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Nearly 400 SP 500 companies have transitioned to the new lease accounting standard within the first six months of the initial effective date for public companies, and together the companies reported a total of $503 billion in operating lease liabilities and $69 billion in finance lease liabilities, according to a new analysis. The study, from […]
The Electronic Tax Administration Advisory Committee’s report to Congress focuses on preventing ID theft and tax refund fraud, in addition to enabling and expanding the IRS-sponsored Security Summit. “IDTTRF [ID theft and tax refund fraud] threatens the integrity of our voluntary compliance tax system at both the federal and state levels. The wholesale theft of […]
The opportunity zone (OZ) program, ushered in as part of the 2017 Tax Cut and Jobs Act, includes one of the most powerful and flexible tax planning provisions in decades. The program allows taxpayers who are generating capital gains from real estate sales, stock sales, artwork, Bitcoin, vehicles, intangibles and most other assets to roll […]
The Financial Accounting Standards Board said Tuesday it’s looking for public companies to take part in a study focusing on potential improvements to the segment disclosure requirements. It’s the second study conducted by FASB on segment reporting. This one will concentrate on the information disclosed by each reportable segment. The original study last year focused […]
Let’s assume you have a staff person working on the same tax return for 10 years. How can that person grow? If staff do not grow, then the owners cannot grow. Now, if the owner or partners do not want to grow, that is their prerogative, and it is not my place to criticize them. […]
Marijuana businesses are growing fast, but it’s a complicated market that accountants need to really understand before they jump in, according to Dave Roberson and Maureen Ryan of Kukuza Associates.
MindBridge Analytics Inc. has received $11 million USD ($14.5M CAD) in new funding from the Government of Canada’s Strategic Innovation Fund (SIF), earmarked to accelerate the development of artificial intelligence technology. This adds to the recent Series B funding the company received in an investment led by New York-based PeakSpan Capital to the tune of […]
IRS Commissioner Chuck Rettig addressed an audience of tax practitioners Thursday, pointing to his own history as a tax attorney, while reminding them that the IRS is watching them and their clients from the compliance and enforcement side. During a speech at New York University’s Tax Controversy Forum, he noted that when he took the […]
Supporting Strategies, a bookkeeping firm with more than 90 locations around the United States, has officially selected Expensify as its preferred expense-reporting solutions for its small business clients nationwide. Supporting Strategies is the latest firm to join the ExpensifyApproved! Partner Program, which includes firms such as CLA, Wipfli and BPM. The program offers partner discounts, […]
Top 100 Firm Friedman LLP awarded a scholarship to Fashion Institute of Technology student Marisol Rivera as part of its undergraduate entrepreneurial program. Friedman annually awards the Entrepreneurship Scholarship to an FIT student enrolled in the two-year Entrepreneurship Program. The program helps educate fashion students to be “both creative and innovative by applying design-inspired thinking […]
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