The AICPA’s Statement on Accounting Standards No. 136 (SAS 136) will meaningfully change the audit process for defined contribution plan sponsors. The AICPA issued SAS 136 in July 2019 with the goal of giving readers of the audit report a better understanding of the...
There is nothing like the excitement of starting your own business and being your own boss. Branching out on your own can be extremely rewarding however, it can also bring many challenges from a financial and operational perspective. In fact, according to data from...
One of the most devastating issues that a company can face is internal fraud. I’ve seen this impact the smallest and the biggest of companies. Either way, the emotional, operational, and financial disruption that follows these incidents can be a challenge for...
Tim Reynolds recently joined the team of the Entrepreneur Exchange podcast to discuss common accounting mistakes small businesses make and how to avoid them. To listen to his tips and tricks, tune in to...
FOR IMMEDIATE RELEASE DAVIDSON, HOLLAND, WHITESELL and Co., PLLC PRINCIPAL TIM REYNOLDS NAMED INSTITUTE OF MANAGEMENT ACCOUNTANTS CATAWBA VALLEY CHAPTER TREASURER HICKORY, NC - September 2, 2021 - The Catawba Valley Chapter of the Institute of Management Accountants...
One of the most critical areas that we recommend small businesses monitor on a continuous basis is cash flow. No matter if you are just starting your business or if you have been operating for several years, cash flow is the lifeblood of just about any entity, and in...
The Paycheck Protection Program Extension Act of 2021 was signed into law on March 31, 2021, extending the deadline to apply for a loan by an extra 60 days, from March 31 to May 31, 2021. The law also gives the Small Business Administration (SBA) an additional 30 days...
Generally, unemployment compensation received under the unemployment compensation laws of the United States or a state is considered taxable income and must be reported on your federal tax return. However, a new tax break - in effect only for the 2020 tax year - lets...
On March 12, following the American Rescue Plan Act's approval and signing, the IRS began sending out the third round of Economic Impact Payments. Most payments were sent out via direct deposit, but approximately 150,000 checks were mailed by the Treasury Department...
Signed into law on March 11, 2021, the American Rescue Plan Act (ARPA) contains several tax provisions affecting individuals and families. Let's take a look: Economic Impact Payments (EIP3). A third round of economic impact payments (EIP3) will be sent to qualifying...