The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-20 today, which addresses a number of implementation issues that have been identified as business entities move to adopt ASC Topic 606, Revenue from Contracts with Customers. This much-anticipated update contains guidance on 13 specific issues that had been previously identified since the […]
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Trump’s Vow to Abolish The Alternative Minimum Tax: Why This Could Mean More Cash Flow for Families
President-elect Donald Trump has proposed eliminating the Alternative Minimum Tax (AMT), a parallel tax that operates alongside the regular income tax. Abolishing this tax could mean more cash flow for families, the population often most often hit hardest with the AMT.
In Honor of National Tax Security Awareness Week, is Your Firm Taking Preventative Steps Against a Cyber Attack?
On the heels of tax filing season, this IRS effort aims to help consumers protect themselves and their financial data against identity theft and tax fraud. But what can firms do to protect consumers, and more importantly, their businesses?
Form 1095-C Deadlines for Reporting to Employees Extended Again This Year
In a surprising move, the Internal Revenue Service (IRS) issued Notice 2016-70 this week, extending the deadline for employers to furnish form 1095-C to employees and extending the good faith transition relief to the 2016 reporting year.
Overtime Limbo – So About That Raise…
As we reported Tuesday, on November 22 a federal district court judge in the Eastern District of Texas issued a nationwide injunction against the implementation of the new Department of Labor (DOL) overtime rules. The regulation was scheduled to take effect yesterday. The ruling, by Judge Amos L. Mazzant III, states that the Obama administration […]
The IRS’ e-Services: Why You Need to Authenticate Your Account, and Soon
The IRS announced this week that e-Services users will need to re-authenticate their account. The move is part of an initiative to strengthen the security of the agency’s online services, but it involves a very prescriptive and somewhat confusing process. E-Services is an essential tool for tax preparers, yet it was unavailable for much of […]
New Overtime Rules – It’s Not Over Until its Over
On November 22 a federal district court judge in the Eastern District of Texas issued a nationwide injunction against the implementation of the new Department of Labor (DOL) overtime rules. The regulation was scheduled to take effect just days from now, on December 1. The ruling, by Judge Amos L. Mazzant III, states that the […]
Accountants: Way Cooler than We Get Credit For
The reality is that accountants are a pretty cool bunch who have, over the years, contributed a whole lot more to society than just the double-entry bookkeeping system.
IRS Warns Tax Professionals of New Targeted Scam
The IRS is warning tax professionals about a scam involving email and IRS e-services. The scam is actually a variation of a prior scam, where tax professionals receive an email asking them to update their accounts.