- Baker Tilly’s dealership services team of tax professionals compiled a list of dealer-specific tax considerations below. Please keep in mind that your goal should be to maximize your long-term wealth and profitability; decisions on tax policy are secondary considerations to this goal.
- 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.
- Cybersecurity is one of the most urgent topics in business today. It seems that every week, there is a new story about a company’s data being breached with millions of customer records, payment card data, or lost trade secrets. The best-prepared companies are shifting their cybersecurity strategies from prevention, to implementing techniques that quickly detect breaches and limit the damage once a breach has been confirmed. What are the effective components of a modern cybersecurity management program? We consider five main components to improve cybersecurity effectiveness.
- 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.
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