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The American Institute of CPAs is sending an urgent request to the Internal Revenue Service and the Treasury Department, asking for “immediate guidance” on the definition of the term “qualified business income” for pass-through entities under the new tax law. The Tax Cuts and Jobs Act that Congress passed last December provides a 20 percent […]
Ceterus has added a forecasting feature to its small business accounting software for franchise owners. The new feature in Ceterus Edge Entrepreneur helps franchises estimate their future cash outflows, inflows and balances. The forecasting tool displays a projected balance for seven or 30 days in the future, based upon the net of projected cash inflow […]
It’s been almost a generation since a single digit in the number of the year made such a difference in clients’ tax questions – and worries. “Clients are asking if the reform changes will affect their 2017 return,” said Brian Thompson, a CPA with Bailey Thompson Tax Accounting in Little Rock, Ark. “After quickly clarifying […]
The Financial Accounting Standards Board issued a proposal Tuesday to expand the list of benchmark interest rates allowed for hedge accounting. The proposed accounting standards update would permit the use of the Overnight Index Swap Rate based on the Secured Overnight Financing Rate for hedge accounting. Topic 815, Derivatives and Hedging, in the FASB Accounting […]
The Internal Revenue Service’s acting commissioner, David Kautter, testified at a Senate Finance Committee budget hearing asking for nearly $400 million in additional funds to help the IRS administer the Tax Cuts and Jobs Act. “This piece of legislation was the first major tax reform legislation in more than 30 years,” he said in his […]
In my updated checklist file, I included a “preparer’s work process and procedures checklist.” This started out as a checklist for beginners with step-by-step procedures to follow, but as I got into it, I realized that this list is not just for beginners, but for everyone preparing tax returns, so I removed “beginner’s” from the […]
A number of accounting firms and related businesses have been named to Fortune’s 2018 “100 Best Companies to Work For” list. Fortune compiled their list using data from Great Place to Work U.S. More than 315,000 employees provided feedback for the 2018 list, with eligible companies needing at least 1,000 employees and enough completed surveys […]
President Donald Trump “feels strongly” that the U.S. should permit collection of state and local sales taxes on purchases made over the internet, Treasury Secretary Steven Mnuchin said on Thursday. Mnuchin, speaking at a hearing before the House Ways and Means Committee, said he has spoken with Trump about the issue, and that the president […]
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