O’Connor & Drew Blog
The Latest Information From The Professionals At O'Connor & Drew, P.C.The SECURE Act
EMPLOYEE BENEFIT PLANS Kimberly A. Reed Principal, CPA28 May 2020 With all that 2020 has brought so far, it is important that you keep in mind the impact of the Setting Every Community Up for Retirement Enhancement Act of 2019 (The SECURE Act) that was signed as part...
The CARES Act and What It Means for Retirement Plan Loans and Distributions
EMPLOYEE BENEFIT PLANS Kimberly A. Reed Principal, CPA28 May 2020 The impact of the Coronavirus is going to financially impact your employees for quite some time. On March 27, 2020, the CARES (Coronavirus, Aid, Relief and Economic Security) Act was enacted to help...
ASU 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement
EMPLOYEE BENEFIT PLANS Kimberly A. Reed Principal, CPA28 May 2020 There will be changes coming relating to the fair value measurement framework disclosure as ASU 2018-13 removes, modifies, and adds certain disclosure requirements. This update is effective for all...
Remember the Importance of Soft Skills During Difficult Times
When the going gets tough, patience and good manners often go out the window. While employers deal with the impact of the coronavirus (COVID-19), stress levels are rising. In turn, relationships — both internal and external — are at risk. From an HR perspective, one...
Business Email Compromise
Business Email Compromise (BEC) is the latest trend in cybersecurity that you should want nothing to do with. Attackers are flocking en mass and targeting the email systems of vulnerable companies as a means of taking control and leveraging the access for their own...
Revenue Recognition; An Overview of Topic 606
In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606) that overhauled revenue recognition methodologies. There have beenseveral additional clarifying...
Fiduciary Activities
While Government Accounting Standards Board (GASB) Statement 87, Leases (effective for years ended June 30, 2021) has been getting a lot of attention, GASB Statement 84, Fiduciary Activities (effective for years ended June 30, 2020) has been stealthily flying below...
How Business Owners May Be Able to Reduce Tax by Using an S Corporation
TAX How Business Owners May Be Able to Reduce Tax by Using an S Corporation 25 February 2020 Do you conduct your business as a sole proprietorship or as a wholly-owned limited liability company (LLC)? If so, you’re subject to both income tax and self-employment tax....
Getting acquainted with Generation Z
PROFESSIONAL DEVELOPMENTGetting acquainted with Generation Z7 January 2020 By now, most employers have read up on, hired and gotten to know Millennials. Well, guess what? A whole new demographic is here: Generation Z. Whereas Millennials are generally those who came...
Repeal of Parking UBTI
TAX Repeal of Parking UBTIRyan J. McDonell, CPA 7 January 2020 The Tax Cuts and Jobs Act tax reform in 2017 added (to the dismay of many) IRC section 512(a)(7) which effectively created unrelated business taxable income (UBTI) for the expenses of providing qualified...
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