Nonprofits with December 31, 2018 year-ends will be implementing ASU No. 2016-14. As this effective date draws near, many are finding a challenging aspect of ASU No. 2016-14 to be the new disclosures related to: (1) how a nonprofit manages its liquid resources available to meet cash needs for general expenditures within one year; and […]
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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 […]
Avoiding Audit Documentation Dilemmas
In the Auditor’s Responsibility section of the audit report, auditors discuss their responsibility to express an opinion and that they conducted the audit in accordance with GAAS and potentially other standards (e.g., the Yellow Book, the Uniform Guidance for Federal Awards, etc.). Since auditors are required to apply AU-C section 230, Audit Documentation, as part […]
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 […]
Changes Coming to the Non-PCAOB Audit Report
We’ve heard quite a lot recently about the coming inclusion of critical audit matters (CAMs) in the audit report for audits following PCAOB auditing standards. CAMs are those items that have been reported to a client’s Audit Committee and relate to accounts or disclosures that are material to the financial statements and involve especially challenging, […]
Alimony and the Tax Cuts and Jobs Act: Tax Implications of the New Law
The Tax Cuts and Jobs Act implemented in December 2017 will cause dramatic changes to the tax treatment of alimony payments as of January 1st, 2019, effectively reversing the tax treatment of payments by payers and recipients. Here, we’ll provide an overview of how the new law will affect divorce or separation instruments, and how […]
The IRS Mailbox Rule for Tax Returns
No doormat rule akin to mailbox rule Undoubtedly, the grand majority of people reading this are aware the mailbox rule deems a return filed as it is placed in the mailbox and correspondingly postmarked the same day. An enterprising taxpayer unsuccessfully attempted to extend the rationale of the mailbox rule in Plato v. Commissioner, USTC […]
Deductions for Meals and Entertainment after Tax Reform
Prior to the Tax Cuts and Jobs Act, a meal incurred during, directly before or after a sporting event or associated with entertainment was complimentary and inseparable. Both the meal and the entertainment qualified for a 50% deduction. With the Tax Cuts and Jobs Act, the question yet to be determined is – does the […]
Preparing for the Implementation of ASU No. 2016-14
Not-for-profit entities with 12/31/18 year-ends will be implementing ASU No. 2016-14, Presentation of Financial Statements of Not-for-Profit Entities in their financial statements. With limited exceptions (related to comparative financial statements in the areas of the new functional and natural expense analysis and the new liquidity and availability disclosures) ASU No. 2016-14 is required to be […]