The Office of Management and Budget (OMB)’s new 2022 Compliance Supplement means changes for your next non-profit audit, if Federal programs and funding are involved. And unlike previous years, The OMB doesn’t expect to issue a future amendment to the supplement – so that means both auditees and auditors can
Implementing the new lease accounting standard is turning out to be more complicated than many originally expected – and one of the biggest challenges is identifying and properly classifying leases (not all leases that qualify under the new standard necessarily say “lease” at the top of the document). Once you’ve
Prior to the beginning of each year, the Internal Revenue Service (IRS) issues the standard mileage rate as the deductible cost of operating an automobile for business purposes. The standard rate is based on the fixed and variable costs of operating an automobile. On December 17th, 2021, the
Flashback to May of 2003 when the original FTC (Federal Trade Commission) Safeguards Rule went into effect for Financial Institutions – including most dealerships. Intended to provide “reasonable” safeguards to protect sensitive customer data, the original rule was subjective, and that not only made it difficult to enforce but also
A long-time federal assistance program for manufacturers hurt by import competition will no longer be available to new applicants after June 30, 2022. Trade Adjustment Assistance for Firms (TAAF) is a federal program that provides financial assistance to U.S. manufacturing and service companies that have been negatively affected by import
The new lease accounting standard is a hot topic but not an entirely unfamiliar one. By now, you probably know that the new lease standard (ASC 842) is effective in 2022 for calendar year-end private companies. Under the new standard, companies are now required to recognize operating leases on the