Client Update: Fall 2015

This issue’s topics include:

  • Fourth quarter tax planning – It’s how you finish that counts
  • Going back to school? Your costs may be deductible
  • Supreme Court rules on ACA
  • Give your kids the power of a Roth IRA
  • Talk finances with your parents
  • Smoothing your cash flow could save your business

144522A_ClientUpdate_Page_1

Click Here to Download

(more…)

2015 Audit & Accounting Update

Join us for the final installment of Insero & Co.’s 2015 Accounting & Finance Education Series, designed for business owners, management, and accounting professionals.

Whether you represent a large corporation, a small business, or a not-for-profit organization, it can be difficult to stay up to date on current accounting topics. Join Timothy McLaughlin, Vincent Leo, and Michael Giess for an overview of changes that may affect your organization and how to apply the most recent standards and guidance.

Click Here for More Information and Registration

When:  Tuesday, November 17, 2015, 7:30 AM, Breakfast/Networking/Registration,
8:00 AM – 10:00 AM, Presentation
Where: Locust Hill Country Club, 2000 Jefferson Road, Pittsford, NY 14534
Cost: $30 per person ($5 Early Registration Discount if registered by November 3rd)
Presented By: Presented by Timothy McLaughlin, Vincent Leo, and Michael Giess

To receive updates on future events, please join our mailing list.

Audit & Accounting Update: FASB Approves Deferral of the Effective Date of the Revenue Recognition Standard

In April 2015, the FASB issued for public comment a proposed Accounting Standards Update (ASU), Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which would defer the effective date of its new revenue recognition standard by one year. The FASB recently voted to approve this deferral.

The final ASU would permit public organizations to apply the new revenue standard to annual reporting periods beginning after December 15, 2017. Nonpublic organizations would be permitted to apply the new revenue standard to annual reporting periods beginning after December 15, 2018. (more…)

Client Update: Summer 2015

This issue’s topics include:

  • How to get your business back on track
  • Go forward or backward to utilize tax benefits
  • 20 million qualify for ACA penalty exemption
  • New myRA program now available
  • IRS tax audits cut by budget issues
  • Watch out for the “Dirty Dozen” tax scams
  • Taxes & Marriage: The second time around

ClientUpdateSummer2015_Page_1

Click Here to Download

(more…)

Employee Benefits Update: June/July 2015

In this issue we review questions plan sponsors should ask when reviewing data security with service providers. In addition, we briefly highlight changes made by the Pension Benefit Guaranty Corporation (PBGC) affecting defined-benefit pension sponsors in 2015, including changes to annual premium rates and scheduling. Finally, we list a few key tax reporting deadlines for June and July.

EBUjj15FINAL_Page_1

 Click Here to Download

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please feel free to contact me directly.

Audit & Accounting Update: Cloud Computing, Compensation, Revenue Recognition, Debt Issue Costs, and Derivatives and Hedging

Cloud Computing Arrangements — FASB Clarifies a Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement

The FASB has issued ASU No. 2015-05, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement. Existing GAAP does not include explicit guidance about a customer’s accounting for fees paid in a cloud computing arrangement. Examples of cloud computing arrangements include: (a) software as a service; (b) platform as a service; (c) infrastructure as a service; and (d) other similar hosting arrangements.

The amendments add guidance to Subtopic 350-40, Intangibles – Goodwill and Other – Internal-Use Software, which will help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement. The guidance already exists in the FASB Accounting Standards Codification™ in paragraphs 985-605-55-121 through 55-123, but it is included in a Subtopic applied by cloud service providers to determine whether an arrangement includes the sale or license of software.

The amendments provide guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The amendments do not change the accounting for a customer’s accounting for service contracts. As a result of the amendments, all software licenses within the scope of Subtopic 350-40 will be accounted for consistent with other licenses of intangible assets.

For public business entities, the amendments will be effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015. For all other entities, the amendments will be effective for annual periods beginning after December 15, 2015, and interim periods in annual periods beginning after December 15, 2016. Early adoption is permitted for all entities.

