Intangible assets include valuable knowledge businesses have about clients, employees, and processes, as well as information customers have about the reputation and capabilities of businesses. They’re harder to understand than tangible assets, but it’s worth the effort because they frequently comprise most of a company’s value.

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Similar to most operations for nonprofits, accounting and auditing has been dramatically impacted by the COVID-19 pandemic. Nonprofit organizations were forced to pivot quickly to functioning in a remote environment, completely changing standard processes for gathering and entering financial accounting information.

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The “investment value” and “fair market value” standards can yield different results, making it critical for business owners to know which standard is applicable under what circumstances.

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Nonprofits have multiple options for funding healthcare coverage for employees. It is important for organizations to know the differences and benefits for each one, especially when healthcare funding is one of the largest budgeting expenses for nonprofits.

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The thought of preparing your organization for a post-pandemic audit may be overwhelming, even if you’ve undergone the auditing process in the past. Every organization, including nonprofits, have been impacted by the pandemic, leading to complex accounting discussions surrounding 2020 financial statements.

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In GSG’s final podcast of the three-part FAR podcast series, Director of Audit and Accounting Services, John Mahaffey discusses selected areas of cost that are allowable under FAR. Previous episodes included how to determine allowable verse unallowable costs and allowable compensation costs under FAR.

In part two of GSG’s three-part podcast series John Mahaffey, Director of Audit and Accounting Services, highlights selected areas of costs that are allowable under FAR, specifically allowable costs of compensation.

Director of Audit and Accounting, John Mahaffey, kicks off part one of GSG’s three-part FAR podcast series by providing an overview of how to determine allowable and unallowable costs under FAR.

GSG’s latest podcast features Alan Spero who discusses the new round of PPP loans and how businesses can take advantage of it.

Maryland pass-through entities, including partnerships and S corporations, now have an option to elect to pay Maryland state income tax rather than tax being paid by the entity owner(s).