CPA Client Bulletin Select
The Third Best Investment You Can Make
Prenups Can Serve Many Purposes
Solo 401(k) Plans for Companies Without Employees
Rodney L. Chandler, CPA, partner at Smith, Adcock and Company LLP of Athens, has been elected chair of The Georgia Society of Certified Public Accountants’ (GSCPA) Board of Directors for the 2017-18 fiscal year. Mr. Chandler was selected at the Society’s annual business meeting in Atlantic Beach, Florida.
“Rodney’s commitment to the profession and the Society is admirable,” said GSCPA CEO Boyd Search. “He believes in the importance of mentoring young professionals, professional involvement, and giving back to the community.”
As most CFMs know, the PCM calculation is a ratio of two figures: The numerator is the cost incurred on a contract and the denominator is the total estimated cost on that contract. (This is the cost-to-cost method.) Then, that ratio is multiplied by the contract amount to derive the revenue to be recognized.
Revenue recognition is not dependent on, or related to, billings – even though the next step is the comparison of the computed revenue to billings. That comparison is only to adjust the booked revenue based on billings to the PCM-computed revenue. (more…)
Be Cautious With Hard-to-Value IRAs ■ The IRS lists examples of traditional IRA assets not having a readily available fair market value in the Instructions For Forms 5498 and 1099-R, p. 17, at www.irs.gov/pub/irs-pdf/i1099r.pdf. The “Other” Exchange-Traded Funds ■ The U.S. Securities And Exchange Commission provides information about closed-end funds at www.sec.gov/answers/mfclose.htm. Profit Sharing Plans for Your Small Business ■ The U.S. Department of Labor spells out the rules for profit-sharing plans in its publication, Choosing A Retirement Solution For Your Small Business, p. 2, at www.dol.gov/sites/default/files/ebsa/about-ebsa/our-activities/resource-center/publications/choosing.pdf.