ASU No. 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, is effective for fiscal years beginning after December 15, 2017. With limited exceptions, the amendments in ASU No. 2016-14 are required to be applied on a retrospective basis in the year that ASU No. 2016-14 is first applied. A retrospective application entails the application of […]
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The Auditor’s Declaration of Independence
When in the course of human events it becomes necessary for auditors to implement the 2018 Yellow Book (i.e., financial audits for periods ending on or after June 30, 2020) it is important that they not overlook a new requirement found in the Yellow Book’s quality control requirements. Under the 2018 Yellow Book, at least […]
The Latest on Deductions for Business Grub
Since TCJA passed last December, we have heard from a multitude of professionals with varying levels of concern regarding the continued existence of the food and beverage deduction in light of the fate of entertainment expenses. Well, Notice 2018-76, issued October 3, 2018, clarifies that taxpayers generally may continue to deduct 50% of the food […]
FASB Issues Long-awaited Lease Simplification Update
With the effective date of Topic 842, Leases, right around the corner, the FASB recently issued two new ASUs that update the lease accounting guidance originally issued in 2016. Both of these updates are effective at the same time as Topic 842. In July, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, […]
Still No Bonus Depreciation for Qualified Improvement Property
Much has been written about Qualified Improvement Property (QIP) lately. QIP is defined as any improvement to an interior portion of a building that is nonresidential real property if such improvement is placed in service after the date such building was first placed in service. QIP does not include any improvement for which the expenditure […]
House Republicans Release Phase 2 of Tax Plan
On July 24, 2018, House Republicans released their outline of Tax Reform 2.0. Interestingly, the outline commits to improving the tax code every year and likens the process to upgrading apps on a phone. Three main points are discussed. Making the individual and small business tax cuts of the Tax Cuts & Jobs Act permanent […]
FASB Standard Setting Heats Up as Summer Approaches
After being particularly slow with its standard setting in early 2018, the Financial Accounting Standards Board (FASB) has significantly picked up its pace in issuing new accounting guidance over the past few weeks. Also, in looking at the FASB’s technical agenda, there are several more Accounting Standards Updates (ASU) which the FASB plans to issue […]
The Tax Cuts & Jobs Act Impact on Section 529 Plans and ABLE Plans
Impact on 529 Plans The Tax Cuts & Jobs Act treats up to $10,000 a year for elementary and high school expenses per student as qualified under the Section 529 plan rules. Previously, Section 529 money could only be used for post-secondary education – think college and graduate schools. But now, the Tax Cuts & […]
Topic 606 and Construction Revenue: What CPAs Need to Know
In May 2014, FASB issued an Accounting Standards Update regarding Topic 606: Revenue from Contracts with Customers, along with various amendments, to be implemented in 2017 and 2019. In this post, we’ll talk about exact adoption dates of the new construction revenue recognition standards, the major updates, and how you can help your construction clients […]
Courses to Fit Your Life: 3 Ways Surgent’s Unlimited CPE for CPAs Is Perfect for You
CPE hours are an integral part of the accounting profession; CPAs use them not only to keep their licenses current, but to stay up-to-date on new technologies and advancements and enhance their careers. However, getting CPE hours isn’t exactly easy, and finding relevant opportunities can be time consuming and frustrating, especially if your deadline is […]