depreciation-Related Tax Breaks on Business Real Estate

Commercial buildings and improvements generally are depreciated over 39 years, which essentially means you can deduct a portion of the cost every year over the depreciation period. (Land isn’t depreciable.) But there are special depreciation-related tax breaks on business real estate available that allow deductions to be taken more quickly for certain real estate investments. […]

Continue Reading