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Patti Giudici

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Considerations for Professional Service Firms Working in a Remote Environment

In March, when most professional service firms were working tirelessly to get their employees operating in a remote environment as a result of COVID-19,

Extensions for Form 11-K Filings as a Result of COVID-19

In response to the pandemic caused by COVID-19, on March 4 the Securities and Exchange Commission (SEC) enacted reporting relief from certain provisions

What is More Beneficial for Professional Service Organizations: Accrual Basis or Cash Basis Financial Statements?

One of the most important decisions management of a professional service organization needs to make as it relates to their financial statements is the

How Does the Revenue Recognition Standard Affect Private Equity Firms?

The creation and adoption of the Financial Accounting Standards Board’s (FASB) Codification Section 606, Revenue from Contracts with Customers, (ASC

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Professional Service Firms - Are You Ready for the Implementation of the New Lease Standard? What Are the Five Key Questions to Ask?

Professional service firms will be required to adopt Accounting Standards Update (ASU) 2016-02 Topic 842 - Leases (ASU 2016-02) in the upcoming years.

Funding for Start-Up Companies

“I have developed the next groundbreaking software tool, but how can I obtain funding in order to grow this innovation?” This is an all-too-familiar

Revenue Recognition Considerations for Software Companies

In August 2017, the FASB issued guidance for software companies in connection with the implementation of ASU 2014-09 and the five-step model. Step One

Revenue Recognition Considerations for Engineering Firms

In August 2017, the FASB issued guidance for engineering firms in connection with the implementation of ASU 2014-09 and the five-step model. Step One requires

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Accounting for Phantom Stock Plans

One appealing option for the owners of professional service firms that do not want to relinquish equity is a phantom stock plan. Phantom stock plans are

Form 5500 Changes

The following changes have been made to the Form 5500 for 2016 filings: Administrative Penalties – The new maximum penalty for a plan administrator

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