The Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) is the agency that enforces the Corporate Transparency Act (CTA). Recently, FinCEN sent out a notice indicating a new deadline of March 21 for small businesses to comply with its beneficial ownership information (BOI) reporting requirement. That said, if your reporting deadline is in April because you […]
Tag: financial reporting
Know the Depreciation Basics for Tangible Property
With the exception of land, all tangible property generally loses value over time because it deteriorates (e.g., buildings or vehicles), becomes obsolete (e.g., computers) or loses protection against competition (e.g., patents). This has a specific impact on businesses, which are required to match the revenue a property generates (income) recorded on its balance sheet with […]
How to Handle Grants
Requests for transparency and accountability keep growing with the demands that contributions be used as intended. You need to track and report on segregated accounts, treating funds as separate entities with their own general ledgers. More than 20 years ago, the Financial Accounting Standards Board issued two standards that established reporting requirements for NPOs: FAS […]
Getting a Handle on Financial Fraud
During periods of economic stress, both civil and criminal incidents of fraud tend to rise as businesses face increased financial pressures. The current climate is posing exceptional challenges resulting from COVID-19. Attorneys are more likely than ever to turn to the services of a CPA for support with settlement negotiations and trial testimony in fraud […]