Insights

Here’s the Coverage Your Business Interruption Insurance Program May Be Missing

Traditionally, there must be some type of physical damage to insured property at covered locations and by covered “perils” in order to trigger business interruption coverage. Today, however, businesses are threatened and interrupted by many new types of disasters that do not involve physical damage to insured property.

12/4/2018
Industries: Agribusiness, Construction and Real Estate, Dealerships, Financial Institutions, Financial Services, FinTech, Freshwater, Governments, Health Care, Insurance, Manufacturing and Distribution, Nonprofits, Private Equity, Tribal Gaming and Government
Services: Litigation Support Services
By: William Metzdorff

Performing a Year-End Inventory: Is It Worth It?

Counting your inventory can be a tedious job, and oftentimes it even means shutting down your operations for a period of time to manage the process and ensure all items are counted properly. Below we will discuss why accurate inventory balances are important, tips for an effective physical count and alternatives to a full year-end inventory count.

12/4/2018
Industries: Agribusiness, Construction and Real Estate, Dealerships, Financial Institutions, Financial Services, FinTech, Freshwater, Governments, Health Care, Insurance, Manufacturing and Distribution, Nonprofits, Private Equity, Tribal Gaming and Government
Services: Audit and Accounting
By: Kyle Wierzba

Colorado Enacting Economic Nexus Sales Tax Collection and Changing Collection Requirements for State-Collected Local and Special District Taxes

On September 11, 2018, the Colorado Department of Revenue (CDOR) adopted emergency rules establishing an economic nexus standard for retailers without a physical presence in the state when such a retailer either (1) exceeds $100,000 in gross revenue from sales of tangible personal property or services delivered into the state in the current or previous year; or (2) makes 200 or more separate transactions of tangible personal property or services for delivery into the state in the current or previous year.

12/3/2018
Industries: Agribusiness, Construction and Real Estate, Dealerships, Financial Institutions, Financial Services, FinTech, Freshwater, Governments, Health Care, Insurance, Manufacturing and Distribution, Nonprofits, Private Equity, Tribal Gaming and Government
Services: Tax
By: Tiffany Davis, Tara T. Johnson, Daryl L. Ohland, Lisa J. Storey

Tax Impacts of the Revenue Recognition Standard

In 2014, the Financial Accounting Standards Board (FASB) collaborated with the International Accounting Standards Board (IASB) to build a global standard for recognizing revenue on contracts with customers. The resulting standard, ASC 606, is the biggest alteration to generally accepted accounting principles (GAAP) in 20 years. Everyone from auditors to tax advisors have had to wrap their heads around the changes. The standard by itself is a beast; add on top of that changes to the tax reporting for revenue recognition, and together you have a monster of an issue to deal with.

12/3/2018
Industries: Agribusiness, Construction and Real Estate, Dealerships, Financial Institutions, Financial Services, FinTech, Freshwater, Governments, Health Care, Insurance, Manufacturing and Distribution, Nonprofits, Private Equity, Tribal Gaming and Government
Services: Audit and Accounting
By: Samantha A. Wimmer

How to Maximize the 20% Pass-Through Deduction for Dealership Income

The Tax Cuts and Jobs Act (TCJA) lowered all individual tax rates, but it also added a special benefit for business owners that operate as pass-through entities (S corporations and Partnerships). Certain business owners can get an additional 7% tax rate reduction. It’s important to make sure that you qualify and that your benefit will not be limited by a number of special rules that reduce the amount of the tax benefit.

12/3/2018
Industries: Dealerships
Services: Tax
By: Benjamin Dailey

Part Three of Best Practices in Web Design: How to Create an Interactive, Frustration-Free Website Experience

Getting visitors on your website in the first place is hard enough, but keeping them there is equally difficult. If you look at your website analytics, you can see the bounce rate of site visitors. The bounce rate shows who leaves your site without visiting any pages other than the one they landed on, and the time they spend on your website before leaving.

12/3/2018
Industries: Nonprofits
Services: Consulting, Technology
By: Dianne Newton-Shaw

Audit Report Card

Think back to the last attest engagement you and your team prepared for and how you felt about the process overall. Were you relaxed, well-prepared and organized? Did you know the expectations of your role during on-site fieldwork? If the answer is no, then you’re not alone. Fortunately, there are a couple of strategies you can use to make the attest procedures less daunting and overwhelming for your team.

11/30/2018
Industries: Agribusiness, Construction and Real Estate, Dealerships, Financial Institutions, Financial Services, FinTech, Freshwater, Governments, Health Care, Insurance, Manufacturing and Distribution, Nonprofits, Private Equity, Tribal Gaming and Government
Services: Audit and Accounting
By: Amanda Flohr

Create Business Intelligence by Automating the Posting of Detailed Revenue Audit Data

Casinos handle significantly large amounts of financial transactions — both in payouts and general management of their operations. Therefore, ensuring cash flow in and out of a casino is incredibly important to its long-term success. Failure to properly monitor and audit revenue reports will put the casino at risk for major violations and, ultimately, a damaged reputation.

11/29/2018
Industries: Tribal Gaming and Government, Tribal Gaming
Services: Consulting, Technology
By: Jason Winkler