M&A due diligence: Don’t accept financial statements at face value

The M&A market was hot last year, and that momentum is expected to continue in 2019. Before acquiring another business, however, it’s important to do your homework. Conducting comprehensive due diligence can be a daunting task, especially if you’ve never negotiated a deal before. So, consider seeking input from an experienced accounting professional. Reviewing historical […]

Sales Tax Implications in Asset Acquisitions

Two often overlooked aspects of asset acquisitions relates to sales tax due on any of the specific assets acquired and successor liability of seller’s unpaid sales tax obligations. Bulk Sale Exemptions When a transaction is structured as the acquisition of net assets certain assets transferred to the buyer may be subject to sales tax. In […]

Charitable donations: Unraveling the mystery of motivation

[et_pb_section fb_built=”1″ _builder_version=”3.0.47″][et_pb_row _builder_version=”3.0.48″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”][et_pb_column type=”4_4″ _builder_version=”3.0.47″ parallax=”off” parallax_method=”on”][et_pb_text _builder_version=”3.0.74″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”] Traditionally, Americans have supported charities not only for tax breaks and a vague sense of “giving back,” but also for a variety of other financial, emotional and social reasons. Understanding what motivates donors and how their motivations vary across demographic […]

Federal government shutdown creates tax filing uncertainty

The IRS has announced that it will begin accepting paper and electronic tax returns for the 2018 tax year on January 28, but much remains to be seen about how the ongoing shutdown of the federal government will affect this year’s filings. Although the Trump administration has stated that the IRS will pay refunds during […]

Time to celebrate! FASB expands VIE exception for private companies

The Financial Accounting Standards Board (FASB) recently gave private companies long-awaited relief from one of the most complicated aspects of financial reporting — consolidation of variable interest entities (VIEs). Here are the details. Old rules Accounting Standards Codification (ASC) Topic 810, Consolidation, was designed to prevent companies from hiding liabilities in off-balance sheet vehicles. It […]