The accounting treatment of investments is a complex area to understand, but the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) in January 2016 in order to reduce the complexity of the original standard for financial...
Real Estate Investing to Realize Financial Goals
Blog, Tax Services, Uncategorized
Investing in real estate is one of the most beneficial modes for generating wealth and is known to be the best performing asset in modern times. Owning real estate creates opportunities to generate cash flow, create avenues for effective wealth building and...
American Rescue Plan Act and How it Impacts Businesses
Blog, COVID-19 Resources, Tax Services
On March 11, Congress instituted the latest Coronavirus (COVID-19) relief fund, the American Rescue Plan Act of 2021. This plan includes a total of $6 trillion in economic relief. Many plan provisions provide aid if...
Navigating the Updated Employee Retention Credit for Taxes
Blog, COVID-19 Resources, Tax Services
The Consolidated Appropriations (CCA) Act of 2021, signed into law on December 27, 2020, changes the employee retention credit. Some of the changes retroactively modify the Coronavirus Aid, Relief, and Economic Security (CARES) Act, while others are prospective...
Coronavirus Small Business Relief Update
Second Draw Payroll Protection Program Loans and First Draw Forgiveness Businesses continue to face unprecedented economic hardship due to the Coronavirus (COVID-19) outbreak. To assist, the Coronavirus Aid, Relief and Economic Security (CARES) Act has provided...
IRS Rulings on Paycheck Protection Program and Its Tax Impacts
The recent IRS rulings of Revenue Procedure 2020-21 and Revenue Ruling 2020-27 may impact businesses' ability to deduct the funds given under the Paycheck Protection Program (PPP), provided to create relief during the pandemic.On November 18, the IRS remarked the...
Are You Ready to Apply for PPP Loan Forgiveness?
Are You Ready to Apply for PPP Loan Forgiveness?Ever since the CARES Act was signed into law on March 26, 2020, followed by the enhancements provided by the Paycheck Protection Flexibility Act signed into law on June 5, 2020, there have been a flood of FAQs and...
Comprehensive Accounting Solutions from CDH
The hardest part of growing a business isn’t necessarily finding new clients and signing new contracts. The real obstacles come after new business appears and companies have to expand their operations to meet bigger obligations. Maintaining the same speed, service,...
Replacing Accountants Is More Expensive Than You Expect
In a recent post, we explored the challenges of recruiting and retaining accounting talent right now. Demand for qualified accountants is extremely high at the same time that supply is low and attitudes about company loyalty are changing. As a result, it’s almost...
Fraud Prevention – The Surprising Benefit of Outsourced Accounting
Accounting fraud is a bigger problem than most people realize. According to a report from The Association of Certified Fraud Examiners, American businesses lost 5% of revenue to fraud in 2018. More alarmingly, private companies and small businesses were the most...
Illinois Expands the Manufacturer’s Exemption
According to an article found on CCH IntelliConnect Tracker News, supplies and consumables used in manufacturing are exempt from Illinois sales and use tax beginning July 1, 2019. Recent tax legislation expands the manufacturing exemption to once again include...
3 Fundamental Benefits of Configuration Modeling in Cloud Accounting
Plug and Play is a capability developed by Microsoft for its operating systems first developed in the 90’s. It gives users the ability to plug a device into a computer and have the computer recognize that the device is there….the user doesn’t have to tell the computer...
6 Reasons Cloud Accounting Is Here To Stay
Brothers Chip and Dan Heath published Made to Stick: Why Some Ideas Survive and Others Die, in 2007. Their idea premise is “stickiness” and it’s core values are below Simple – find the core of any idea Unexpected – grab people's attention by surprising them...
The Undeniable Power of Business Intelligence
Business Intelligence (BI) is the accumulation, analysis, reporting, budgeting & presentation of your business data. BI can help your business improve operations and your financial position. Ultimately, when used with software it can help a company with strategic...
The Paradigm Shift That Caught Us By Surprise
Your biggest risk isn’t failure; it’s sustained mediocrity (Wroblewski, 2017). This quote applies today more than ever as disruption is front and center for many businesses. Here are some examples of the paradigm shift, which caught most of us by surprise. Uber –...
CDH Accounting Services Provide On-Demand Expertise
There are two sides to accounting. On one side there are the routine processes, things like payroll that happen the same way over and over. On the other side are business opportunities that accounting enables, dynamic forces that change constantly. Most...
Employee Benefits Reform Road Trip: Rewind, Press Play, Fast Forward
The Affordable Care Act (ACA) is the law of the land and there has been minimal “noise” regarding ACA in the recent past. However, in D.C. there remains a lot of chatter about the fate of ACA, especially with some politicians calling for Medicare for All....
Change and Innovation: Getting Out of Your Comfort Zone
In 1975, a researcher named Steven Sasson, working for Eastman Kodak built the first digital camera. He saw the potential for this new device and told executives it would compete with film in the next 15-20 years. Eastman Kodak then developed the first...
The Cost Advantage of Outsourcing Runs Deeper Than You Think
Cost savings are one of the most widely cited reasons for adopting outsourced services. And while it’s true that outsourcing can help to minimize certain budget items, it’s overall effect on financial health is much bigger than that. In the best cases, outsourcing...
Outsourcing – Is it a Dirty Word?
The word outsourcing conjures up a lot of negative images, especially for small business owners. It suggests job cuts, loss of control, and lack of transparency. According to popular thinking, businesses that outsource...
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