The standard for valuing certain assets and liabilities under U.S. Generally Accepted Accounting Principles (GAAP) is “fair value.”
MBE CPAs announces the purchase of Citizens Accounting, a division of Citizens State Bank of Loyal. Operations will continue out of their Neillsville and Loyal locations.
Although related party transactions aren’t necessarily bad, they do raise some concerns about the risk of misstatement or omission in financial reporting.
The Tax Cuts and Jobs Act eliminated the deduction for any expenses related to activities that used to be considered entertainment, amusement or recreation.