Posts by Katie Renelt
Transitioning your organization to the new lease accounting method
When the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2016-02 (ASC 842) several years ago, the deadlines for private and public businesses seemed to be far into the future. FASB delayed the reporting requirements for private-sector companies because of COVID-19; however, that delay ended as of Dec. 15, 2021. All businesses must use financial statements conforming to the new lease accounting standard for any fiscal year beginning after Dec. 15, 2021. If you’re…
Read More2022 mileage rates for business reimbursements
The IRS recently released the 2022 mileage rates for businesses to use as guidance when reimbursing workers for applicable miles driven within the year. The rates tend to increase every year to account for rising fuel and vehicle and maintenance costs and insurance rate increases. Businesses can use the standard mileage rate to calculate the deductible costs of operating qualified automobiles for business, charitable, medical, or moving purposes. Keep reading for…
Read More5 steps to a successful succession plan for construction firms
One of the less-talked-about economic side effects of the COVID-19 pandemic is the number of experienced professionals retiring or shortening their retirement timeline. This opens up opportunities for the next generation to step into their shoes, but it also comes with some challenges. Not having a succession plan in place can create uncertainty and unnecessary struggles for your construction firm’s new owners or leadership team. Why…
Read MoreInternal controls can help prevent fraud for construction firms
The general nature of the construction industry opens up opportunities for firms to fall victim to fraud. The Association of Certified Fraud Examiners (ACFE) reported the median fraud-related loss for construction firms at $200,000 for each incident between January 2018 and September 2019. In addition, 32% of survey respondents said they did not have internal controls in place, while 18% told the ACFE they regularly overrode existing internal controls. Establishing internal controls is essential to prevent fraud and catch fraud attempts before too much damage is done to the construction firm. Here’s why construction…
Read MoreChart a course for your business’ future with forecasting
Managing cash flow is essential to business management. Revenue can fluctuate, and expenses need to be paid on time to maintain a positive working relationship with vendors, utility companies, and employees. Thankfully, there’s a way to know what your cash flow could look like down the road so you can plan appropriately, and forecasting can provide these insights for business…
Read MoreOutsource sales and use tax compliance to mitigate risk
Tax compliance is an essential aspect of any business, with sales and use tax making up a large portion of overall tax requirements. However, sales and use tax can get complicated very quickly as each state and local tax has its own rules and nuances. With increased connectivity and remote capabilities, it has become easier…
Read MoreCongress Has Approved the Infrastructure Bill: What’s In It For You?
The $1 trillion Infrastructure Investment and Jobs Act (IIJA) received the U.S. House of Representatives’ approval Friday, November 5, 2021, to provide funding for improvements to highways, bridges, and other road safety measures. The bill also offers plans to reconnect communities previously divided by highway building and expand national broadband networks. According to White…
Read MoreTax Intern
Are you searching for a meaningful and fulfilling internship program where you can gain exposure to the public accounting profession? If you are interested in working alongside a skilled team of professionals, then we want to hear from you! Dedekian George Small & Markarian, a highly regarded full-service regional CPA firm serving the manufacturing, agriculture, and construction industries, has immediate openings for Interns to join our team this tax season. This is a great opportunity for students enrolled in a BS…
Read MoreNavigating the supply and demand challenges in the construction industry
The rising cost of construction and delayed timing for completion of projects has been a major problem in the construction industry in 2021. Contractors and consumers have been subject to the rising cost of construction materials in everything from wood to copper, aluminum to paint. This is a combination of unprecedented levels of demand and bottlenecks in the…
Read MoreChart a course for your business’ future with forecasting
Managing cash flow is essential to business management. Revenue can fluctuate, and expenses need to be paid on time to maintain a positive working relationship with vendors, utility companies, and employees. Thankfully, there’s a way to know what your cash flow could look like down the road so you can plan appropriately, and forecasting can provide these insights for business…
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