FASB and IASB have new accounting standards that converged the 2 sets of standards – and will change the way many U.S. companies recognize revenue on their financial statements. This convergence of standards could have a significant impact on existing processes, reporting and systems for revenue recognition. FASB’s Revenue Recognition changes may impact a number […]
By BDO In 2013, long-term care providers sustained more than $7.7 billion in allowable costs, which weren’t reimbursed by the Medicaid program, according to a report from the American Health Care Association/National Center for Assisted Living. Analysts at Bloomberg Industries report the pharmaceutical industry lost more than $60 billion in revenue to cheaper generic competition […]
Starting in 2013, some taxpayers may be subject to the Net Investment Income Tax. You may owe this tax if you have income from investments and your income for the year is more than certain limits. Here are four things from the IRS that you should know about this tax: 1. Net Investment Income Tax. […]
As a new Smolin Lupin associate, 2014 was my first, official tax season. In truth, I’ve worked a couple of tax seasons prior. In High School, I interned with a small private firm where I collated, scanned, copied and observed the process of tax season. Later, as a college senior at William Paterson University, I […]
On February 28, 2014, the Internal Revenue Service released Revenue Procedure 2014-17, which will appear in the Internal Revenue Bulletin dated March 17, 2014, and supersedes Rev. Proc. 2012-20. Rev. Proc. 2014-17 provides procedures for taxpayers to obtain automatic consent to change certain methods of accounting for dispositions of tangible depreciable property.
If you get tips on the job from customers, the IRS has a few important reminders: Tips are taxable. You must pay federal income tax on any tips you receive. The value of non-cash tips, such as tickets, passes or other items of value are also subject to income tax. Include all tips on your […]
Fringe Benefit Guide for Government Entities available here. The IRS provides a helpful reference guide for governmental entities on the basic tax rules for employee fringe benefits and reporting. This document can be helpful to all employers that provide employee fringe benefits as it covers such issues as; How to determine whether specific types of […]
Congress Offers Two Tax Incentives Tailor Made for the Construction Industry. Are You Taking Advantage? By Linda McCluskey, alliantgroup Managing Director – Energy Credits and Incentives For construction firms looking for ways to increase their bottom line, take a second look at the tax code – the work you do on a daily basis could […]
