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Financial reporting shortcuts for privately-owned companies

Owners of privately-held companies often express their anguish that the Financial Accounting Standards Board (FASB) caters too much to large, public companies and ignore the needs of smaller, privately held organizations that have less complex financial reporting issues. In specific, owners lament that ...

How auditors evaluate fraud risks

Fraud risks are always on your auditor’s mind. Even if your financial statements aren’t audited, to minimize potential losses it’s important to consider the fraud risk factors auditors look at.

New Rules Demand a Review of Your Operating Agreement

Hunter Group Tax Director Ken Hofsommer, CPA, recently shared information that every business partnership should be aware of in order to avoid potential problems–and tax liabilities—with the IRS.  New rules that take effect shortly could impact your business.  Read his ...

NEW DEADLINE FOR FILING YOUR W-2s

Last year, Congress passed the PATH Act, short for Protecting Americans from Tax Hikes and the President subsequently signed it into law. Today we want to focus on two important aspects of the PATH Act to ensure our clients and ...

It’s sometimes hard to report “hard” assets

How much do you really know about accounting for property, plant and equipment? U.S. Generally Accepted Accounting Principles (GAAP) permits some leeway when deciding whether to capitalize or expense a fixed asset purchase, as well as in choosing depreciation methods and useful lives.

Control fraud risks with strong internal controls

Fraud costs companies 5% of their annual revenues each year, according to the 2016 Report to the Nations on Occupational Fraud and Abuse published by the Association of Certified Fraud Examiners (ACFE). To illustrate what this means, the global fraud ...

Hunter Group Earns Best Practices Award

  Fair Lawn, NJ—September 23, 2016: Bergen County-based CPA firm Hunter Group CPA LLC has earned a Best Practices Award from The Commerce and Industry Association of New Jersey (CIANJ) and its partner, COMMERCE Magazine, who welcomed business leaders recently ...

Cash- vs. Accrual-basis Reporting

Qualifying small businesses and service firms often use the cash-basis method of accounting. But as a business grows, it usually needs to convert to accrual-basis reporting for federal tax purposes and to conform with U.S. Generally Accepted Accounting Principles (GAAP). ...

When Does a Company Need an Audit?

As an owner of a privately held business, you may have concerns about why a company might need audited financial statements. While not required by law, there are some important reasons why an audit might be useful or required, for ...

New Jersey Treasury Posts New Taxpayer Alerts

Scam Alert Taxpayers should be aware that scammers may be cloning (“spoofing”) the New Jersey Department of Treasury Call Center number (609 292-6400) and calling NJ citizens asking if they have filed a New Jersey Income Tax Return.  The Division of Taxation ...