by Royer Advisors | Dec 11, 2024 | Accounting Standards
Private companies that follow U.S. Generally Accepted Accounting Principles (GAAP) are required to implement new revenue recognition rules in fiscal years that start after December 15, 2018. Are your personnel and accounting systems prepared for this fundamental shift...
by Royer Advisors | Dec 11, 2024 | Accounting Standards, Deductions, Financial Planning
Thanks to a pilot program from the Department of Labor’s Wage and Hour Division (WHD), eligible employers may now be able to conduct a self-audit of certain wage practices. This program — called Payroll Audit Independent Determination (PAID) — was launched...
by Royer Advisors | Dec 11, 2024 | Accounting Standards, Financial Planning, IRS Regulation
If your Maine business is scrambling to get up-to-date on changes to the federal tax rules under the Tax Cuts and Jobs Act, note that there also will be major changes to U.S. Generally Accepted Accounting Principles (GAAP). Here’s an overview of the major...
by Royer Advisors | Dec 11, 2024 | Accounting Standards, Business Plans, Deductions, IRS Regulation, Tax Planning, Tax Preparation
Starting with the 2018 tax year, most businesses in Maine and the U.S. will receive a big tax cut, thanks to the new law that was enacted on December 22. However, some industries (such as banking, hospitality and retail) generally expect to reap more benefits than...
by Royer Advisors | Dec 11, 2024 | Accounting Standards, Business Plans, Financial Planning, Fraud Prevention
Could your data be hacked? Unfortunately, every organization is vulnerable to cyberattacks today. There are plenty of examples. In September, Equifax reported a data breach that exposed the credit histories and other information of 145.5 million Americans. Shortly...
by Royer Advisors | Dec 11, 2024 | Accounting Standards, IRS Regulation, Tax Planning, Tax Preparation
If your Maine small business reimburses employees for actual travel expenses, then you know the process of submitting and approving expense reports for business travel can be an administrative hassle. Fortunately, the IRS offers simplified alternatives that can save...
