IRS Extends Deadline for “Micro-Captive” Reporting

Posted on Monday, January 9, 2017 by

The IRS has extended the deadline for micro-captive reporting to May 1, 2017.

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Smaller Employers Can Now Offer Pre-Tax Medical Reimbursement Programs

Posted on Wednesday, December 21, 2016 by

On December 13, 2016, President Obama signed the “21st Century Cures Act” which could impact employers who are not subject to the Affordable Care Act (ACA) because they have fewer than 50 full-time equivalent employees.

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Manufacturing and Distribution Workforce Challenges—and Resources to Help Companies Meet Them Head-On

Posted on Monday, August 22, 2016 by

Workforce challenges continue to be top of mind for Northeast Ohio manufacturing and distribution leaders. Today more than ever, finding and retaining qualified manufacturing and distribution talent is among a company’s toughest tasks.

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Ohio BWC Interviews Ken Haffey After Milestone Board of Directors Meeting

Posted on Friday, January 8, 2016 by

Ken Haffey, CPA, CVA, CGMA, was recently interviewed by the BWC blog to reflect on his time as a board member. Haffey has served as chair of the Audit Committee since 2007 and is the only licensed CPA on the board.

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The Risks of Not Filing an Employee Benefit Plan Audit

Posted on Wednesday, November 4, 2015 by

It’s useful to bear in mind that a benefit plan is considered a separate entity from your business. A quality audit helps you carry out your company’s responsibility to file a comprehensive and accurate annual return for each plan each calendar year.

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FASB Simplifies Intangible Asset Accounting for Private Companies

Posted on Wednesday, January 7, 2015 by

In its continued effort to simplify financial reporting for private companies, the Financial Accounting Standards Board (FASB) has issued an update to its standards for accounting for business combinations.  The update, Accounting for Identifiable Intangible Assets in a Business Combination, offers private companies an alternative method of accounting for certain acquired intangible assets. Main Concern […]

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How FASB is Proposing to Make Life Easier for Privately Held Business

Posted on Monday, July 21, 2014 by

Costly. Complex and Confusing. In an effort to make financial reporting and the potentially prohibitive cost associated with compliance a little easier to digest, the Financial Accounting Standards Board (FASB) has proposed two more Accounting Standards Updates (ASU). This could result in a welcome bright spot on the privately held business horizon. (Read the other […]

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FASB Update: Simplified Goodwill Reporting

Posted on Monday, June 16, 2014 by

A company effects a business combination, paying over and above the fair value at the time, creating an intangible asset (i.e. goodwill).  Now, the company has an asset on its balance sheet that is subject to its own unique accounting rules, while not having particular relevance to users of those financial statements.  Current U.S. generally […]

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How FASBs New Model for Revenue Recognition May Affect Your Company

Posted on Wednesday, June 11, 2014 by

In my last blog, I highlighted acquisition accounting. Today, we'll recap what's going on with the recent changes in revenue recognition. On May 28, 2014, the FASB issued ASU 2014-09, Revenue From Contracts With Customers, which creates a new model for revenue recognition that supersedes most current accounting guidance.  The new model includes the following […]

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Acquisition Accounting Gets Leaner (and Nicer)

Posted on Friday, March 14, 2014 by

Under current accounting standards, private companies that enter into a business combination are required to record the assets acquired, including any intangible assets, at fair value. Any difference between the fair value of the assets acquired and the consideration paid is recorded as “goodwill”. As you are probably aware, the recently issued accounting guidance for […]

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