Visit our page dedicated to providing resources that will help you better understand Beneficial Ownership Information (BOI) requirements and how you can most efficiently comply.
Learn MoreThe new revenue recognition standard codified in FASB Accounting Standards Codification (ASC) 606 has brought a number of challenges to accountants and other stakeholders. A specific area that has been scrutinized under the new regulations is principal versus agent considerations. The concept of...
Read MoreThe SECURE (Setting Every Community Up for Retirement Enhancement) Act of 2019 was signed by President Trump on December 20, 2019, and makes significant changes to the retirement landscape. The SECURE Act aims to help Americans more effectively prepare for retirement and maximize their savings....
Read MoreOdds are you may have children or grandchildren who are starting or who will soon be starting college. If they are certain as to their desired career path, they will choose their college and major accordingly. However, many do not know what they want to do when entering college, or, their first...
Read MoreThe AICPA’s December 2019 Digital CPA Conference (DCPA) was a pleasure to attend — so many open-minded professionals representing different industries, having unique backgrounds and bringing positive mindsets. The DCPA is the leading conference for practitioners curious about technology and its...
Read MoreOn November 26, 2019, the Treasury Department and IRS released final regulations related to the Tax Cuts and Jobs Act’s (TCJA) temporary increase of the gift and estate tax exemption. The TCJA increased the exemption from $5 million to $10 million (indexed for inflation) from 2018 through...
Read MoreIn July 2019, the IRS released a Chief Counsel Memorandum explaining how a corporate taxpayer should calculate their charitable contribution deduction and use charitable contribution carryovers when the corporation has current year taxable income — before using prior year net operating loss (NOL)...
Read MoreOn September 23, 2019, the U.S. Treasury Department and the IRS published final regulations amending the rules governing hardship distributions for both 401(k) and 403(b) retirement savings plans. These regulations reflect the changes made by both the Tax Cuts and Jobs Act of 2017 and the Bipartisan...
Read MoreThis past week, the SEC announced proposed amendments to codify certain staff consultations and modernize certain aspects of the long outdated auditor independence rules. Specifically, the proposed amendments would concentrate on relationships or services that would most likely impact the audit...
Read MoreCongress gave an early Christmas present to tax-exempt organizations that provide parking for their employees. On December 20, 2019, President Trump signed the Further Consolidated Appropriations Act, 2020, repealing Internal Revenue Code Section 512(a)(7) retroactively as if it were never...
Read MoreWith its winter recess looming, Congress has engaged in a flurry of activity. Most notably, it reached agreement on a massive governmentwide omnibus spending package titled the Further Consolidated Appropriations Act, 2020. Signed by President Trump today, the legislation extends certain income tax...
Read More