The AICPA Auditing Standards Board (ASB) issued a proposed standard Thursday that is designed to enhance auditors’ assessment of the risks of material misstatement in an audit of financial statements. Proposed Statement on Auditing Standards (SAS), Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, would supersede SAS No. 122, as […]
Do You Have to Pay Business Personal Property Taxes?
If you’re a business owner who owns a building, land, or property, you are probably familiar with business property taxes. But, you may be responsible for paying business personal property taxes in addition to your other taxes. Read on to learn all about business personal property tax and whether you’re responsible for paying it. What […]
Will Covid-19 Change Millennial Minds About Accountants?
Millennial owners are enormously passionate about their businesses, but they can struggle with the kinds of skills that accountants excel at, such as keeping an eye on costs, crunching sales figures, managing cash flow and developing short-term and long-term plans. Grow Your Business, Not Your Inbox Stay informed and join our daily newsletter now! August […]
Supermicro Fined $17.5 Million Over Accounting Violations – The Wall Street Journal
A person tries a virtual reality game on a motherboard by Super Micro Computer, Inc. in January 2017. The Securities and Exchange Commission on Tuesday fined the San Jose, Calif.-based company over allegations of prematurely recognized revenue and understated expenses. Photo: ritchie b. tongo/EPA/Shutterstock By Dylan Tokar Close Dylan Tokar Aug. 26, 2020 6:41 pm […]
Supermicro Fined $17.5 Million Over Accounting Violations – The Wall Street Journal
A person tries a virtual reality game on a motherboard by Super Micro Computer, Inc. in January 2017. The Securities and Exchange Commission on Tuesday fined the San Jose, Calif.-based company over allegations of prematurely recognized revenue and understated expenses. Photo: ritchie b. tongo/EPA/Shutterstock By Dylan Tokar Close Dylan Tokar Aug. 26, 2020 6:41 pm […]
SEC changes disclosure rules, redefines ‘accredited investors’
The SEC voted Wednesday to change certain public company disclosures and make more investors eligible to participate in private capital markets as accredited investors. Public company disclosures of the description of business (Item 101), legal proceedings (Item 103), and risk factors (Item 105) will change after the SEC adopted amendments to Regulation S-K. The new […]
SEC charges Super Micro with accounting misdeeds – MarketWatch
The Securities and Exchange Commission has charged Super Micro Computer Inc. SMCI, -0.03% with accounting misdeeds over a period of three years, the SEC announced Tuesday. The Silicon Valley hardware maker is accused of recognizing revenue earlier than it should have been and misused its cooperative marketing program to avoid expenses. The charges are targeted […]
New PPP forgiveness guidance addresses owner-employee compensation, rent-related costs
The U.S. Small Business Administration (SBA) and Treasury issued an interim final rule Monday addressing Paycheck Protection Program (PPP) forgiveness issues related to owner-employee compensation and the eligibility of nonpayroll costs. Specifically, the interim final rule establishes that owner-employees with less than a 5% stake in a C or S corporation are exempted from the […]
What’re Your Business’s State Tax Obligations?
As a business owner, you’re responsible for a number of taxes. Some may be federal or local, while others are state taxes. So, what are the types of state tax obligations you need to keep on your radar? State tax obligations Your state tax obligation depends on your business’s location and the state you do […]
Embark expands despite pandemic – Accounting Today
Embark, a Dallas-based financial advisory and consulting firm that also performs accounting services, has expanded to Phoenix and Salt Lake City this year in the midst of the novel coronavirus pandemic. The firm was founded in 2010 and has grown considerably in recent years. It made the Inc. 5000 list of the fastest-growing companies for […]