The CAA allows certain banks and credit unions to temporarily delay implementation of the controversial current expected credit loss (CECL) standardRead More
Archive for the ‘Accounting’ Category
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How COVID-19 Could Impact Year-End Inventory Counts
It’s almost time for year-end inventory counts. You might need to alter your approach if COVID-19 cases are rising in locations your inventory is stored.Read More
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Accrual-Basis Accounting: 2020 Revenue Recognition Cutoffs
Accounting is time-sensitive. Here’s a primer on cutoffs for reporting revenue and expenses to help companies that use accrual-basis accounting.Read More
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Understanding the Passive Activity Loss Rules
The passive activity loss rules can be complex and confusing for some taxpayers. Here’s what you need to know.Read More
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Year-End Moves for Charitable Giving
Studies show that November and December are the most popular months for charitable giving. Here are some ways to maximize your deduction if you itemizeRead More
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FASB Delays Long-Term Insurance Standard (Again)
The FASB issued simplified rules for reporting long-term insurance contracts in 2018. But insurers have struggled to make the changes during the COVID-19 crisis.Read More
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IRS Publishes New Business Travel Per Diem Rates for 2021
Here’s a review of the simplified alternative method for reimbursing employees’ out-of-town travel expenses based on per diem ratesRead More
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Are First-Year Depreciation Write-Offs Right for Your Business?
Here’s what you should know before claiming first-year depreciation write-offs for eligible assets that are placed in service in the current tax year.Read More
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Home Office Deductions Amid the COVID-19 Pandemic
Millions of Americans are now working from home, and many are asking whether unreimbursed home office expenses are tax deductible.Read More
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How to Report COVID-19-Related Debt Restructuring
COVID-19-related loan modifications may be exempt from the complex accounting rules for troubled debt restructurings, if certain conditions are met.Read More