Author Archives: Nick Spoltore, Esq.
FASB Makes It Easier to Test for Goodwill Impairment while the SEC Cracks the Whip on SAB 74 Disclosures
By Nick Spoltore, Esq.
The Financial Accounting Standards Board (FASB) has been very active in early 2017, having issued three Accounting Standard Codification (ASC) Updates this past week. Here’s a quick summary of the new Updates.
President Trump signed the Reducing Regulation and Controlling Regulatory Costs Executive Order on January 30, 2017 with the intent to scale back federal regulations. It contains a provision requiring agencies to cut two existing regulations for each new regulation put forth.
Lien Foreclosure & Subsequent Sale of Property Owned by Innocent Party OK’d in District Court: What this Means for Property Co-Owners
By Nick Spoltore, Esq.
Lien Foreclosure & Subsequent Sale of Property Owned by Innocent Party was recently OK’d in District Court. Surgent’s Director of Tax & Advisory Content shares his thoughts on why tax delinquency issues should be explored among co-owners prior to purchase and titling.
IRS Guidance Permits Same-Sex Couples to Recalculate Tax Treatment on Prior Gifts or Bequests
By Nick Spoltore, Esq.
The IRS posted guidance (2017-15) permitting same-sex married couples to recalculate the prior transfer tax treatment of gifts and bequests made before the U.S. Supreme Court deemed Defense of Marriage Act (DOMA) unconstitutional.
As you prepare to file taxes for your clients and yourselves this tax season, we’ve highlighted the most important tax court decisions, tax law changes, and IRS rulings that will impact your filings.
No business owner wants to be faced with an IRS audit, and some may never have to, but if you receive a tax audit notice, be prepared with these 5 tips.
National Taxpayer Advocate’s Report Aims to Shift More IRS Dollars to Helping Taxpayers
By Nick Spoltore, Esq.
In her National Taxpayer Advocate report to Congress this past Tuesday, Nina Olson detailed the annual IRS appropriation of $11.2 billion and highlighted a grave disparity. Ultimately, her report recommends a different approach – one where the IRS assumes that taxpayers, for the most part, seek to obey the tax law, and can re-focus its funds to facilitate compliance by providing taxpayers with the assistance needed to meet their tax obligations.
A Closer Look: FASB’s Amendments to Topic 606, Revenue From Contracts With Customers
By Nick Spoltore, Esq.
With ASU No. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue From Contracts With Customers, the FASB continued its response to implementation challenges and requests for clarifications received from the Transition Resource Group (TRG). The TRG, the group of practitioners, accountants and financial statement preparers tasked with vetting questions concerning Topic 606, Revenue from […]
A Year in Review: The Biggest 2016 Tax Developments to Take With You, and What to Watch for 2017
By Nick Spoltore, Esq.
As we close out 2016 at Surgent Professional Education, we’ve rounded up some of the most impactful tax developments of 2016 – a monumental election year that delivered a push-and-pull of amendments, policy developments, and news bulletins. Keeping in mind the looming possibility of tax reform in 2017, we’ve also highlighted the areas we’re watching […]
FASB Issues Technical Improvements to Topic 606, Making it Easier to Implement
By Nick Spoltore, Esq.
The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-20 today, which addresses a number of implementation issues that have been identified as business entities move to adopt ASC Topic 606, Revenue from Contracts with Customers. This much-anticipated update contains guidance on 13 specific issues that had been previously identified since the […]
