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The passage of the Tax Cuts and Jobs Act of 2017 created additional opportunities for taxpayers to choose the cash method of accounting as the definition of a small business taxpayer. Eligible small business taxpayers that have been using the accrual method but now want to switch to the cash method will need to file Form 3115 by the due date of the tax return for the year of change.
At its October 16, 2019 meeting, the FASB affirmed its decisions on two proposed Accounting Standards Updates to extend the deadline to implement FASB standards on current expected credit losses, leases, hedging and insurance that are not yet effective for some or all companies. The proposed ASUs are available for CECL, hedging and leases, and for insurance.
On September 30, 2019, the Internal Revenue Service posted copies on its website of draft 2019 partnership forms. In this blog, we provide IRS form links and more information on the required disclosures.
Much has been made about the challenges employers face in managing millennial workers, but perhaps the greater challenge companies face isn’t just managing millennials but managing them along with both of the generations that came before them.
As the year wears on, it’s clear the decision carries implications for industries beyond retail and, indeed, for the very basic functions of any business with multi-state operations, which clearly includes technology companies. Not understanding these implications can have significant financial consequences for technology companies.
In July 2019, Mayor Muriel Bowser signed the District of Columbia Fiscal Year 2020 Budget Support Act of 2019 (B23-0209), which contains the Downloading Lost Revenues Amendment Act of 2019. The new Amendment is aimed at reducing tax benefits to Qualified High Technology Companies (QHTCs) to increase and reallocate revenue to housing, environment, and other social programs in the District.
One outcome of the Tax Cuts and Jobs Act (TCJA) is the increased scrutiny by the IRS of S corporations and their shareholders with regard to certain tax liability issues.
When a plan sponsor hires a service provider, that organization and its professionals become part of the team operating the client’s retirement plan. But how do you know whether each service provider has effective systems and controls in place to ensure that they are executing their roles correctly?
Tax reform promised overall simplification for small business taxpayers. While many of these simplifying exceptions existed in some fashion prior to tax reform, the enactment of the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, significantly expanded the universe of taxpayers that qualify for the provisions.
The FASB's recently proposed ASU would amend the effective dates of certain major accounting standards that are not yet effective for some or all entities.

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