Month: April 2018
New accounting standards require subscription businesses to act now
With the new accounting standards weighing on companies that offer subscriptions as at least a portion of their businesses models, the first step is to admit there’s a problem. The Financial Accounting Standards Board and the International Accounting Standards Board issued new standards — ASC 606 and IFRS 15 respectively — in 2014 for recognizing […]
IRS outages on Tax Day spark more humor than anger
While no one was happy about the technical glitches that left critical tax filing systems unavailable for a large part of April 17, the public response leaned more to wry humor than serious outrage. Some were happy for the extra day to file, others saw an excuse to drag out their favorite “Office Space” memes […]
UHY trucked in meditation during busy season
Top 100 Firm UHY Advisors took an unusual approach to bringing some relief to busy staff members this tax season, inviting MeditationWorks, a mobile meditation space, to help its professionals mentally focus and deal with stress. Describing itself as the “Food Truck for Your Brain,” MeditationWorks brings a small, private space to businesses to help […]
AICPA wants IRS to change guidance on corporate tax overpayments
The American Institute of CPAs is asking the Internal Revenue Service to amend the information it is providing to taxpayers in its Frequently Asked Questions pages about overpayments of taxes by multinational corporations on their 2017 tax returns under the new tax law. Even though that section of the tax code, known as Section 965, […]
This accountant built the budgeting app he wanted to see
Eli Mandel provides bookkeeping services for nonprofits, but soon he’ll be heading up a new tech company. The accountant-turned-tech developer found during his accounting career that both individuals and small businesses had similar problems when it came to budgeting — namely, they were bad at it. Eventually, he got frustrated enough to build a solution […]
Companies foresee major impact from lease accounting standard
More than three-quarters of the top 100 U.S. companies with the biggest lease obligations expect to see a material impact on their balance sheet from the new lease accounting standard, according to a new report. The report, from the technology company LeaseAccelerator, analyzed a recent set of Securities and Exchange Commission filings related to the […]
Sage Intacct and GuideStar release dashboard for nonprofits
Sage Intacct, which makes cloud financial management solutions, has released the the new Sage Intacct Nonprofit Financial Board Book Powered by GuideStar. The dashboard pulls information from Sage Intacct to provide nonprofit organizations with insight into their financial health. GuideStar is a nonprofit information database. The dashboard designed to automate the tracking and management of […]
The IRS really needs a new computer system
Taxpayers who rushed to complete Form 1040 by Tuesday’s deadline can take some comfort from the fact that they’re exceedingly unlikely to get a follow-up visit from the Internal Revenue Service. Over the past 50 years, audit rates have fallen pretty steadily. Today, the average taxpayer has one chance in 200 of getting audited. The […]
When is an entertainment an expense?
The tax rules related to meals and entertainment have changed, and left some uncertainty in the gap between the old law and the new. Before the Tax Cuts and Jobs Act, the deduction allowed for entertainment expenses was limited to 50 percent of the amount otherwise deductible. Under the TCJA, the deduction for entertainment is […]
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