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Contributions and Exchange Transactions_ A Reminder on Upcoming New Revenue Standards

Contributions and Exchange Transactions: A Reminder on Upcoming New Revenue Standards

In 2018, the Financial Accounting Standards Board (FASB) released Accounting Standards Update (ASU) 2018-08, Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made. The effective date of this ASU corresponds to the implementation of ASU 2014-09, Revenue from Contracts with Customers (Topic 606), both of which are […]

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Using Your 401(k) Plan to Save

Using Your 401(k) Plan to Save

You can reduce taxes and save for retirement by contributing to a tax-advantaged retirement plan. If your employer offers a 401(k) or Roth 401(k) plan, contributing to it is a taxwise way to build a nest egg. If you’re not already contributing the maximum allowed, consider increasing your contribution rate between now and year-end. Because […]

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Small Business 1099-MISC Reporting Requirements

Small Business 1099-MISC Reporting Requirements

A month after the new year begins, your business may be required to comply with rules to report amounts paid to independent contractors, vendors, and others. This involves sending 1099-MISC forms to those whom you pay nonemployee compensation, as well as filing copies with the IRS to avoid penalties. While this task can be time-consuming, […]

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3 Practical Ways to Protect Your Company from Accounts Payable Fraud

3 Practical Ways to Protect Your Company from Accounts Payable Fraud

Processing accounts payable transactions is one of the most significant activities in a contractor’s operations and is an essential component in managing cash flow and project budgets. Unfortunately, the accounts payable function is vulnerable to fraud by individuals inside and outside of the company, and it is becoming more common and more costly. Below are […]

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2020 CY OPPS Final Rule

2020 CY OPPS Final Rule

Reductions to 340B Payments and Certain Provider-Based Departments and a Delay on Pricing Transparency Rules This past weekend, CMS released the final rule for CY 2020 Outpatient Prospective System (OPPS) Hospital payment that goes into effect on January 1, 2020. There were some diversions from the proposed rule as well as several policies that have […]

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TCJA and 2019 Tax Law Issues

TCJA and 2019 Tax Law Issues

By Miranda Aavatsmark Make no mistake, Congress did not come together and pass any new tax laws or make other changes to the existing tax laws in 2019. Although there was much talk of “Tax Reform 2.0” and the need for a few technical corrections, it simply did not happen. However, some of the changes […]

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