Archive for the ‘General’ Category

How much will your business lose to fraud this year?

If you don’t have good internal controls, your business could lose a lot. According to the Association of Certified Fraud Examiners (ACFE) 2018 Report to Nations, internal control weaknesses were responsible for 42% of fraud in small businesses (fewer than 100 employees), and these businesses suffered a median loss of $200,000 per fraud scheme — […]

Was the vendor you just paid a ghost?

A Maine based company recently paid $460,000 to what it thought was a vendor’s account, only to find out that it wasn’t. As a result, the Company lost the whole amount and still had to pay the vendor. How did that happen? The business was victim of a “ghosting” email scam. That’s when a scammer […]

Sec. 199A Deduction for Engineering Firms: The Exception to the Exception

For businesses that are structured as pass-through entities The Tax Cuts and Jobs Act of 2017 (TCJA) created a plethora of complex – but potentially generous – tax provisions. Chief among them is the Sec. 199A deduction, providing a possible 20 percent deduction off taxable income. Pass-through entities include S Corporations, partnerships, limited liability companies […]

The Tax Cuts and Jobs Act: Changing the Status Quo in Construction and Real Estate

For pass-through businesses – S Corporations, partnerships, LLCs and sole proprietorships – the Tax Cuts and Jobs Act (TCJA) provides significant changes that will impact tax planning and compliance. Companies in some industries will fare better than others, but nearly all pass-through businesses will benefit from one of the most notable provisions of the TCJA […]

Major Changes in Revenue Recognition and Lease Accounting Will Impact All Businesses in 2019

Companies of all sizes and across all industries are currently scrambling to prepare for a new era. Guidelines imposed by the Financial Accounting Standards Board (FASB) are changing the way that businesses handle both revenue recognition and lease accounting, even before the effective dates for the new standards. Construction and real estate businesses can expect […]

ARB Tax Manager, Karla Brannen, CPA – One of MECPA’s 2018 Women to Watch

PRESS RELEASE FOR IMMEDIATE RELEASE — November 5, 2018 ARB Tax Manager, Karla Brannen, CPA – One of MECPA’s 2018 Women to Watch   Portland, Maine (November 5, 2018) – Albin, Randall & Bennett (ARB) Tax Manager, Karla Brannen, CPA, has been named as one of three recipients of the Maine Society of Certified Public […]

Albin, Randall & Bennett Announces Recent Promotions

PRESS RELEASE FOR IMMEDIATE RELEASE — November 5, 2018 Albin, Randall & Bennett Announces Recent Promotions   Portland, Maine (November 5, 2018) – Albin, Randall & Bennett is pleased to announce recent promotions. Forrest Collins, CPA has been promoted to Senior Accountant. He joined ARB as a Staff Accountant in September of 2015 after two […]

Albin, Randall & Bennett Welcomes Tax Manager, Bill Dunn

PRESS RELEASE FOR IMMEDIATE RELEASE — November 5, 2018 Albin, Randall & Bennett Welcomes Tax Manager, Bill Dunn Portland, Maine (November 5, 2018) – Albin, Randall & Bennett (ARB) is pleased to welcome Tax Manager, William (Bill) G. Dunn, Jr., CPA, MST Dunn has 7 years of experience in public accounting and brings significant experience in […]

ARB hosting Construction and Real Estate Update

On October 23rd, ARB is hosting an event at the DoubleTree by Hilton Hotel focused on issues relevant to construction and real estate industries. 2018 has been a year of many regulatory changes in tax and financial accounting for construction and real estate companies. ARB is known as a leader in construction and real estate […]

ARB Named Among 2018 Best Places to Work in Maine

Albin, Randall & Bennett was recently named as one of the 2018 Best Places to Work in Maine. The awards program was created in 2006 and is a project of the Society for Human Resource Management – Maine State Council (MESHRM) and Best Companies Group. Partners endorsing the program include: Mainebiz, the Maine State Chamber […]