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The Challenging New Age of System and Organization Controls (SOC) Examinations for Software Companies
Posted by Ray Gandy on Fri, Mar 22, 2019 @ 10:09 AM

Cloud updates and other technology advances have put new pressure on most technology companies—especially Software as a Service (SaaS) companies—to streamline roll-outs of updates and new product offerings. To meet customer needs, and to get features and products released to market faster, SaaS companies are turning to Agile frameworks to implement an iterative software development process and better streamline their updates and development. An Agile framework allows for more real-time testing, development and a faster delivery of product. However, from the perspective of an auditor performing a System and Organization Controls (SOC) examination, the process of gleaning details to determine control design suitability and operating effectiveness within an Agile environment could be a bit more challenging to the typical SOC approach if there’s a lack of documentation.

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Topics: Cloud, SOC Reports, Ray Gandy, SaaS, Cloud-Based Software, Service as a Software, Agile, System and Organization Controls, SOC Examinations

Your Guide to the Qualified Small Business Stock Gain Exclusion
Posted by Joanna Powell on Wed, Mar 20, 2019 @ 10:33 AM

Qualifying C corporations have long offered tax benefits to their investors under Section 1202 of the Internal Revenue Code, but fluctuations in the benefit and the capital gains tax have limited its use. Tax reform under the law commonly known as the Tax Cuts and Jobs Act (TCJA) may make the Qualified Small Business Stock (QSBS) Exemption in Section 1202 benefit more widespread and appealing for small businesses. To take advantage of the QSBS Exemption, both businesses and their investors need to be aware of how it works, its potential limitations, and the planning opportunities available.

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Topics: tax planning, Tax Cuts and Jobs Act, TCJA, C Corporation, Joanna Powell, Qualified Small Business Stock Exemption, Qualified Small Business Stock, QSBS

What You Need to Know About Hedge Accounting Changes
Posted by Joyce Masse Troy on Wed, Mar 20, 2019 @ 10:12 AM

Changes to accounting for hedge activities are on the horizon, and for companies that engage in these activities, the simplifications in the new accounting standard couldn’t come soon enough. Hedge accounting errors have long been a trouble spot for financial reporting, in some cases leading to financial restatements.

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Topics: accounting, Derivatives, hedge accounting, hedging

Preparing for Filing Season: 199A and What Pass-Through Owners Need To Know
Posted by Elizabeth Whitney on Tue, Mar 19, 2019 @ 06:27 PM

The dawn of the first filing season with the new Qualified Business Income (QBI) deduction has arrived. Business owners and their tax advisors now seek the payoff from extensive planning during the prior year to maximize this deduction. Amidst planning for the QBI deduction under Section 199A, some important questions lingered. Luckily for everyone, final regulations on the QBI deduction resolve some of these lingering issues. These answers are generally positive and may afford certain taxpayers a deduction where none was anticipated. All pass-through owners can benefit from a familiarity with QBI deduction information coming their way, but first we will explore some important changes made under the final regulations.

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Topics: tax planning, tax, tax forms, QBI, Qualified Business Income, Business owners

Welcome to the New Age of Cyber Regulations
Posted by Ray Gandy on Tue, Mar 19, 2019 @ 12:53 PM

The European General Data Protection Regulation (GDPR) might be ushering in a new age of cyber regulations. In establishing parameters for how customer’s sensitive information should be protected and communication standards for communicating a breach, the GDPR has raised the level of awareness of cyber laws and protecting personal information. 

It has also sparked similar laws at the state level in the U.S. New York and California have both written into law cybersecurity measures that may be used as a template for other states or even broader initiatives to regulate the protection of digital information. The following provides a closer look at what the GDPR, California, and New York’s laws entail and their potential for broader application.

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Topics: Ray Gandy, Privacy Laws, GDPR, General Data Protection Regulation, EU GDPR

It’s Not Too Early to Start Thinking About 2019 Financial Statement Reporting
Posted by Peter Gold on Mon, Mar 18, 2019 @ 10:39 AM

As you wrap up your 2018 financial reporting and move into 2019, you may want to take stock of the changes that will come into effect in 2019. For public companies, the long awaited changes to revenue recognition are being applied. Private companies have several small modifications that may make their reporting a little easier.

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Topics: private company, FASB, public company, Financial Accounting Standards Board, Peter Gold, Financial Statement

Preparing for Tax Season: Know Your Information Documents
Posted by Deb Malone on Mon, Mar 4, 2019 @ 10:51 AM

The tax filing season opened on Jan. 28, and the partial government shutdown is over, for now. As the IRS accepts tax returns it will be business as usual for individuals and entities who are required to provide tax information documents. Hence, you will still be receiving all of those “Important Tax Documents” letters in the mail or in electronic format. This includes W-2 forms, any number of types in the 1099 series, and K-1 schedules.

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Topics: tax planning, tax, tax forms, 1099, W-2

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