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  • Posted in: Open Forum

    James: You should only book what has actually been paid. As each contingent payment is made (and, presumably, 100% allocated to Goodwill), that payment is booked and amortized over the remaining life of the Goodwill, measured from the purchase...

  • Posted in: Open Forum

    In the past, I have recorded the goodwill payments when they are acutally paid and then amortized them starting in the year actually paid. That was for a tax basis client. If it were accrual based, I would probably record an estimate of the total...

  • Posted in: Open Forum

    I am representing a buyer that is acquiring goodwill. The purchase price is 100% contingent (payable based on % of revenue for each of 6 years). I am unclear on how to account for this on the buyer's books. My sense is to estimate the payment...

MSCPA CEO Blog: Amy's Angle

  • Our membership team and I just returned from a great firm visit/professional issues update at Castro, Thresher and Oliviera, which also included members from Collins Smith & O’Connor LLP and Michael S Taylor CPA MST. It was a great conversation; we provided an update on the state of the profession and learned how small firms in Southeast Massachusetts are responding to some of the pressures, especially surrounding networking, technical issues, succession planning and staffing. This conversation is a great example of why firm visits are so important to the Society. We make decisions about our programs and benefits based on knowledge of our members’ needs. Today I learned that the HUB is a great resource, but in-person events are challenging because of the distance. Given this information, the Society is going to find a way to have local committee subgroups, particularly for small firms and young professionals – and we also need to raise awareness...

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