The Chinese general and military strategist Sun Tzu famously wrote that the “supreme art of war is to subdue the enemy without fighting.” Using empathy at the negotiation table is the modern-day embodiment of this strategy. A fundamental human need is to feel...
In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606), with various clarifying amendments since. This ASU applies to organizations that enter into...
Since the financial crisis of 2008, confidence in the banking system shifted to new horizons, which opened the door for Bitcoin and other cryptocurrencies (digital currencies that are not controlled by a central bank). The technology at the heart of this...
One of the most drastic changes in the Tax Cuts and Jobs Act was a reduction in the Federal Corporate Income Tax Rate from 35% to 21%. This change, in turn, has many business taxpayers currently organized as an S Corporation or an LLC (and thereby subject to...
For businesses, retirement plans can provide tax advantages to owners and give employees a good reason to save for their futures. Each retirement plan comes with its own advantages and disadvantages. The same type of plan can be a disaster for one company while being...
The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) Topic 842 – Leases in an effort to improve financial reporting as it relates to leasing transactions. The main goal of the ASU is to increase transparency and comparability among...
The 2018 Winter Olympics in Pyeongchang have officially begun! Ninety four nations are participating in over 100 events across various sports, such as skiing, bobsleigh, curling, figure skating, ice hockey, luge, and snowboarding. Notably, the NHL and International...
Many businesses recognize the significance of having some sort of employee retirement plan put in place; however, a large number of these businesses don’t understand the importance of performing annual reviews of these retirement plans in order to decrease the risk of...
At first glance the recently passed Tax Cuts and Jobs Act seems to hit Long Island and all high tax areas pretty hard for a few reasons: 1. Many businesses on Long Island are pass-through entities in the service sector which do not qualify for the reduced corporate...
