With ASC 606 – Revenue from Contracts with Customers becoming effective for private companies with annual reporting periods beginning after December 15, 2018, now is the time to ensure that revenue recognition policies are consistent with the new standard. One key area where there could potentially be a change from
On October 31, 2018, the Financial Accounting Standards Board (FASB) released ASU 2018-17, a much-anticipated standard providing relief for nonpublic companies with variable interest entities (VIE). At its core, the standard allows nonpublic companies, defined as companies without debt or equity traded in a public market, who are not
Using the Untapped Resource of “Data” to Out-compete by Out-pricing Wholesale Distributor Competition Thanks to the indomitable progress of technology, Wholesale Distributors have all sorts of data at their fingertips covering everything from costs and volume of sales to frequency and timing to various customers or geographic regions. Technology allows
The steel and aluminum tariffs initiated by the Trump administration are making an impact further downstream than one might think. In other words, the tariffs are not just affecting those who do the importing. On March 8, 2018, President Trump imposed a 25% tax on imported steel and a 10%
The Tax Cuts and Jobs Act, enacted in December 2017, made sweeping changes to the United States tax system. One major change is the new deduction for Qualified Business Income (QBI). The QBI deduction allows taxpayers to deduct 20% of the income they make from pass-through trades or businesses
The Tax Cuts and Jobs Act, enacted in December, made sweeping changes to the United States tax system. One major change is the new deduction for Qualified Business Income (QBI). The QBI deduction allows taxpayers to deduct 20% of the income they make from pass-through trades or businesses (S Corporations,