Managing Your Business
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New LEASE on Life
There are many details to consider when determining the term of a lease under ASC 842.
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At The Very LEASED
A lease exists when payment is made by one party to another in exchange for the right to control the use of an identified asset for a period of time. When considering accounting for leases, you should look to the terms and conditions included in the lease or contract.
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The Path of LEASE Resistance
As you have likely heard, lease accounting under U.S. Generally Accepted Accounting Principles (U.S. GAAP) has changed for private companies for fiscal years beginning after December 15, 2021. For most entities, this means the rule is effective now, for calendar 2022.
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Answers to Your Lease Accounting Questions
The new lease standard (Topic 842) is here and effective now. Manufacturing companies who lease assets will now record all (with minimal exceptions) leases as both an asset and a liability.
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Business Efficiency: Could An Operational Review Improve Your Bottom Line?
A Business Opportunity Assessment can help identify specific opportunities for reducing waste and increasing automation, thus helping you prioritize an actionable plan to solve potential inefficient processes.
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Company Retirement Plan: Keeping it Competitive & Compliant
From retirement benchmarking studies to outsourced retirement plan fiduciary responsibility, there are significant resources available to ensure your 401(k) plan is competitive with your industry peers.
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Employee Retention Credit – Huge Benefit For Many Manufacturers
The Employee Retention Credit (ERC) remains available for employers to claim on amended payroll tax returns for qualifying periods assuming they met the eligibility criteria and paid eligible wages during those times.
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Can data transform your business?
The digital transformation process begins with determining Key Performance Indicators (KPIs) (i.e., Bill of Materials (BOM) accuracy, labor/overhead cost, total gross margins, cost to serve, etc.), integrating applications, and formatting the bulk data to communicate correctly.
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Workforce is Top Issue For Manufacturers
As companies adapt to post-pandemic life, attracting and keeping good people requires adaptability and strategic thinking.
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Partnerships and S Corporations Receive Temporary Reprieve from Foreign Tax Reporting
The IRS rolled out new K-2 and K-3 forms for Partnerships and S Corporations. They recently released guidance for these forms, including relief for most taxpayers for 2021 only.