Finance & Accounting

Spotlight on Lease Accounting Disclosures

Abstract:   In January, FASB and the IASB met to discuss the proposed accounting standards for businesses that lease assets under the proposed accounting standards. As usual, the two rulemaking bodies largely “agreed to disagree” about how companies should disclose the more complex … Continue reading

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IRS Makes it Easier for Small Businesses to Apply Tangible Property Regulations to 2014 and Future Years

WASHINGTON —The Internal Revenue Service today made it easier for small business owners to comply with the final tangible property regulations. Requested by many small businesses and tax professionals, the simplified procedure is available beginning with the 2014 return taxpayers are filling … Continue reading

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Fraud Spotlight: Cutting Costs or Cutting Profits

As I have mentioned in previous posts, many companies have focused intently on cost reduction following the 2008 recession. At such times, it is easy to lose sight of the big picture and treat all costs as equal and assume that any … Continue reading

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Do you need to file a 2014 gift tax return by April 15?

Generally, you’ll need to file a gift tax return for 2014 if, during the tax year, you made gifts: That exceeded the $14,000-per-recipient gift tax annual exclusion (other than to your U.S. citizen spouse), That you wish to split with your spouse … Continue reading

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SALT Update: California Wants You to File!

California has recently released a bulletin announcing that it is contacting one million potential California taxpayers (either resident or nonresident) who earned income in 2013, but did not file a California income tax return for the year. The state typically receives more … Continue reading

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