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11 Things to Do Now to Prepare for Your First Audit
A financial statement audit attested by an independent auditor includes the examination of a company’s financial records that include balance sheet, income…
Edwin Watts Got a Golf Lesson from the IRS
Here’s a lesson in what can happen when you fail to involve your tax advisor early on in the transaction process.
Cybersecurity: What manufacturing CEOs Need to Know
By Dan Schroeder, partner-in-charge of Information Assurance Services Just a few years ago, cybersecurity was something most CEOs considered the…
The July 2017 ISM Manufacturing Index (PMI®) – Understanding the Results
The PMI® (Also sometimes referred to as the ISM Index or the ISM Manufacturing Index) results for July were released on Aug. 1, with the PMI coming in.
How the Industrial Internet of Things Creates a “Hand-in-Metal” Workforce
The manufacturing industry is changing rapidly — largely due to advances in the Industrial Internet of Things (IIoT). Learn more.
GSA Whistleblower Vindicated, FAS and TTS Realignment, and Politics – Not as Usual?
Shakeups in the management of the General Services Administration (GSA) continue to cascade and make waves. In early July, the…
Multistate Tax Commission Offers Online Sellers a Limited-Time Amnesty in Certain States
By Tina Chunn, SALT senior manager As noted in an article from our July 2017 newsletter, many smaller companies that…
ASC 606 Revenue Recognition Series: Who, What, Where, When and Why (Part I)
The Financial Accounting Standards Board (FASB) recently amended the rules for revenue recognition in the Accounting Standards Codification (ASC) to…
Aprio Foundation Adopts Focus Areas for 2017-2018
We formed the Aprio Foundation last year to give back to our community. I’m pleased to announce that the Foundation’s…
What are the New “Going Concern” Disclosures?
FASB Accounting Standards Update (ASU) 2014-15 changes the disclosure requirements of the going concern concept for organizations with annual periods…
Aprio Risk Monitor Version 2017-01
Risk issues that impact Aprio and its employees Welcome to the inaugural edition of the The Aprio Risk Monitor. Going…
How Will the Senate’s New Manufacturing Bill Impact the R&D Credit?
U.S. Senators Chris Coons and Pat Roberts introduced the Invent and Manufacturer in America Bill on June 6, 2017. How will this bill impact the R&D Credit?
Revised Revenue Recognition Standards: The Impact on M&A Transactions
The new accounting standard for revenue recognition will present unique considerations for companies that are eyeing an M&A transaction. Learn more.
Is a 501(c)(4) Entity in Your Nonprofit’s Future?
Many 501(c)(3) organizations might consider adding a 501(c)(4) entity to their overall corporate structure. 501(c)(3) nonprofit organizations often aim to…
Contracting with Third-Party Fulfillment Centers in Virginia Creates Nexus for Sales Tax
As the retail industry continues to evolve in the online marketplace, many smaller companies are using third-party fulfillment networks to store their…
The Watts Brothers’ Lightbulb Moment: Why You Should Involve Your CPA Early on in the Transaction Process
https://whatsnext.aprio.com/watts-brothers-lightbulb-moment-involve-cpa-early-transaction-process/
Internal Use Software – Determining Which Accounting Guidance to Use
In the last decade, the cloud computing industry has grown exponentially. Software-as-a-service (SaaS) platforms are currently dominating the industry, and…
Accounting for Development Costs of Internal Use Software
Internal use software is software that is acquired or internally developed to meet an entity’s internal needs. These internal needs…
New Jersey Rules that Intercompany Royalty Expense is Deductible
Intercompany agreements are common among groups of related entities, and they can involve (i) the provision of services from one entity to another, (ii)…
California Court Holds that Transfers of Interests in Entities Owning Real Property Can Result in Transfer Taxes
In California, counties and cities may apply a transfer tax on a deed, instrument or writing by which a real…
Washington Rules that Dentist Owes Use Tax Based on Purchase Price, Not Value
In a recent Washington case, the taxpayer owed use tax based on the value he paid for the property; the…
Iowa Rules that Parent is not Includable in Consolidated Group and Subsidiaries Can’t Deduct Interest
In a case highlighting the issues that often affect consolidated/affiliated groups, a state income tax inefficiency was created when a…
U.S. Tax Court Rules Disposition of U.S. Partnership Interest by Foreign Partner is Not U.S. Source Income
By Philip Brudney, manager, and Ethan Deng, senior tax associate A new Tax Court decision marks a major shift in…
Bishop Estate Trust Case Study: Avoiding Conflicts of Interest
Most people involved with nonprofit organizations are familiar with the concept of “conflicts of interest.” Generally, nonprofit board members should…
The Compliance Conundrum: New IRS Risks for Intercompany Debt
By staying up to speed on the latest rules and regulations, you will reduce the risk of the IRS challenging your intercompany debts.
