On May 28, 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Codification (ASC) 606. This new standard modifies the way companies recognize revenues from contracts with customers and aims to unify revenue reporting across industries...
Since 2003, Health Savings Accounts (HSAs) have been available for those individuals covered by high deductible health plans; the primary benefit to participating in such a plan is to receive tax-preferred treatment for funds saved for medical expenses. Similar to...
Here we are entering the final days of 2019, and while there is so much to keep up with, it is easy to forget that you need to work on your business as well as in your business. Now is a great time to step back and review where your business stands for the year and...
ASU Update 2019-06 relates to goodwill impairment for a not-for-profit entity. The two standards that are being updated are Topic 805, which relates to business combinations and Topic 350, which relates to goodwill impairment. Both of these Topics go hand in hand with...
If you are a business owner, the buzz around the Qualified Business Income Deduction has been apparent since the beginning of the tax law changes. If you have any interest in rental real estate, the buzz around the QBI deduction has lingered quite some time as the...
As the summer winds down and we are well into the second half of 2019 (gasp!), now is the perfect time to give your business its annual 1099-MISC wellness check. Have you been keeping up with your W-9 collections throughout the year? Are you considering everyone who...
As we are in the heart of the 401k auditing season, it is important for companies to reevaluate their need for employee benefit plans. While there is a requirement for the amount of eligible employees for an employee benefit plan, there are variations for how these...
After the U.S. Supreme Court decided on South Dakota v. Wayfair, 585 US in 2018, the city of Philadelphia amended the Business Income and Receipts Tax (“BIRT”) regulation to impose economic nexus. The BIRT is a privilege tax; it consists of net income and gross...
Looking to spend a relaxing week at the Jersey Shore? Thinking of renting out your own beach house for a week when you cannot make it down the shore? Both activities will now cost you more due to a new tax on short-term rentals. As of October 1, 2018, New...
Private companies can take a deep sigh of relief (for now) as FASB has proposed delaying the effective date for private companies to January 1, 2021. This delay would give companies an additional year to put into effect the new accounting rules and ease some of...
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