News
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IRS Delays New Reporting Rule for Online Payment Processors
- November 30, 2023
- Posted by: Hood & Strong
- Category: Tax
No CommentsFor the second consecutive year, the IRS has postponed implementation of a new rule that would have led to an estimated 44 million taxpayers receiving tax forms from payment apps and online marketplaces such as Venmo and eBay. While the delay should spare such taxpayers some confusion, it won’t affect their tax liability or income reporting responsibilities. And
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FASB Finalizes Joint Venture Standard
- November 13, 2023
- Posted by: Hood & Strong
- Category: Audit & Assurance
On August 23, 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-05, Business Combinations — Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement. The updated guidance will provide investors and other allocators of capital with more decision-useful information in a joint venture’s separate financial statements. It also aims to reduce
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Could Your Organization Benefit From an Interim CFO?
- November 13, 2023
- Posted by: Hood & Strong
- Category: Audit & Assurance
There’s currently a talent crisis in the accounting industry. The U.S. Bureau of Labor Statistics estimates that roughly 17% of U.S. accountants and auditors have left their jobs over the past two years, leaving some open positions unfilled for many months. And the American Institute of Certified Public Accountants (AICPA) estimates that 75% of CPAs
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Auditing Related-Party Arrangements
- November 13, 2023
- Posted by: Hood & Strong
- Category: Audit & Assurance
Company management is ultimately responsible for preparing the financial statements, including the identification of related parties. However, during fieldwork, external auditors look for undisclosed related parties and scrutinize significant unusual transactions. Here’s an overview of the nature of related-party financial relationships and transactions, as well as potential risks associated with them. Auditing standards require auditors
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IRS Offers a Withdrawal Option to Businesses That Claimed ERTCs
- November 13, 2023
- Posted by: Hood & Strong
- Category: Tax
Recent IRS warnings and announcements regarding the Employee Retention Tax Credit (ERTC) have raised some businesses’ concerns about the validity of their claims for this valuable, but complex, pandemic-related credit — and the potential consequences of an invalid claim. In response, the IRS has rolled out a new process that certain employers can use to
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Assurance Management News from Hood & Strong
- November 13, 2023
- Posted by: Hood & Strong
- Category: News Releases
“Hood & Strong is delighted to welcome a new Audit Director to the firm’s large and growing not-for-profit team, as well as recognize the contributions of three Audit team members who have been promoted to new and expanded roles,” said H&S Managing Partner Susan Malone. “Their experience, expertise and enthusiasm for public accounting are a
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6 Signs Your Organization’s Finance Function Needs Modernizing
- November 9, 2023
- Posted by: Hood & Strong
- Category: Audit & Assurance
In recent years, the finance function has grown increasingly complicated, and in today’s uncertain and competitive environment, your organization can’t afford to fall behind. Is your finance and accounting team burdened by manual or labor-intensive processes? Do you rely on outdated technology for close, reporting, and planning? If you recognize any of the six signs
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5 Factors for Choosing a Managed Security Services Provider
- November 9, 2023
- Posted by: Hood & Strong
- Category: Audit & Assurance
The popularity of managed security services has skyrocketed in recent years. As threats have increased and the impact of breaches and breakdowns has grown, organizations are increasingly turning to this approach to boost protection, trim costs and simplify operations. Yet getting the most out of a managed security services provider (MSSP) isn’t guaranteed. Too often,
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IRS Updates E-signature Policy and Releases Online Accounts for Sole Proprietors
- October 29, 2023
- Posted by: Hood & Strong
- Category: Tax
The IRS makes permanent e-signature guidance generated in response to COVID pandemic and launches online business tax account for sole proprietors.
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Hood & Strong Welcomes Archie Torossian, CPA, as Audit Director
- October 24, 2023
- Posted by: Hood & Strong
- Category: News Releases
Hood & Strong Welcomes Archie Torossian, CPA, as Audit Director Experienced Not-for-Profit Assurance Professional Joins H&S Team Based in Los Angeles SAN FRANCISCO, CA (October 24, 2023) — Hood & Strong LLP, a leading Northern California-based advisory, tax and assurance firm, has named Arshak “Archie” Torossian, CPA an Audit Director in the firm’s nationally recognized