Divorcing Couple’s IRA is Subject to 10% Early Distribution Penalty
Establishing an individual retirement account (IRA) is a great way to prepare for the future. Although divorces are rarely foreseeable,…
Flier Beware: You May Get Your Passport Revoked for Delinquent Tax Debt
Do you have significant tax debt? If so, you could have your passport revoked due to a new alliance between the IRS and the State Department. Learn more.
Virginia Businesses: STOP Overpaying Local BPOL Tax Webinar Q&A
In June, Michael L. Colavito, Jr. and Grant Patterson hosted an informative webinar, “Virginia Businesses: STOP Overpaying Local BPOL Tax,”…
M&A Shop Talk: Tax Planning Using One-Day Note Concept Application
An S corporation selling shareholder should always evaluate whether the “one-day note” obligation planning concept will achieve federal and state…
You’ve Discovered a Case of Employee Fraud: Now What?
Do you know how to combat employee fraud? Here are the steps to take if a trusted employee has stolen from you.
NCI to be Acquired by HIG Capital
After two tumultuous years of CEO changes and an embezzlement controversy, NCI has announced that it will be acquired by…
The Waiting Game: Best Practices for Managing Your Housing Waiting List
A waiting list is a crucial asset in a public housing authority’s audit-prep tool box. So effective management of housing…
Valuable Financial Lessons: Roth IRA Accounts for Your Children and Grandchildren
If you have children or grandchildren working this summer, opening a Roth IRA account in their name can give them…
Pricing Strategies for Membership Associations that Build Relationships
It is crucial for membership associations to form strong relationships with their current and prospective members. During a webinar hosted…
Opening a Restaurant? Ask Yourself These Important Questions First!
Opening a new restaurant can be an exciting business venture. However, with it can come a great deal of stress…
Alabama and New York Rule that Purchase Mark-Up Method Allowed for Sales Tax Audits without Adequate Sales Records
We are often asked how to prepare for a sales and use tax audit. One of the keys to a successful audit is to have maintained adequate supporting records…
Massachusetts Revokes Directive 17-1 – Will Adopt Regulation Establishing Economic Nexus for Sales/Use Tax
By Jeff Glickman, SALT partner As discussed in our May 2017 SALT Newsletter, on April 3, 2017, the Massachusetts Department…
Washington Advisory Explains Use Tax on Business Property Temporarily in State
Washington imposes use tax on all taxable tangible property brought into Washington after its purchase, including property only temporarily in…
Ohio Rules that Cincinnati Reds Can’t Purchase Promotional Items Using Resale Exemption
When goods are provided as part of a promotional giveaway that exacts no additional cost or consideration, a sale for…
New York Rules that Online Video Creation is Taxable
Online video generating services were deemed prewritten computer software because customers had the right to direct the software’s use and…
Congress Introduces Physical Presence Nexus Legislation
The No Regulation Without Representation Act of 2017 establishes that a state may only tax businesses engaged in interstate commerce…
Best Practices for Law Firm Websites
Law firms that make a conscious effort to optimize their websites and improve their online presence can make themselves increasingly…
How to Avoid Payment Delays When Conducting Business Overseas
When conducting business overseas, you may experience some unexpected payment delays. By understanding the treaties in place, you can take action today.
Demystifying Incurred Cost Submissions Q&A
In May, Aprio’s Donna Dominguez and Aisha Mian hosted “Demystifying DCAA Incurred Cost Submissions,” where they provided tips, guidance and best practices to…
Selling a Company or Courting Potential Investors: 4 Key Things Tech Companies Need to Know
When selling a company, you can follow a few simple steps to avoid due diligence snafus and show investors that your business is a worthwhile investment.