New-and-Improved Accounting Rules for Common Control Leases
On March 27, 2023, the Financial Accounting Standards Board (FASB) published narrowly drawn amendments to the lease accounting rules. The updated ...
How Safe Are Your Business’s Paper Checks?
Recently, the Financial Crimes Enforcement Network (FinCEN) told U.S. financial institutions to exercise caution when processing paper checks because ...
Federal Tax Credits and Deductions for Family Caregivers
Caring for children, elderly family members, and others can be expensive as well as physically and emotionally demanding. Although the IRS doesn’t ...
U.S. Supreme Court rules against the IRS on critical FBAR issue
The U.S. Supreme Court recently weighed in on an issue regarding a provision of the Bank Secrecy Act (BSA) that has split two federal courts of ...
K-2 and K-3 Reporting for International Activity
IRS Schedules K-2 and K-3, new for 2021, may need to be completed to include items of international tax relevance from the operations of a ...
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ASC 842: New Lease Accounting for Private Companies
The long-awaited accounting standards update (ASU) for leases is finally at our doorstep. ASU 2016-02, and its subsequently issued amendments, ...
Work Opportunity Tax Credit Provides Help to Employers
The Work Opportunity Tax Credit (WOTC) may help employers in today's tough job market and economy. Many business owners are hiring and should be ...
Worried About An IRS Audit? Prepare In Advance
IRS audit rates are historically low, according to a recent Government Accountability Office (GAO) report, but that’s little consolation if your ...
FASB Proposes Last-Minute Changes To Lease Accounting Rules
Accounting Standards Codification Topic 842, Leases, requires organizations to report the full magnitude of their long-term lease obligations on ...