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Delap Blog - Accounting Updates, Resources, and News

25 Apr

NASDAQ Proposed Rule Requiring Internal Audit Function

April 25, 2013 | By | No Comments

On February 20, 2013, NASDAQ released information on its proposed rule to require listed companies to establish and maintain an internal audit function.  Under the proposed rule, companies would have the option to outsource this function to a third party service provider other than its independent external auditor.  The audit committee would be required to […]

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23 Apr

Use Discipline to Drive Your Profits

April 23, 2013 | By | No Comments

Every parent has heard their child whine “but that’s not fair” to which parents throughout generations have responded, “life is not fair.”  Unexpected events occur all the time.  Some surprises leave us in a better place.  People are quick to pride-fully explain how they are responsible for the sudden success.  Yet, the same people deflect […]

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17 Apr

Understanding Domestic Production Activities Deduction (DPAD)

April 17, 2013 | By | No Comments

What is DPAD? Domestic Production Activities Deduction, otherwise known as DPAD, was enacted as part of the American Jobs Creation Act of 2004 (code section 199).  With the purpose of providing a deduction for U.S. businesses, it simultaneously offset the repeal of a tax break for U.S. exporters. This deduction is allowed for both regular […]

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09 Apr

10 Ways to Improve Your 401(k) Plan

April 9, 2013 | By | No Comments

  Greater employee participation: Frequent and effective communication with participants empowers them to take ownership of their own retirement.  Do you wish your plan had greater participation rates? The best plans often include plan features involving automatic enrollment with opt-out as well as stepped up contributions. Additionally, plans with active investment advisers who are committed to […]

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18 Jan

Are your charitable gifts really deductible? You might be surprised.

January 18, 2013 | By | No Comments

Charitable Contribution Mr. Durden contributed $22,500 to his church and claimed it as a deduction on his individual income tax return.  Under IRS audit, Mr. Durden provided the agent with written acknowledgement provided by his church.  Slam dunk – right? Not so quick.  Let’s review the rules.  There must be contemporaneous written acknowledgement from the […]

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