Cutoffs: Don't count your chickens before they hatch

Close-up on cutoffs for reporting revenues and expenses

Under U.S. Generally Accepted Accounting Principles (GAAP), there are strict rules on when to recognize revenues and expenses. Here’s important information about end of period accounting “cutoffs” as companies start to adopt the new revenue recognition standard.

Cutoff games

How closely does your company follow the cutoff rules? The end of the period serves as a “cutoff” for recognizing revenue and expenses. However, some companies may be tempted to play timing games to lower taxes or boost financial results. Read More >

cost segregation

Tax Planning With Cost Segregation and Bonus Depreciation

Tax Planning With Cost Segregation and Bonus Depreciation

Cost segregation studies benefit businesses and investors who own real estate. These studies apply engineering and cost accounting principles to identify costs that can be reallocated to asset classes with shorter depreciable lives. A cost segregation study can also enhance the benefits of bonus depreciation and Sec. 179 expensing. Read More >

Internal-Controls_web

Internal Controls = Good Business

In 2002, when Congress mandated publically-traded businesses pay more attention to their internal controls, many business owners believed this was not only unnecessary, it was a profound waste of money. In the intervening years, many detractors have concluded that not only is an emphasis on internal controls good business, it’s also indispensable to maximize profits.

Read More >

Future 50

Chortek is Proud to be a Sponsor of Future 50

The MMAC/COSBE Future 50 Program, established in 1980, recognizes privately-owned companies in the seven county region that have been in business for at least three years and have shown significant revenue and employment growth. The companies are honored at two well-attended events: a Future 50 awards cocktail reception on Tuesday, September 9th and Future 50 awards luncheon on Thursday September 11th.

Read More >

Inc 500 5000 logo

Congratulations Inc. 500/5000 Clients

Inc. Magazine recently published their 32nd annual list of the top 500 fastest growing private companies in America. At Chortek, we are thrilled to congratulate our client, Patina Solutions for making the list. Since 2009, Patina Solutions has grown by 1,555 percent.

Inc. Magazine also released their 2013 Inc. 5000 List and we are thrilled to congratulate another client, Doig Corporation, for making the list.

Both Patina Solutions and Doig Corporation have demonstrated outstanding performance and are significant contributors to the local business landscape. At Chortek, we are honored to provide innovative, client-centric solutions that enable high growth businesses like these to excel.

Chortek Expands Waukesha Team

Chortek LLP, a CPA and business advisory firm with a 65+ year legacy of serving private businesses, governmental entities and individual clients throughout the nation is excited to announce the addition of eight new team members hired in various roles within our Accounting, Tax, Technology Consulting and Merger and Acquisition divisions.

Read More >

rebranding

Chortek Announces Rebranding and Renaming Initiative

Chortek LLP, a CPA and business advisory firm with a 65+ year legacy of serving private businesses, governmental entities and individual clients throughout the nation is excited to announce a rebranding initiative and renaming of the firm. In 1947, Sam Chortek formed a small accounting firm. Roughly 30 years later, Don Gottschalk joined the firm and they appropriately named it Chortek & Gottschalk, LLP. Over 65 years later, a firm that started with two key partners is now approaching 60 staff members located throughout offices in Wisconsin, Illinois, and Washington, DC.

Read More >

Retirement Plans-Meeting Your Fiduciary Responsibilities

DON’T LET CONFUSION CREATE RISK –
Retirement plans offer great benefits to both employees and business owners. However, retirement plans require a certain level of administration and management that are required by the Employee Retirement Income Security Act (ERISA). Read More >