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Compliance

Navigate regulatory compliance and maintain audit-ready financial records

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8 min read

PCAOB Bars Auditor Jennifer Crofoot Over Skipped Engagement Quality Reviews: What It Teaches You About Vetting an Audit Firm

In December 2025 the PCAOB barred CPA Jennifer Crofoot for at least three years and fined Fruci & Associates $50,000 after four public-company audits were released without the mandatory engagement quality review under AS 1220. Here is what the second-reviewer requirement actually protects against, and five concrete questions to ask before relying on any firm's audit opinion.

Mike Thrift

auditcpacompliance
6 min read

PCAOB Bars Zwick CPA Over Fabricated Genie Energy Workpapers: What Audit Quality Failures Mean for Small Businesses

The PCAOB revoked Zwick CPA's registration and fined the firm $50,000 after finding its 2022 Genie Energy audit relied on the predecessor auditor's recycled workpapers with swapped names and fabricated documentation. With 61% aggregate deficiency rates at triennially inspected firms, here's how small businesses can vet the audits they rely on — and keep their own books diligence-ready.

Mike Thrift

auditcpafraud-prevention
8 min read

The Robinson-Patman Act Is Back: What a Wine Distributor's Antitrust Fight Means for Every Small Retailer

The FTC's December 2024 Robinson-Patman suit against Southern Glazer's — the first in decades to survive a motion to dismiss — revives a 1936 law barring suppliers from charging small retailers more than big chains for identical goods. What the Act covers, its cost-justification defenses, and the purchase records independent retailers should keep now.

Mike Thrift

antitrustsmall-businesslegal
8 min read

Safe Harbor 401(k) Plans in 2026: How Small Businesses Skip Nondiscrimination Testing

A safe harbor 401(k) automatically passes IRS ADP/ACP nondiscrimination testing in exchange for a fixed employer contribution — a 3% nonelective or a match of up to 4%. Here's how the three formulas compare in cost, the December 1 retroactive adoption deadline, and the 2026 limits ($24,500 deferral, $72,000 total additions, mandatory Roth catch-ups for high earners).

Mike Thrift

small-businessretirement-plansemployee-benefits
9 min read

When Does a Senior Living Placement Agency Actually Earn Its Referral Fee? A Revenue Recognition Guide

Senior living placement agencies earn 70–80% of a resident's first month's rent — but only at move-in, and often subject to 30-day clawback clauses. This guide explains when to recognize referral fee revenue under ASC 606, how to book refund liabilities from your historical clawback rate, and which pipeline metrics predict cash flow.

Mike Thrift

revenue-recognitionbookkeepingsmall-business
8 min read

West Virginia's New Cottage Food Permit: How SB 44 Lets Home Producers Sell Pickled, Fermented, and Refrigerated Foods

West Virginia's Senate Bill 44, effective June 12, 2026, created a potentially hazardous cottage food vendor permit that lets home producers legally sell pickled and fermented vegetables, acidified salsas and hot sauces, kombucha, and refrigerated items like custards and cream pies. The permit requires a kitchen inspection, food safety training, a WVDA permit, and water testing for kitchens on private wells, while raw meat, poultry, seafood, and Grade A dairy remain prohibited under both cottage food tiers.

Mike Thrift

small-businesscompliancepermits
8 min read

Can You Reclassify an Exempt Professional as Non-Exempt? DOL Opinion Letter FLSA2026-1 Says Yes

DOL Opinion Letter FLSA2026-1 (January 5, 2026) confirms employers may voluntarily classify an overtime-exempt learned professional as non-exempt, because non-exempt status is the FLSA default. Here's what the letter says, the three-prong exemption test under 29 CFR § 541.301, and a practical reclassification checklist for small businesses.

Mike Thrift

payrollcompliancesmall-business
10 min read

DOL Opinion Letter FLSA2026-3: Why Mandatory Roll Call Counts as Hours Worked — and How Section 7(b) Changes the Overtime Math

In January 2026, the DOL's Wage and Hour Division ruled in Opinion Letter FLSA2026-3 that a mandatory 15-minute pre-shift roll call under a collective bargaining agreement is compensable hours worked — but a properly structured FLSA Section 7(b)(1) or 7(b)(2) exemption can absorb that time at straight-time pay instead of an overtime premium. Here's how the thresholds work and what the math looks like for a 20-person dispatch center.

Mike Thrift

payrollcomplianceemployee-hours
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