• Your Public Accounting Career Isn’t on Hold: How to Find Success at an Accounting Firm in the New Normal

    The coronavirus pandemic has introduced many unprecedented challenges and opportunities to the professional service sector. On the podcast Beyond the Resume, our director of recruiting, Nancy Weber-Brough, recently shared how Haskell & White has managed to find continued success in the new economy, and offered tips for people seeking employment at an accounting firm. As […]

  • Simplified Accounting for Lease Concessions Due to COVID-19 Pandemic

    Accounting departments across the country are facing multiple challenges, from daily cash management to complex accounting matters. In addition, most entities are navigating the available governmental relief programs related to the COVID-19 pandemic and are negotiating rent deferrals and concessions with their lessors. Accounting for rent deferrals and concessions raised a number of questions by […]

  • Steer Clear of the Trust Fund Recovery Penalty

    If you own or manage a business with employees, you may be at risk for a severe tax penalty. It’s called the “Trust Fund Recovery Penalty” because it applies to the Social Security and income taxes required to be withheld by a business from its employees’ wages. Because the taxes are considered property of the […]

  • Accounting for Cloud Computing Arrangements

    The costs to set up cloud computing services can be significant, and many companies would prefer not to immediately expense these setup costs. Updated guidance on accounting for cloud computing costs aims to reduce differences in the accounting treatment for these arrangements. In a nutshell, the changes will spread more of the costs of implementing […]

  • IRS releases 2021 amounts for Health Savings Accounts

    The IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA basics An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA can only be established for the benefit of an “eligible individual” who is covered under a […]

  • PPP Forgiveness Gets Some Wiggle Room

      The U.S. Senate passed the House version of Paycheck Protection Program (PPP) legislation Wednesday, June 4, 2020, tripling the time allotted for small businesses and allowing for more flexibility. The Senate approval was signed by President Trump, on Friday, June 5, 2020. Borrowers can choose to extend the eight-week period to 24 weeks, but […]

  • Business Meal Deductions: The Current Rules Amid Proposed Changes

    Restaurants and entertainment venues have been hard hit by the novel coronavirus (COVID-19) pandemic. One of the tax breaks that President Trump has proposed to help them is an increase in the amount that can be deducted for business meals and entertainment. It’s unclear whether Congress would go along with enhanced business meal and entertainment […]

  • Revenue Recognition and Leases: FASB Gives Certain Entities More Time

    Private companies and most nonprofits were supposed to implement updated revenue recognition guidance in fiscal year 2019 and updated lease guidance in fiscal year 2021. Amid the novel coronavirus (COVID-19) crisis, the Financial Accounting Standards Board (FASB) has decided to give certain entities an extra year to make the changes, if they need it. Expanded […]

  • To Pivot Successfully: Start with Why!

      Business is hard! Even in a booming economy, companies that don’t constantly pivot and adapt to changes in their industry, the economy, and the needs of their consumer can often go out of business as a result.  Throw in a global pandemic, stay-at-home orders, and more than 40 million jobless claims since the start […]

  • Foreign Investment: Filing Requirement by Bureau of Economic Analysis

    The Bureau of Economic Analysis (BEA), a division of the U.S. Department of Commerce, is again requesting certain businesses to complete its benchmarking survey of U.S. Direct Investment Abroad.  The BEA requires U.S. persons with investments abroad to complete this survey every five years. This filing requirement is due as early as May 29 (or […]