Ransomware has been in the news quitea bit lately, with the latest victim that we have all heard about being JBS Foods, a Brazilian company that is the world’s largest processor of beef and pork. On May 7th Colonial Pipeline had a malware attack on its customer billing system, causing the company to halt its...
keep readingOne of the cornerstones of the audit profession is “Professional Skepticism”. The Generally Accepted Auditing Standards define this as “an attitude that includes a questioning mind and a critical assessment of audit evidence.” It’s this mindset that ensures auditors gather and examine evidence that supports the ultimate audit opinion. That mindset drives the decision making...
keep readingCybercrime is getting more serious by the month. The bad guys are getting quite smart about tricking people into clicking on fraudulent links or opening up malicious attachments to emails. They are getting more sophisticated and even making communications look like they are coming from within the organization itself. We know of clients that have...
keep readingThe Internal Revenue Service (IRS) issued final rules regarding the domestic production activities deduction 199A(g) (DPAD) Thursday. The IRS has made the decision to not allow the DPAD to apply to non-member-based business. The Office of Information and Regulatory Affairs (OIRA) completed its review of the final regulations under 199A(g) and plan to reveal guidance...
keep readingUnder the umbrella of payroll-related provisions providing relief to employers and employees in response to the coronavirus outbreak comes one more – the Presidential Memorandum (Memorandum) on deferring the employee portion of Social Security Tax (released August 8, 2020).  The Treasury and the IRS then issued Notice 2020-65 (the Notice), released August 28, 2020, which...
keep readingDelayed…..again. On May 20, 2020, the FASB decided to extend the effective date of Topics 606, Revenue from Contracts with Customers (Revenue Recognition), and 842, Leases, for certain entities and has directed the staff to draft a final Accounting Standards Update (ASU) for vote. Revenue RecognitionFASB decided to amend the effective date of Revenue Recognition...
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