UPDATES + INSIGHTS

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• Purpose and Value of SOC Reports – SOC (System and Organization Controls) reports are independent audit reports that provide assurance about a service organization’s internal controls, helping build trust with customers, partners, and auditors.
• Differences Between SOC Types – The...

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• SOC Framework Overview: SOC reports are independent audits of internal controls relevant to security, availability, processing integrity, confidentiality, and privacy, with criteria defined by the AICPA.
• New SOC 2 Trust Service Criteria: Recent updates have clarified the Trust...

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• SOC audits require significant preparation and planning. From readiness assessments to audit fieldwork and reporting, the full SOC journey can take several months to over a year depending on scope, control maturity, and whether the organization is pursuing a Type I or Type II...

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• Trump Accounts (IRC §530A) are new federal tax-deferred custodial IRA accounts for minors under age 18, created by the One Big Beautiful Bill Act (signed July 4, 2025), with standard traditional IRA treatment beginning at age 18.
• Eligible U.S. citizen children with a Social...

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• Modernized capitalization model aligned with agile development. The Financial Accounting Standards Board issued ASU 2025-06 to replace the outdated stage-based model in ASC 350-40 with a more flexible framework that reflects agile, iterative, and cloud-based software development...

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• Nacha’s 2026 rule changes expand ACH fraud monitoring requirements to include all covered Originators (not just banks), requiring risk-based processes to detect entries initiated due to fraud, including “False Pretenses” (authorized payments induced by deception).
• Originators must...

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U.S. GAAP allows nonprofit museums to choose whether to capitalize qualifying art collections, recognizing that collections are mission‑driven assets rather than traditional financial resources. Most museums elect not to capitalize collections because they are held in the public...

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• Employee deferrals must be deposited into a retirement planas soon as they can reasonably be separated from an employer’s general assets.
• Common timeframes such as five or seven business days are general expectations, not safe harbors.
• An employer’s fastest historical deposit sets...

Smarter Systems. Stronger Results. A Practical Look at Software for Dealerships

February 10, 2026