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
Archive for the ‘Financial Reporting’ Category
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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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Tax Implications When Lenders Cancel Debts
Here’s what borrowers need to know about the tax implications of so-called “cancellation of debt” (COD) income.Read More
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Reporting Discontinued Operations
Many businesses have undergone strategic shifts during the pandemic–ensure that change is within the scope of accounting rules for discontinued operations.Read More
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Monitor Overtime Pay for Your Remote Workers: DOL Guidance
The Department of Labor has just issued a “field assistance bulletin” to remind employers of what’s required to monitor overtime for remote workersRead More
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Avoid Personal Liability for Unpaid Federal Payroll Taxes
Though cash may be tight, employers should avoid the temptation to skimp on federal taxes that have been withheld from employees’ paychecks.Read More
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Levels of Assurance: Choosing the Right Option for Your Business Today
Here are some important factors to consider when evaluating whether your company’s current level of assurance is the best option.Read More
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CARES Act Made Changes to Excess Business Losses
If you hold an interest in a business, or may do so in the future, be aware that the CARES Act has made changes to excess business losses.Read More
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Reporting Embedded Leases
Your supply and service contracts may contain hidden surprises known as “embedded” leases. Here’s the updated guidance for reporting these leasesRead More