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ReportAmigo, a Xero accounting software add-on designed to make reports easier to interact with and more engaging, has released several updates. The tool now offers aged payments, aged receivables, bank statement and budget summary reports. Added customization options include filtering by tracking categories, and cash-basis reporting. Users can also now preview reports directly from within […]
Extensible Business Reporting Language, the data-tagging code now required by the Securities and Exchange Commission for filing financial statements, has been making headway not only in the U.S., but in other parts of the world. “XBRL has been around for a long time,” said XBRL International CEO John Turner. “Although in the U.S. it’s best […]
Contingent consideration, also referred to as an earnout, is commonly used to bridge a valuation gap, provide continuing incentive to business sellers or account for the achievement of technical or other milestones. Under Statement of Financial Accounting Standards 141, the value wasn’t recognized until paid. Beginning with SFAS 141R and now under Accounting Standards Codification […]
The Treasury Department and the Internal Revenue Service have delayed implementation of the Obama administration’s Section 385 documentation regulations for discouraging corporate tax inversions and earnings stripping until 2019. In Notice 2017-36, the Treasury and the IRS said Friday they intend to amend Treas. Reg. § 1.385-2, also known as the “documentation regulations,” to apply […]
Poker winnings and taxes; the costs of valuation mistakes; and other highlights from our favorite tax bloggers. To have and withhold HR Block (http://blogs.hrblock.com/): Tax breaks for moms and dads, from credits to correctly declaring dependents. We thought every day was parents’ day? Liberty Tax Blog (https://www.libertytax.com/tax-lounge/): You can’t tell them often enough: Four tips […]
Republican leaders in Congress and the Trump administration released a joint statement Thursday on their progress on tax reform ahead of Congress’s August recess and the broad principles they plan to follow. The leaders have been meeting behind closed doors in recent months to discuss tax reform. The so-called “Big Six” include Treasury Secretary Steven […]
While accountants express the desire to generate a large share of firm revenue from providing advisory services, survey data has shown that many firms derive very little revenue from the types of value-added, consultative services that comprise advisory. Firms sometimes initially “test the waters” with advisory work, offering a handful of services using packaged advisory […]
The Villanova School of Business announced this week their new Master of Accounting with Data Analytics (MACDA) program, in which students will be able to take a more big data and analytics-based course starting Fall 2018. Villanova sought input from the Big Four accounting firms and others in their development of MACDA, which will look […]
The head of the National Treasury Employees Union, which represents Internal Revenue Service employees, is asking Congress not to cut the IRS budget again. The Senate Appropriations Subcommittee on Financial Services and General Government held a hearing Wednesday on the fiscal year 2018 Treasury Department budget. The administration’s budget calls for reducing IRS funding by […]
(Bloomberg) The Senate rejected a simple repeal of Obamacare on Wednesday, still in the early stages of an unpredictable floor debate on health care amid significant doubts that Republicans can muster the 50 votes needed to pass any kind of bill. GOP leaders are holding votes on a slew of different health proposals this week […]
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