Dec. 15, 2018 is right around the corner, and any System and Organization Controls 2 (SOC 2) reports covering periods ending after that date are required by the American Institute of CPAs (AICPA) to incorporate a new SOC 2 framework. So, how will this impact the SOC 2 reports that service providers will deliver moving forward?

When the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers, it represented perhaps the most extensive changes to accounting standards for revenue recognition ever. Experiencing a number of revisions and amendments since its issuance, the new guidance is effective for calendar years ending Dec. 31, 2018 for public companies and Dec. 31, 2019 for nonpublic companies; however, many have delayed analyzing how significantly the updated standards will impact their business.

The Tax Cuts and Jobs Act (TCJA) was the most sweeping overhaul of the U.S. tax code in more than three decades, and its changes will impact nearly every 2018 federal income tax return. As the year draws to a close, now is the time to consider year-end tax planning strategies to help you maximize deductions and minimize your tax bill – for this year and the year ahead.

As the year draws to a close, business items can easily get lost in the flurry of holiday activities. That is why we created this year-end checklist – to help you make the most of 2018 and to help keep your business as healthy as it can be.

The Supreme Court’s recent South Dakota v. Wayfair decision allows states to require sellers to collect and remit sales tax based on the establishment of economic nexus. Though many businesses have taken note, they’re still asking, “Does this really affect me?” For many businesses, doing the same things this year that you did last year could mean new state tax obligations. Beyond upholding many states’ existing laws, Wayfair has inspired others to propose similar statutes or enforce existing ones more vigorously. In fact, more than 30 states have enacted or proposed economic nexus standards.

Katherine Malarsky, director in KSM’s Tax Services Group, will discuss international tax reform at an Indiana Continuing Legal Education Forum (ICLEF) seminar on Dec. 11. The event, held at the ICLEF Conference Facility in Indianapolis, will educate non-tax attorneys of all backgrounds on tax law updates spurred by recent tax reform. The fast-paced seminar, worth three CLE credits, will feature nine different speakers giving 20-minute presentations.

The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted in the United States (GAAP).

Jason Miller and Shane Schuh with KSM’s Transportation Services Group will present “Lease Accounting Update and its Impact on the Transportation Industry” to members of the Iowa Motor Truck Association on Dec. 13. In this webinar conversation, Miller and Schuh will detail key changes brought about by the Financial Accounting Standards Board (FASB) Accounting Standards Update No. 2016-02, Leases (Topic 842), which goes into effect Dec. 15, 2018 and is the first comprehensive overhaul in lease accounting in approximately 40 years.

KSM invests in our communities because we believe it is the right thing to do. While we give back in a variety of ways, both as a firm and as individuals, KSM’s annual Community Day is an opportunity for our team to make a meaningful impact over the course of one work day. Our employees look forward to it every year. This year’s Community Day was our ninth, and our employees focused their efforts on aiding the homeless, fighting hunger, and providing much-needed manual labor to organizations that serve children and families.

When it comes to healthcare risk, the stakes can be extremely high. Whether a data breach results in paying millions of dollars in fines or an incorrect medical code results in a claim denial, ignoring risk can have severe consequences. Though there are many types of healthcare risk, the three main areas are coding, billing, and data security.