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Several arms of the federal government have taken, or are weighing, significant steps to help the country deal with the spread of the coronavirus (COVID-19) and the implications for individuals and businesses. On March 14, the U.S. House of Representatives overwhelmingly passed a bipartisan 110-page bill that has received support from President Trump and, as…
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FAIRFAX, VIRGINIA – OCTOBER 17, 2019 – Thompson Greenspon, a leading accounting firm, announced today that they have won ClearlyRated’s Best of Accounting™ Award for providing superior service. Best of Accounting Award winners have proven themselves as industry leaders in service quality based entirely on ratings provided by their clients. On average, clients of 2019…
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The Financial Accounting Standards Board (FASB) recently issued guidance that should ease the financial reporting burden on nonprofits that enter “business combinations,” such as mergers and acquisitions. The title of the guidance is a mouthful, but it probably tells you everything you need to know: Accounting Standards Update (ASU) No. 2019-06, Intangibles — Goodwill and…
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Indirect costs can have a substantial impact on a construction company’s financial picture and bottom line. But they’re not always the easiest things to “see.” Let’s zoom in to bring indirect costs better into focus. Viewing the numbers It helps to first define project costs in general. The Financial Accounting Standards Board recommends that construction…
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Improper labor category classification under U.S. government time and materials (T&M) contracts can result in cost disallowance, investigation, fines — and even jail time.
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