Clifton Gunderson LLP - A nationwide firm of Certified Public Accountants and Consultants

Posted August 09, 2010

Posted August 30, 2010

The Financial Reform Act of 2010 brings sweeping changes to the financial services sector and most public companies. That much is certain. What is less certain is exactly what the 2,300 pages of the reform law will look like in the real world.

Posted August 30, 2010

The Dodd-Frank Wall Street Reform and Consumer Protection Act runs to 2,300 pages. It will take some 5,000 more pages of new regulations to put it all in place. Download our new white paper and find out what it might mean for consumers, the financial services sector and public companies.

Posted August 20, 2010

Posted August 20, 2010

Posted August 9, 2010

Posted July 28, 2010

The complexities of U.S. tax law are multiplied when a U.S.-based company begins exploring global business opportunities. Corporate structure, supply chain, cross-border transactions, method and timeline of revenue declaration, international accounting issues and many other factors will impact the U.S. company’s tax obligations here and abroad.

Posted July 16, 2010

On July 2, 2010, President Obama signed a bill that once again extends the closing deadline for the Homebuyer Tax Credit, this time to Sept. 30, 2010. According to the National Association of Realtors, as many as 180,000 additional homeowners will be able to take advantage of the credit that would otherwise have missed out.

Posted July 15, 2010

Posted July 12, 2010

Posted July 12, 2010

Posted June 28, 2010

Posted June 25, 2010

Just over a year ago, the future of accounting standards in the United States seemed certain: Generally Accepted Accounting Principles (GAAP) were on the way out, and International Financial Reporting Standards (IFRS) were on track to be adopted, first for public companies, and then some years down the road, for private enterprises.

Posted June 25, 2010

Even as the economic meltdown of the past two years shows signs of improvement, Americans are faced with an economic crisis of a different sort. New government spending, on everything from the economic stimulus to health care reform, means federal deficits are heading toward record highs.

Posted June 24, 2010

Posted June 18, 2010

Tax laws are constantly changing. Clifton Gunderson is keeping you informed with news and analysis of the latest developments in taxation. Check here to learn how changes will affect your personal and business finances.

Posted June 16, 2010

Posted June 16, 2010

Posted June 11, 2010

"If it's not written down, it doesn't exist." So goes the mantra of the executive charged with documenting and implementing internal controls. In today’s paperless, wireless, digital business environment, there are even more compelling reasons for documenting not only how controls are designed to work, but also evidence that controls are being implemented and are functioning effectively.

Posted June 4, 2010

Clifton Gunderson has expanded its presence, resources and expertise at both the international and national level with the addition of three new firms – U.S. Tax Advantage, Humes & Barrington, Stockton Bates, and the resources and talent of the former BKD-Merrillville office to strengthen the firm’s presence in the Chicagoland area. By combining resources and expertise with these four organizations, Clifton Gunderson – ranked among the nation’s largest certified public accounting and consulting firms – strengthens its presence as one of the leading suppliers of international tax services with the acquisition of USTA. The firm also expands its national footprint in several new markets including St. Louis (Humes & Barrington) and Philadelphia (Stockton Bates). Clifton Gunderson adds the talent and expertise of 112 professionals and a long list of new clients.

Posted May 28, 2010

The Department of Labor (DOL) has crossed the fine line between offering online services and mandating online services. It’s happening this year with Form 5500, Annual Report/Return for Employee Benefit Plans. The form must be filed each year by more than 1 million retirement and other employee benefit plans to satisfy annual reporting requirements under the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code.

Posted May 14, 2010

We've all read the headlines and felt the impact of the worst recession since the Great Depression. With this protracted downturn in the economy, many businesses have experienced a significant reduction in both revenues and net income. There doesn't appear to be a consensus as to when a sustained recovery can be expected.

Posted May 12, 2010

Insurance & Executive Benefits - Something Old is New Again

Posted May 4, 2010

When the first Form 1040 was printed by the Internal Revenue Service nearly 100 years ago, it consisted of four pages, including instructions. As anyone who has ever filed a tax return can testify, things have changed.

Posted April 23, 2010

Posted April 9, 2010

Understanding Company-Provided Stock Options - Stock option grants are an important component of compensation with many companies today. They are an excellent way to both reward and retain key employees, while also aligning the efforts of the recipient to be consistent with the growth goals of the company.

Posted April 8, 2010

Preparing and Planning for New Form 5500 E-File Requirements

Posted February 26, 2010

Clifton Gunderson's presentation on February 17, 2010 covered general tax planning relevant to M&A transactions, earnout best practices and structuring, and financial reporting issues during deal negotiation as a result of ASC 805 (formerly SFAS141R).

Posted February 25, 2010

At Clifton Gunderson, we are always looking for new ways to keep you informed about the latest trends, best practices, and government rulings that could affect your business. Sign-up today to receive e-mails on a wide variety of webinars, seminars, newsletters, white papers and other updates.

