5 Suggestions to Perfect Your Audit Committee Charter

The audit committee plays a critical role in providing oversight of the organization’s governance, risk management, and internal control practices. The Audit Committee Charter outlines the authority, role and responsibilities of the members. Following these 5 suggestions can help transform your good audit committee to a great audit committee. — Kevin Congo, Harris CPAs The quality and completeness of the …

5-Step Model For New Revenue Recognition Standards

The Financial Accounting Standards Board’s (FASB) update to revenue recognition is going to impact nearly everyone across all industries. But what are these new standards and why won’t your accountant stop talking about it? When it comes to the new revenue recognition standards, here’s the gist of it: Accounting Standards Update 606 (ASU 606) deals specifically with recognizing revenue from …

Does Your Business Qualify For the Work Opportunity Tax Credit?

What is it: The Work Opportunity Tax Credit is a Federal tax credit available to employers for hiring individuals from certain target groups who have consistently faced significant barriers to employment. The target groups includes veterans, temporary assistance for needy family (TANF) recipients, supplemental nutrition assistance program (SNAP) recipients, designated community residents, vocational rehabilitation referrals, ex-felons, supplemental security income (SSI) …