New lease standard: Anticipating the transition impact

FASB has just given the go-ahead to delay the effective date of the new lease standard for private companies for another year. Now it won’t be applicable until 2021 for calendar year ends. But it is still important to envision what the impact will be to your financial statements. Our earlier blog, “New lease standard: …

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Clarification on cryptocurrency and foreign reporting requirements

Ever since cryptocurrency began entering the mainstream vocabulary in the last few years, tax professionals have struggled with various reporting requirements related to virtual currency. The IRS eventually provided guidance regarding the reporting of sales and exchanges of cryptocurrency, as well as what transactions are subject to ordinary income treatment versus capital gain. Don’t miss: …

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Frustrated with the federal debt? Make a gift to reduce it

The Bureau of Fiscal Service accepts gifts donated to the United States Government to reduce the debt held by the public. Acting for the Secretary of the Treasury, the Fiscal Service may accept a gift of: Money – made only on the condition that it be used to reduce debt held by the public. An …

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Are robots taking over the accounting world?

With the ever-growing advancements in technology, the workplace undergoes constant change. With technology being able to do things we once did manually, computers are able to do things automatically and in an efficient manner. Many people believe that with the introduction of robots in the accounting world, the profession could be forgotten. However, it will …

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More than just bad math – Are you filing 1099s correctly?

We hear about the unimpressive US ranking in math compared to other countries. But this study shows it goes a lot farther than that. A recent report from The United States Treasury Inspector General for Tax Administration (TIGTA) says there are billions of dollars in non-payroll withholding discrepancies that were found in a study of …

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A sigh of relief: accounting changes for leases

On July 17th, 2019, the FASB voted to give privately held companies until 2021 to follow the new lease standard, rather than having to implement it next year. Private companies can all let out a sigh of relief. The reasoning behind this decision comes down to the fact that changing from the old standard to …

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Emotional Intelligence in accounting

We’ve all heard about IQ, as the measurement has followed us through school and in pursuing careers. However, what about EQ? Emotional Intelligence matters both in the workplace and in interaction with the public. So, what is it? Emotional intelligence is “the capacity to be aware of, control and express one’s emotions, and to handle …

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A midsummer tax meltdown

Remember back when you were a kid in the middle of summer, and it just seemed like there was nothing to do? So you whined, “I’m booooooooooooored.” Well, the post April tax season and pre-September/October finalization season can have the same effect as the kid you once were (or possibly have right now!) What is …

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Donating appreciated stock to charity

If you are planning to make a substantial contribution to a charity, it’s better to donate appreciated stock from your investment portfolio instead of cash. Why? You get a deduction for the donation AND avoid tax on the appreciation in value of the donated property. This planning tool is derived from the general rule that the …

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Help! I need an Uber, the IRS is coming!

After going public last year, Uber reported in its first quarter report to the SEC that they were currently under audit by the IRS. The 2013 and 2014 returns are being examined but no other information is available at this time. I know what you all must be thinking; can they really go back that …

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