Posted February 9, 2010

Overview of US Transfer Pricing Regulations

Posted January 26, 2010

Clifton Gunderson has developed a variety of tools and resources to help you remain strong and optimistic as the economy fights back. Our unique insights in these articles and white papers are based on our experience and a deep understanding of your industry.

Posted January 20, 2010

As manufacturing firms review last year’s financial performance and start to settle in to this year’s challenges we find that many firms tend to refocus on overall earnings and profitability. This article focuses on some basic processes that could be used by most companies to increase profitability.

Posted January 19, 2010

Clifton Gunderson Assurance Partner Scott Tracy discusses the state of the construction industry in the January 2010 issue of Construction Business Owner.

Posted January 18, 2010

Ten years ago, a business with 100 employees decided to offer a straightforward, but generous retirement plan. It rewarded hard work and loyalty, boosted morale and attracted the best talent in a highly competitive job market. Lawyers, accountants and tax advisors worked with human resources personnel to put the plan together and secure all of the required regulatory approvals. All was well.

Posted January 14, 2010

High-income and high-net-worth individuals who may have waited for years to convert a traditional IRA to a Roth IRA will finally get their chance in 2010. That’s when the income limits that prevented some traditional IRA owners from making the conversion, will be lifted. The benefits of the Roth IRA will be available to thousands more individuals, whether they are seeking to amass retirement income, minimize taxes in retirement, or pass wealth on to heirs with minimal tax obligations.

Posted December 17, 2009

Clifton Gunderson's presentation given on December 15, 2009 covered Repair and Maintenance Deductions, NOL Carryback, Green Tax Benefits and an IRS Tax Controversy Update

Posted October 22, 2009

Not-for-profit organizations that manage donor-restricted or board-designated endowment funds have new financial statement reporting and disclosure requirements that are effective for fiscal years ending after Dec. 15, 2008. These changes are the result of the Financial Accounting Standards Board (FASB) issue in August 2008 of FASB Staff Position (FSP) FAS 117-1, Endowments of Not-for-Profit Organizations: Net Asset Classification of Funds Subject to an Enacted Version of the Uniform Prudent Management of Institutional Funds Act, and Enhanced Disclosures for All Endowment Funds.

Posted October 22, 2009

Effective with plan years beginning on or after Jan. 1, 2009, the Department of Labor (DOL) estimates that approximately 7,000 of the more than 16,000 sponsors of retirement plans covered by the Employee Retirement Income Security Act (ERISA) and established under Section 403(b) of the Internal Revenue Code, will be required to file annual audited financial statements, along with Form 5500, Annual Return/Report of Employee Benefit Plan. This is a significant change in reporting that is expected to present major challenges for plan sponsors who, up until now, had limited reporting requirements and were exempt from the audit requirement.

Posted October 13, 2009

Hard times in the not-for-profit sector may force some organizations to close their doors for good. For others, merging with a larger or financially stronger organization may be an option that allows both parties to continue serving their constituents and fulfilling their missions. When considering the acquisition or merger of two not-for-profit organizations, both organizations must ask critical questions about combining staff, consolidating facilities, liquidating assets and eliminating duplication of services. Unlike with for-profit mergers, earnings are not the primary goal of a not-for-profit merger. Instead, not-for-profits may benefit most from the growth of funding sources and the value added to the services they already offer.

Posted October 6, 2009

The United States government is the largest consumer of goods and services in the world, with nearly $425 billion spent annually on everything from office supplies and interstate highways, to medicines and military hardware. Government agencies that spend taxpayer dollars are charged with operating in the best interests of the American public. Believing this can not happen without some sort of regulation and oversight, the government has imposed a vast array of regulations on agencies and the contractors they work with. One of the keys to working with the government is understanding these regulations and adapting business processes to accommodate them.

Posted June 30, 2009

Posted June 11, 2009

Tough economic times are making life and work more difficult for associations. Clifton Gunderson serves hundreds of associations and we empathize with you. The troubled economy is preoccupying us all, with no end in sight. Perhaps no one knows how it is impacting associations better than John H. Graham IV, CAE the president and CEO of the American Society of Association Executives (ASAE). We were able to talk with him recently to get his insights on the challenges facing associations.

Posted May 8, 2009

Not-for-profits lost an estimated $40 billion to fraud in 2006, according to the Association of Certified Fraud Examiners (ACFE). Losses of cash were the most commonly reported, with the majority involving false or inflated invoices, billing for services not incurred and check tampering. What makes fraud doubly damaging for not-for-profits is the negative impact that it has on an organization's reputation.