An entity can elect to adopt the amendments either: (1) prospectively to all arrangements entered into or materially modified after the effective date; or (2) retrospectively. For prospective transition, the only disclosure requirements at transition are the nature of and reason for the change in accounting principle, the transition method, and a qualitative description of the financial statement line items affected by the change. For retrospective transition, the disclosure requirements at transition include the requirements for prospective transition and quantitative information about the effects of the accounting change. (more…)

Audit & Accounting Update: Consolidation, Income Taxes, Extraordinary Reporting, and Business Combinations

Consolidation — FASB Issues ASU to Improve Consolidation Guidance for Legal Entities

The FASB has issued an Accounting Standards Update (ASU) No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, which is intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures (collateralized debt obligations, collateralized loan obligations, and mortgage-backed security transactions).

The ASU focuses on the consolidation evaluation for reporting organizations (public and private companies and not-for-profit organizations) that are required to evaluate whether they should consolidate certain legal entities.

In addition to reducing the number of consolidation models from four to two, the new standard simplifies the FASB Accounting Standards Codification™ (Codification) and improves current GAAP by:

  • Placing more emphasis on risk of loss when determining a controlling financial interest. A reporting organization may no longer have to consolidate a legal entity in certain circumstances based solely on its fee arrangement, when certain criteria are met.
  • Reducing the frequency of the application of related-party guidance when determining a controlling financial interest in a variable interest entity (VIE).
  • Changing consolidation conclusions for public and private companies in several industries that typically make use of limited partnerships or VIEs.

The ASU will be effective for periods beginning after December 15, 2015, for public companies. For private companies and not-for-profit organizations, the ASU will be effective for annual periods beginning after December 15, 2016; and for interim periods, beginning after December 15, 2017.

Early adoption is permitted, including adoption in an interim period. (more…)

Employee Benefits Update: April/May 2015

In this issue we highlight the importance of reviewing your plan operations and key fiduciary tasks. We summarize plan loan requirements that all plan fiduciaries should know, and take a look at some common questions regarding plan audits. We also discuss what happens when a plan fiduciary communicates with an attorney about an ERISA-covered retirement plan, and we list a few key tax reporting deadlines for April and May.

EBUam15_Page_1 Click Here to Download

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please feel free to contact me directly.

Top 10 Governance & Operational Issues for Your Defined Contribution Plan

Join our panel of experts for a discussion of the Top 10 Governance & Operational Issues for Your Defined Contribution Plan. Learn what to know before the auditors knock on your door. Highlights include:

  • ERISA fiduciary best practices
  • Practical insights from recent lawsuits
  • Common operational errors
  • Self-correction strategies

Postcard FINAL Insero_Page_1

Click Here for More Information and Registration

When: Thursday, April 30, 2015, 7:30 AM, Breakfast/Networking, 8:00 AM – 10:00 AM, Panel Discussion (Add to Calendar)
Where: Country Club of Rochester, 2935 East Avenue, Rochester, NY 14610
Cost: Free of Charge. Registration Required.
Panelists: Leslie Whitney, AIF, Fiduciary Investment Advisors, Jennifer Martlew, CPA, CFE, Insero & Company CPAs, P.C., Christian Hancey, Esq. and Eric Paley, Esq., Nixon Peabody.

To receive updates on future events, please join our mailing list.

2014 Audit & Accounting Update

Reminder: Today is the last day to receive $5 off with our Early Registration Discount, so don’t wait – register today.

Join us for the final installment of Insero & Company’s 2014 Accounting & Finance Education Series, designed for business owners, management, and accounting and finance professionals. Whether you represent a large publicly-traded company or a small not-for-profit organization, it can be difficult to stay up to date on current accounting topics. Learn about changes that may affect your organization and how to apply the most recent standards and guidance. Presented by Vincent Leo, Michael Giess, and Jennifer Martlew.

CPE Series

Click Here for More Information and Registration

When: Tuesday, November 18, 2014, 8am-10am
Where: Locust Hill Country Club, 2000 Jefferson Road, Pittsford, NY 14534
Cost: $30 per participant ($25 per participant through November 4th with Early Registration Discount)
Presented By: Vincent Leo, CPA. Michael Giess, CPA, and Jennifer Martlew, CPA, CFE.

To receive updates on future events, please join our mailing list.