Industry Accounting
FEATURED ARTICLES
All articles in this category pertain to industry accounting. Industry accounting, also referred to as private accounting, is the accounting performed internally by a company. Industry accountants work in the accounting department for a specific company rather than an accounting firm. Public accounting refers to third-party firms to prepare documents that must be disclosed to the public.
Learn more about industry accounting below.
Recent articles
Rental Property Income Tax: Why Active or Material Participation Matters
Owning rental real estate can be a great supplemental source of income in addition to a normal day job. What is most commonly misunderstood about this type of investment is how an individual can treat the income and or losses for tax purposes. Determining your level...
Marijuana Banking: Things To Be On the Lookout for in an Evolving Industry
By Rachel Backus, BSACS – Internal Audit and Compliance Manager, Financial Institutions Group Over the past few years, the United States has experienced continued growth in the cannabis industry. According to the National Conference of State Legislatures, 18 states to...
Tax Considerations for Short-Term Rentals
February 24, 2022 By Amanda M. Mills, CPA, Tax Senior Manager Vacation Rental Amenities May Impact Tax Obligations Turning a spare room or vacation home into a short-term rental arrangement has proven to be a lucrative business opportunity and an income generator,...
Bookkeeping Mistakes to Avoid in Commercial Real Estate
There is a demand for 4.6 million new apartments by 2030. The construction of these apartments will create over 100,000 new jobs. The commercial real estate industry is thriving despite the challenges posed by the pandemic. If you are in the commercial real estate...
Uninstalled Materials – Contractor Revenue Recognition Considerations
February 10, 2022 By Brett Sinsabaugh, CPA, CCA, Business Assurance & Advisory Services Senior Manager In 2014, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2014-09 which defines new guidance over revenue recognition that...
Contractor ASC 606 Reporting: Where are we now?
This article provides insight and tips for consistency in contractor financial statement reporting under ASC 606.