The straight line

As you already know, the agreed-upon procedures engagements we perform are based on the minimum procedures required by NCUA Regulation Part 715 to be performed annually for credit unions over $10 million in assets. These procedures were adopted in 1999 and have not changed since then. The time has finally arrived, and 20 years later,...

The standard mileage rate for business use vehicles will experience a small decrease in 2020, down from 58 cents per mile in 2019 to 57.5 cents per mile in 2020. Taxpayers can use the optional standard mileage rate to calculate deductible costs of business use vehicles.

The Governmental Accounting Standards Board (GASB) has issued Statement No. 84 Fiduciary Activities, effective for the fiscal year ended June 30, 2020. The goal of this Statement is to enhance the consistency and comparability of fiduciary activity reporting. This statement establishes criteria for identifying fiduciary activities and determines how fiduciary activities should be reported.  The...

With Accounting Standards Update (ASU) 2019-10, the FASB has effectively delayed three standards from their original implementation date. These standards with new effective dates are: ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This ASU provides transitions from an incurred loss model to an expected loss model...

With the turn into the new decade, we want to urge our clients to assess and prepare for the years ahead by taking stock of their organization’s exposure to fraud. In the course of our audits, we have seen firsthand how technology’s role in our clients’ organizations has grown. The reliance on technology has increased...

On December 20, 2019, President Trump signed the end-of-year spending and tax extension package into law. This package includes: A five-year extension of the $1 per gallon biodiesel blenders tax credit. An extension of the Work Opportunity Tax Credit (WOTC) through the end of 2020. The WOTC is a federal tax credit available to employers that hire and...