Accounting & Assurance Archives - HW&Co. CPAs and Advisors

New Reporting Requirement for Businesses

By: Susan Kornatowski

Attention business owners! Effective 1/1/2024, many businesses are now subject to a new requirement to file a report of Beneficial Ownership Information (BOI) with the Financial Crimes Enforcement Network (FinCEN). […]

8 Tips for Single Audit Requirements

By: Rachel Smathers CPA

Many organizations received or are receiving federal funding due to COVID-19 and are subject to single audit rules for the first time. The GAQC has also developed a great checklist, […]

Municipal Employer Withholding Tax Update

By: Brian Palisin

Since the start of the COVID-19 pandemic, many employees have been working remotely instead of at their pre-COVID-19 principal place of work municipalities. Why did this cause an issue for […]

IRS Tax Tip: Depreciation of Property Deductions for Small Business Owners

By: David M. Reape

The IRS issued Tax Tip 2021-173, which addresses the depreciation of property deductions for small business owners. Depreciable property includes vehicles, buildings, equipment, machinery, and furniture; it does not include […]

FASB Accounting Standards Update Requires Government Incentive Disclosures

By: Joseph Sbrocco CPA CGMA

On Nov. 17, 2021, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) No. 2021-21 that requires for-profit entities to disclose certain types of government incentives they […]

Tips on Effective Debt Management for the Consumer

By: Dave Shealy

Debt! Sometimes it’s good; sometimes it’s bad….and it can definitely contribute to stressful situations and relationships. Although most of us don’t love the thought of owing money to others, debt […]

New PRF Single Audit Guidance

PRF Background Our last 2 updates Provider Relief Fund (PRF) Reporting Portal is Now Open and Revised PRF Reporting Requirements including Extended Time to Expend Some Funds provide some important […]

Accounting Alternative for Goodwill Impairment Triggering Events

By: John Krizansky CPA

Under current generally accepted accounting principles (GAAP), goodwill must be tested for impairment when a triggering event occurs. Companies and organizations are required to monitor and evaluate goodwill impairment triggering […]

OMB Compliance Supplement Addendum & Single Audit Applicability of Provider Relief Funds (PRF) & Coronavirus Relief Funds (CRF)

By: Rachel Smathers CPA

The Office of Management and Budget (OMB) released an addendum to the 2020 Compliance Supplement on December 22, 2020. This addendum provides important updates to COVID-19 related federal funding and […]

Skimming may sound small, but losses can be significant

By: Tony LaNasa

Skimming isn’t the biggest fraud threat for most businesses. The theft of cash receipts represents only 11% of asset appropriation schemes, according to the Association of Certified Fraud Examiners’ […]

SBA Issues New PPP Guidance for Partnerships & Self-employed

The SBA recently (4/14/2020) issued a new Interim Final Rule that supplements the guidance for the Paycheck Protection Program (PPP) included in the first interim final rule issued on April […]

FASB Rules on Delays for Leases (ASC 842) and Franchisors (ASC 606)

By: Joseph Sbrocco CPA CGMA

FASB met on April 8, 2020, to address pressing issues stemming from the COVID-19 pandemic. Specifically: Accounting Standards Codification (ASC) 842: Leases – One-year delay proposed for private companies and […]

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