According to insurance industry accounting standards, insurance companies are unique and therefore, have different financial transactions than most businesses. Insurance companies create value by doing several activities such as paying claims up front and then trying to collect a reimbursement, paying a portion of a claim and sharing responsibility with another insurer or even collecting premiums […]
Displaying: June 2015
4 Tax Benefits to Owning a Home
Among the many benefits that home ownership brings, tax deductions are on top of the list. For this reason, experts are suggesting that the best time to leave rent behind and start buying is now. If your clients are considering purchasing a home, make sure to go over these benefits with them. Build Equity Even […]
GASB Approves 3 New Standards for Retiree Health Insurance Reporting
The Government Accounting Standards Board has recently made an announcement that will directly benefit CPE insurance industry accounting. The announcement involves the approval of two new standards that will significantly improve the accounting and financial reporting by state and local governments for post employment benefits other than pensions, primarily retiree health insurance. The two new […]
What You Need to Know About Insurance Accounting
Understanding how insurance industry accounting works will help organizations in any field make important decisions such as the kind of cover they need or how to make a claim in a given circumstance. For a better understanding about professional indemnity insurance, we broke down the four most important things that every company and their accountants […]
Leveraging Relationships in International Associations
The number of small and mid-sized accounting firms that belong to international associations has grown over the past few years. However, not all companies take advantage of the benefits membership can bring to the firm. These international organizations offer benefits that not only can improve the service the firm provides to its clients, but also […]
3 Ways Accounting Firms Can Foster Innovation
Innovation is what drives all value in any organization. Here are 3 ways accounting firms can foster innovation and stay true to their culture.
How to Encourage Young Accountants to take the CPA Exam
Studies have shown that accounting students and recent accounting graduates see the CPA as a valuable credential in the field. Recent findings by the AICPA discovered that one of the most influential factors in the decision to take the CPA exam is the workplace. So, how can a company encourage young accountants to take the […]
New Models of Learning for CPAs
The AICPA and the National Association of State Boards of Accountancy recently proposed changes in the methods used for educating CPAs to the Statement on Standards for Continuing Professional Education (CPE). Among the methods, nano-learning and blended learning were mentioned. Implementing these two emerging methods would align the standards with recommendations of the AICPA Future […]
Choice of Entity and the Question of Flexibility
When a client starts a new business, the first question is choice of entity. The advice you offer is arguably the most important advice you will ever offer the client, given the wildly different ways that entities are taxed. The second question is, perhaps, the tax consequences of changing the original choice. Congress continues to […]
5 Ways Getting Married Can Change Your Finances
For better or for worse, tax structure will likely change with marriage. While not a driving factor behind the decision to (or to not) get married, this change is something couples should think about and discuss. If you’re counseling clients about to tie the knot, here are five scenarios they might face. If one of […]