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The contribution limit for employees who participate in 401(k), 403(b), most 457 plans and the federal government’s Thrift Savings Plan will increase in 2019 to $19,000, the IRS said. The limit on annual contributions to an IRA, which last increased in 2013, rose from $5,500 to $6,000. The additional catch-up contribution limit for individuals 50 […]
The Financial Accounting Standards Board’s new leasing standard will have a major impact on lessees, but its origins can be traced back to the old rules. What used to be called operating leases are now financing leases, and are now classified as “service contracts.” To examine issue from the vantage point of lessees, let’s begin […]
The new lease accounting standard that takes effect for public companies next year poses obstacles for the audit firms that have begun implementing it for their clients. The leases standard, which was jointly developed by the Financial Accounting Standards Board and the International Accounting Standards Board but has some differences under U.S. GAAP and International […]
President Trump and the Republican leader of the tax-writing House Ways and Means Committee issued a joint statement Wednesday calling for a 10 percent middle-class tax cut after Congress begins a new term next year, although it’s far from clear which party will control the House after the midterm elections. When Trump proposed the middle-class […]
Accounting practices have traditionally relied upon referrals for new business. A good word dropped by an existing client or a friendly banker were surefire ways to drive new business and grow an accounting firm. Times are changing, however, and this tried-and-true business development strategy no longer has the pulling power it once did. The Hinge […]
Virginia Brown Edwards acquires Dixon Hughes Goodman’s Newport News practice Details: Brown Edwards is acquiring the Newport News, Virginia, practice of Dixon Hughes Goodman, effective Oct. 31, 2018. As part of the deal, two DHG partners, Hugh Barlow and Leslie Roberts, along with most of the staff from DHG’s Newport News office, will join Brown […]
Companies are still behind schedule in getting ready for the impending lease accounting standard, according to a new survey. Only 43 percent of public companies are in the final implementation stage of deploying a tool and migrating data for the new standard. For public companies, the new leases standard takes effect for fiscal years, and […]
CohnReznick, a Top 100 Firm, has picked Wolters Kluwer Tax Accounting’s Integrated Audit Approach system to provide audit services to clients in its 26 offices. Wolters Kluwer has been adding more knowledge management and data analytics features to its audit software. The company showcased the software last week at its CCH Connections user conference in […]
Melvin Wax, an 88-year-old retired accountant, was one of the 11 people who were killed Saturday while attending services at the Tree of Life synagogue in the Squirrel Hill neighborhood of Pittsburgh when a crazed gunman opened fire on worshipers. Wax was reported to be leading religious services in the basement of the synagogue when […]
The Institute of Management Accountants has signed a memorandum of understanding with the Association of Latino Professionals for America to demonstrate both groups’ commitment to diversity and inclusion. The deal expands the IMA’s relationship with ALPFA, a prominent Latino professional association for accountants and finance professionals, boasting more than 92,000 members across the country. The […]
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