Potential Tax Accounting Implications of the Proposed Tax Cuts & Jobs Act
HOW WILL IT IMPACT YOUR ORGANIZATION? On November 2, 2017 the House Ways and Means Committee Chairman introduced bill HR 1, the Tax Cuts and Jobs Act (“TCJA”), which proposes to make significant changes to how corporations and individuals are
What have you done to prepare for the new lease standard?
The new lease guidance (ASC 842) will change how lessees account for leasing transactions in a significant way. CFGI is working with companies to prepare for the new standard by providing technical interpretations and supporting adoption planning considerations based on
New FASB guidance reduces complexity in accounting for financial instruments with down round features
On July 13, 2017, the FASB issued ASU 2017-11, Part 1: Accounting for Certain Financial Instruments with Down Round Features. The new guidance provides relief for issuers of certain free-standing equity-linked financial instruments (such as warrants on the issuer’s shares)
Should your company pursue a ‘Massachusetts Manufacturing Corporation’ Classification?
Massachusetts continues to provide significant tax benefits to corporations that are engaged in manufacturing activities within the state. These benefits include: Single sales factor apportionment for income tax purposes Sales/Use Tax Exemptions Investment Tax Credits Local Personal Property Tax Exemption
Cash Tax Benefits. Is your Start-up Company Missing out?
Effective January 1, 2016, the PATH Act provides a payroll tax credit offset of up to $250,000 for qualified small businesses. Companies that were in loss positions that would normally not have filed for the credit, because they had no
10 Ways to Improve Your SOX Compliance Program This Year
SOX compliance is important, but so is managing a business. An inefficient and ineffective SOX compliance program can monopolize management’s time, diverting precious time and resources away from critical operational and strategic tasks. Within this CFGInsights, we will be discussing
What is your company planning on disclosing regarding the impact of adopting ASC 606?
The SEC indicated in a speech in December that they expect more substantial disclosures in 10-Ks on the impact of ASC 606 and companies’ progress. “…Consistent with SAB Topic 11.M, if a registrant does not know or cannot reasonably estimate the
Are you prepared for year-end?
With year-end close just around the corner, CFGI has assembled a few best practice tips to manage your year-end close and audit process. YEAR END CLOSE AND FINANCIAL REPORTING Perform a close calendar walkthrough with stakeholders to ensure dependency alignment and
Are you ready for the Amendments to Share-based Compensation Guidance?
Beginning January 1, 2017, Public companies will need to implement the amendments to the share-based compensation guidance contained in the FASB’s issuance of ASU No. 2016-09 “Improvements to Employee Share-Based Payment Accounting”. The FASB’s stated goal with the release was
Planning for the Recently-Issued Cash Flow Classification Guidance (ASU 2016-15)
In August 2016, the FASB issued ASU 2016-15, Clarification on Classification of Certain Cash Receipts and Cash Payments on the Statement of Cash Flows, to create consistency in the classification of eight specific cash flow items. Though this standard is