Maybe your company has a business loan in which the terms of the bank loan’s covenants require a periodic audit. Or you’ve borrowed money through a private investor and the loan agreement mandates an annual audit. Or you’re thinking of selling your business or merging it with another firm. In each of these scenarios, you…
“I like to be the resource for clients.” – Valerie Medick Each person in the assurance group at Weiss excels at client relationships. Recent conversations with Jeremy Morgan, Dan Bailey, Valerie Medick and Allen Plenner – just four out of a team of 20 – demonstrated the breadth and depth of experience they provide their…
We caught up with Dan Bailey, a senior manager in Weiss’ audit and assurance services department, almost 12 years to the day since he first started at Weiss. Bailey graduated from Augustana College, highly selective liberal arts college in Rock Island, Illinois, as an accounting major. He didn’t enter college with accounting in mind…he sort…
To encourage more small business employers to offer workplace retirement accounts for their employees and to reduce expenses for small plan filers, the Department of Labor (DOL) has streamlined and eliminated certain requirements for Form 5500. The changes and impacts are outlined below: The counting methodology for defined contribution retirement plans is now based on…
Last month, the Financial Accounting Standards Board (FASB) issued amendments for common control leasing arrangements. These accounting rules help clarify issues for rental agreements between businesses that have the same owner. Determining leases The update – Accounting Standards Update (ASU) No. 2023-01, Leases (Topic 842) Common Control Arrangements – clarifies how business entities controlled by…
Article updated to include new information on 2/26/24: Never mind that we’re in the middle of tax season and you have a million other things to think about. If you own a business that offers a 401(k) or another retirement plan, you need to be thinking about your annual audit – scheduling it, preparing for…
With more than 22 years of experience at Weiss, partner Dennis W. Anderson has built an enviable track record providing assurance, consulting, and tax services to an impressive roster of business clients. He sat down recently to discuss a wide range of topics, including the challenges of working through the pandemic and the upcoming 401(k)…
Last week, the IRS issued new guidance regarding loan forgiveness under the Paycheck Protection Program (PPP) that significantly impacts certain businesses in calculating their loan forgiveness costs. Some examples include: Owner-employees with less than a 5 percent ownership stake in a C- or S- Corporation are not subject to the owner-employee compensation rule, which caps…
On Wednesday evening, the Senate unanimously passed the much-anticipated Payroll Protection Plan Flexibility Act and sent it to the White House for President Trump’s signature. The primary purpose of the bill is to give business owners more time and flexibility to use loan money obtained through the original PPP and still qualify for loan forgiveness….
Last week, the U.S. Treasury Department released extensive new guidance regarding loan forgiveness for businesses participating in the Paycheck Protection Program (PPP). Much of the guidance focused on the application process and instructions for completing the on-line form. In this article, we offer some important clarifications to specific points in the loan forgiveness application and…
Weiss & Company LLP is pleased to welcome two new associates to the firm’s tax accounting team. Katherine Chung has joined as a senior tax manager, and Anna Lomeyko has joined as a tax accountant. “We’re excited to bring Katherine and Anna onboard as Weiss continues to grow,” said Weiss & Company Managing Partner Dan…
Sometimes speaking English alone isn’t enough to make complex business and tax topics clear to clients. That’s why Weiss & Company LLP offers bilingual services in several languages, including Spanish, Polish, Hebrew, Hindi, Korean, Russian, Romanian, Turkish and Kyrgyz. In fact, over a dozen of its staff members are bilingual. “We don’t make clients fit…
