The straight line

In March of 2009, the Governmental Accounting Standards Board (GASB) issued Statement No. 54, significantly changing the requirements for reporting governmental funds balances beginning in fiscal year ending June 30, 2011. The new statement clarifies the definitions of individual governmental funds and changes some of the activities reported in certain special revenue funds.

On March 18, 2010, President Obama signed the new Hiring Incentives to Restore Employment Act (HIRE) into law. This federal legislation creates brand new tax breaks for hiring and retaining unemployed workers Here’s a quick rundown on two of these key tax breaks:

Periodically we receive inquiries regarding how long you should keep old records. In general, record retention periods are the same for electronic records and their hard copy counterparts.

Back in 2006, the Financial Accounting Standards Board (FASB) formally announced that it would reconsider the accounting for leases, and as we enter the second quarter of 2010, they are preparing to release a preliminary standard. Although the final rules and changes are not anticipated to be finalized for another year or two, you can expect some significant changes on how you will need to begin accounting for your lease agreements in the future.

Have you ever looked through your employee handbook as if you were an employee who might use it against you and your business? This type of auditing can help you avoid innocent statements that can turn into costly lawsuits.

The following items reflect answers to frequently asked questions, and highlights some important tax information.