Posted May 7, 2009

Energy is a subject of political, scientific and economic debate all over the world. In recent years, we have seen the price of gasoline skyrocket, and an increase in the popularity of hybrid vehicles. Commercial buildings are not often mentioned in these mainstream conversations, but they loom large as one of the major consumers of natural resources and energy. Any serious attempt at developing sustainable energy practices in this country should include strategies for making buildings more efficient.

Posted April 24, 2009

Posted April 20, 2009

Clifton Gunderson provides a broad range of management consulting services to federal, state, and local government entities and nonprofit organizations. Our consulting approach focuses on three key areas: management accountability, productivity planning, and organization change. We help our clients link strengthened management to improved organization performance.

Posted April 20, 2009

Clifton Gunderson is a leader in providing audit and financial management solutions to federal government agencies, and related federal entities. With over 20 years of experience our governmental practice has grown to be one of the firm’s largest industry specialties.

Posted April 14, 2009

Stretching the dollar has become a national pastime with America's manufacturers and wholesale distributors. Every industry has a long list of actions that companies can take to try and stay ahead of the economic downturn. In this white paper, Clifton Gunderson brings together four additional strategies that can help manufactures and wholesale distributors find cash in their business.

Posted March 26, 2009

For the majority of financial advisors, asset allocation has been at the core of their strategies, and for good reason. Decades of academic research and a good deal of common sense suggest that the best way to address the unpredictable short-term swings of the financial markets is by owning a number of different asset classes, which should result in some moving up during periods when others are moving down.

Posted March 20, 2009

In 2005, the construction industry paid over $9.5 billion in corporate federal income tax. So it’s no wonder that builders and contractors across the country approach their taxes with the same question: “What can we do to reduce our tax burden?” The good news is that there are a number of strategies that can be used to ensure that every company can take full advantage of the unique tax elections, deductions and other opportunities available to the construction industry.

Posted March 12, 2009

Offering an employee retirement plan is challenging and rewarding for both the employer and the employee. On the one hand, the plan offers a level of financial security to employees and their beneficiaries, and is considered a cornerstone of many contemporary benefit packages. Employers offering some form of retirement plan have an advantage in attracting the best employees in a highly competitive marketplace. On the other hand, administering and managing the plan carries certain responsibilities for the employer, plan sponsor and/or their third party administrator, that can not be ignored or taken lightly. This document is intended to define who is a fiduciary for employee benefit plans and what are the responsibilities and duties of a fiduciary as they relate to employee benefit plan administration.

Posted March 6, 2009

This is a summary of the American Recovery and Reinvestment Act of 2009.

Posted January 27, 2009

What happened, what have we learned and what can we do to prevent it from happening again? (.PDF format)

Posted January 16, 2009

This final rule sets forth the data elements necessary to comply with the requirements of Section 1923(j) of the Social Security Act (Act) related to auditing and reporting of disproportionate share hospital payments under State Medicaid programs. These requirements were added by Section 1001(d) of the Medicare Prescription Drug, Improvement, and Modernization Act of 2003 (MMA).

Posted January 16, 2009

Read our white paper on how you can better identify IT weaknesses, mitigate threats and vulnerabilities, meet security compliance requirements, and understand ways to improve the security posture of your financial institution.

Posted December 29, 2008

The final rule from the Centers for Medicare and Medicaid Services (CMS) on Disproportionate Share Hospital (DSH) payments was issued on December 19, 2008. This Executive Summary highlights the key provisions of the rule including requirements, timing and impact on the states.

Posted December 19, 2008

Posted November 12, 2008

Fraud becomes even more prevalent during a downturn in the economy. Download these white papers to learn the ins and outs of how to uncover current fraudulent activities, safeguard your organization, and avoid future fraud.

Posted November 4, 2008

Financial officers, strapped to keep pace with changing accounting standards and day-to-day operational issues, often have insufficient time to research and understand proactive tax strategies that might help lower their company’s effective tax rate. Many valuable tax minimization solutions are overlooked, resulting in an increased effective tax rate, lower returns to shareholders and reduced opportunity for reinvestment in modernization or growth. While being aware of these tax strategies is a great first step, we encourage companies to establish an effective tax strategy plan that links into the company’s overall strategic plan.

Posted October 22, 2008

Clifton Gunderson Assurance Partner Scott Tracy gives tips on how to weather a market downturn in the August 2008 issue of Construction Executive magazine.

Posted October 8, 2008

Effective with plan years beginning on or after Jan. 1, 2009, the Department of Labor (DOL) estimates that approximately 7,000 of the more than 16,000 sponsors of retirement plans covered by the Employee Retirement Income Security Act (ERISA) and established under Section 403(b) of the Internal Revenue Code, will be required to file annual audited financial statements along with Form 5500, Annual Return/Report of Employee Benefit Plan. This is a significant change in reporting that is expected to present major challenges for plan sponsors who, up until now, had limited reporting requirements and were exempt from the audit requirement.