O’Connor & Drew Blog
The Latest Information From The Professionals At O'Connor & Drew, P.C.
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...
The Who, What, When, Where & Why of Centralized Accounting for your Dealerships
AUTOMOBILE DEALERSHIPS The Who, What, When, Where & Why of CentralizedAccounting for your Dealerships John Daugherty-Dixon Director of Dealership Services 31 December 2019 With ever-increasing costs to operate your dealerships, a sinking pool of skilled talent to...
Year-end Navigation for Individual Tax 2019
TAX Year-end Navigation for Individual Tax 201917 December 2019Lucy Luo, CPATax reform significantly altered the U.S. taxation system for the 2018 tax year. We have completed our initial pass through the maze and now it’s time to navigate the tax issues for the...
Bonus Depreciation and Your Eligibility
AUTOMOBILE DEALERSHIPS Bonus Depreciation and Your Eligibility Mathew Feuerbach Supervisor, CPA 17 December 2019 With the first year after the major tax overhaul from the Tax Cuts and Jobs Act (TCJA) now complete, there are still changes being made as more regulations...
How does buying or selling a company effect my 401(k) plan?
EMPLOYEE BENEFIT PLANS How does buying or selling a company effect my 401(k) plan? Kimberly A. Reed Principal, CPA 25 November 2019 It is important to keep your retirement plan in mind when either acquiring a new company or selling an existing company. The acquisition...
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