- Baker Tilly's GovCon advisors, along with other industry leaders, contributed to Deltek’s virtual roundtable to discuss the Department of Defense’s (DoD) proposed rule on Business Systems Compliance. Senior leaders discussed possibly the biggest change to compliance in over 30 years and how government contractors can prepare for the shifting landscape.
- On October 24, 2014, the Internal Revenue Service (IRS) issued a directive (LB&I I-04-1014-008) regarding bad debt deductions related to eligible debt and eligible debt securities. The directive provides large business and international (LB&I) examiners with guidance on deductions for bad debts taken under Internal Revenue Code (IRC) §166.
- The American Institute of Certified Public Accountants (AICPA) has rolled out the long-awaited update of its accounting and review standards. Statement on Standards for Accounting and Review Services (SSARS) No. 21, Statements on Standards for Accounting and Review Services: Clarification and Recodification, represents one of the AICPA’s most significant revisions of its nonaudit standards since 1979. Among other things, the guidance creates a bright line between accounting (or preparation) services and reporting (compilation or review) services and lays out distinct requirements for each type of service. This article outlines what the clarified guidance means to those who use CPAs to perform nonaudit services — including reviews, compilations, and financial statement preparations — to report their historical and prospective financial results.
- This bi-monthly healthcare update provides information on the following recent activities: CMS's final methodology for its Dialysis Facility Compare (DFC) Star Ratings Program, congressional committee leadership changes, Medicare reimbursements for hospitals, and repealing the SGR formula.
- Year-end planning and compliance for payroll and employment taxes are complex and overwhelming. Controllers, CFOs, CPAs, HR associates, and other financial and operational resources in every organization are faced with managing reporting requirements and timelines and staying current on ever-changing regulations.
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