The Hoffman Group is a full-service accounting and consulting firm headquartered in the Baltimore, Maryland region. Our dedicated team provides a comprehensive array of assurance, consulting and tax services for businesses and individuals. By thoroughly evaluating our clients’ unique financial needs, we create personalized solutions and develop comprehensive plans for their success. To us, the most valuable part of our business is client relationships. That is why we are built on the pillars of transparency, trust and respect. Our highly skilled team of professionals and Certified Public Accountants provide the knowledge, passion and technical abilities to help our clients thrive.
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How COVID-19 Could Impact Year-End Inventory Counts
Many businesses are closed or are limiting third-party access as COVID-19 surges across the United States. These restrictions could still be in place at year end — a time when external auditors traditionally observe physical inventory counts for calendar-year entities. Here’s how you can identify and overcome the challenges associated with year-end inventory counts during the pandemic. What’s expected to change? Companies conduct manual counts at the end of the...
Preparing for the Possibility of a Remote Audit
The coming audit season might be much different than seasons of yore. As many companies continue to operate remotely during the COVID-19 pandemic, audit procedures are being adjusted accordingly. Here’s what might change as auditors work on your company’s 2020 year-end financial statements. Remote Audit: Eye on Technology Fortunately, when the pandemic hit, many accounting firms already had invested in staff training and technology to work remotely. For example, they...
Accrual-Basis Accounting: 2020 Revenue Recognition Cutoffs
As year end approaches, it’s a good idea for calendar-year entities to review the guidelines for recognizing revenue and expenses. There are specific rules regarding accounting cutoffs under U.S. Generally Accepted Accounting Principles (GAAP). These companies must use the accrual-basis accounting method, and strict observance of these rules is generally the safest game plan. Accrual-Basis Accounting Basics Companies that follow GAAP must use the accrual-basis accounting method, not the cash...
Full-Time Equivalent Employee (FTE) Calculation
Before beginning your full-time equivalent (FTE) calculation, you must determine the headcount or number of FTEs you had during your reference period. The actual loan forgiveness amount you receive may be less depending on whether your average weekly number of FTE employees during the Covered Period was less than during your chosen reference period. You can select a reference period of: 2/15/2019 – 6/30/2019 1/1/2020 – 2/29/2020 or For seasonal...
At The Hoffman Group, we take a personal interest in your success. Our team of Certified Public Accountants and consultants have a breadth of experience in anticipating challenges businesses may face and developing strategic plans to meet their financial objectives. We focus on an array of industries such as construction, manufacturing and distribution, and government contracting to help you make healthy financial and business decisions that amplify profitability and maximize competitiveness.