Healthcare

Executive Sessions: What They Are and Why You Should Have Them

By Linda Marie Pearson, CPA, CFE A private conversation among board members seems to contradict the openness and transparency expected of today’s nonprofits. Managed appropriately, however, executive sessions are a vital part of the board process. An executive session is essentially a meeting-within-a-meeting — a special closed session of the...

FASB Simplifies Balance Sheet Presentation of Deferred Taxes

FASB issues Accounting Standards Update (ASU) No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes simplifying the presentation of deferred income tax assets and liabilities by eliminating the requirement to present current and noncurrent amounts on the statement of financial position. Deferred income tax assets and liabilities...

Tax Incentives May Benefit Your Business

Rhode Island offers a number of tax incentive programs to the employers of this state. There may be something of value to your business. Check out this comprehensive summary prepared by Commerce RI which lists incentives in the following categories: General Business Incentives Real Estate Incentives Manufacturing...

ACA Reporting Will Be Required for the 2015 Year

What should you be prepared to file? Year-end  2015  will  bring  new  reporting  requirements  for employers  for the Affordable  Care  Act (ACA).  You may think this reporting only applies to organizations subject to the Employer Mandate (otherwise known as "Applicable Large Employers" (ALEs)) - those with over 50 full-time-equivalent employees...

The Right Way to Structure a Bonus Plan

Payroll is one of the largest, if not the largest, expenses for many closely held businesses. But many owners don’t view compensation through a strategic lens. This is especially true when it comes to paying employee bonuses. Often, businesses decide that they are going to create an employee bonus plan because...

Proposed Change to Revenue Recognition Standard

By Linda Marie Pearson, CPA, CFE The Financial Accounting Standards Board (FASB) has issued a proposed Accounting Standards Update (ASU) to clarify the standard on recognition of revenue from contracts with customers. Since the release of the revenue standard in May 2014, FASB and the International Accounting Standards Board...

Revenue Recognition Rules Delayed

FASB Votes to Delay Implementation of Revenue Recognition Rules At a meeting held on July 9, 2015, FASB voted to approve a one-year deferral of the effective date of Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers. A majority of nonpublic entities will have until annual reporting...