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Audit Archives | Delap CPA


27 Dec

Financial Institutions: Don’t Ignore the New Revenue Recognition Standard Because It Lacks Interest

December 27, 2018 | By | No Comments

Back in 2014, the Financial Accounting Standards Board (FASB) issued ASU 2014-09, Revenue from Contracts with Customers, which created a new section in the FASB’s Accounting Standards Codification: ASC Topic 606 (ASC 606). Prior to the establishment of ASC 606, the revenue recognition guidance in GAAP consisted of some broad revenue recognition concepts, along with […]

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18 Dec

199A: Passthrough Deduction Provides Ample Opportunity for Tax Planning

December 18, 2018 | By | No Comments

One of the more publicized changes under The Tax Cuts and Jobs Act (TCJA) is the Section 199A deduction – commonly known as the Qualified Business Income Deduction.  This deduction was designed to keep the tax rate on passthrough entity income competitive with the new lower corporate tax rate of 21% by providing a deduction […]

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15 Nov

3 Ways the New Revenue Recognition Will Impact Your Healthcare Organization’s Financial Statements

November 15, 2018 | By | No Comments

Looking back four years now, 2014 provided the accountants at Delap with some solid entertainment. My cherished Denver Broncos were clearly bought out by the Seattle Seahawks to lose Superbowl XLVIII in the most embarrassing match-up. Ever. might have lost the Superbowl to the PNW’s beloved Seattle Seahawks (I’m not bitter). HBO’s “True Detective” debuted […]

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15 Nov

Partnerships Are Now Liable for U.S. Federal Income Tax

November 15, 2018 | By | No Comments

The Bipartisan Budget Act of 2015 established new rules for partnership audits and the assessment of tax. Effective for partnership returns filed for tax years beginning after December 31, 2017, the new partnership audit regime changes the way partnership adjustments are determined, and for the first time, makes a partnership liable for U.S. federal income […]

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13 Nov

Employee Benefit Plan Guide for Plan Administrators – Part 4: Switching Custodians

November 13, 2018 | By | No Comments

What can mean the difference between a poorly or well-managed plan? Often, it is the level of service provided by third-party service providers. Plan administrators should evaluate their service providers on a regular basis. This includes weighing factors such as fees, performance, and responsiveness to inquiries. Is the service provider meeting the needs of the […]

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