New GASB Pension Rules are Challenging Many Cities
New standards issued by the Government Accounting Standards Board mean that next summer local governments could see some impact in credit ratings or some influence on pension payments.
New standards issued by the Government Accounting Standards Board mean that next summer local governments could see some impact in credit ratings or some influence on pension payments.
Frequently, the IRS challenges deductions for business-related driving expenses, especially when they involve local travel. Start with this basic premise: To qualify for transportation deductions, you must be traveling away from your tax home to a business location. For this purpose, your tax home is generally your principal place of business, not the place where you live, eat and sleep.
The more things change, the more they stay the same. Despite the thousands of revisions to the tax code that are made each year, the IRS continues to focus on travel and entertainment (T&E) deductions in audits of business taxpayers.
An accounting standard for state and local governments that addresses the impairment of capital assets and insurance recoveries provides important information to users of financial statements and resolves some but not all of the issues underlying its purpose.
As part of its simplification initiative, the Financial Accounting Standards Board (FASB) today issued a proposed Accounting Standards Update intended to simplify the accounting for a customer’s fees paid in a cloud computing arrangement.
The American Institute of CPAs has opened the enrollment period for the 2014 Accounting Competition, with a total of $40,000 in awards at stake. The fifth annual competition challenges teams of undergraduates to play the role of management accountants and combine their accounting and financial expertise with strategic insight to help guide business decisions.
UltraTax CS, the professional tax compliance system from Thomson Reuters, recently received a NASS Medallion Award from Kansas Secretary of State Kris Kobach. The award was presented in honor of a new state-of-the-art innovation in electronic tax preparation for business customers. It was presented on August 18 during a press conference in Leawood, Kansas.
FreshBooks has introduced its new Freshbooks Accountant Center, which is free for accountants with clients using Freshbooks.