We’ve heard quite a lot recently about the coming inclusion of critical audit matters (CAMs) in the audit report for audits following PCAOB auditing standards. CAMs are those items that have been reported to a client’s Audit Committee and relate to accounts or disclosures that are material to the financial statements and involve especially challenging, […]
The Tax Cuts and Jobs Act implemented in December 2017 will cause dramatic changes to the tax treatment of alimony payments as of January 1st, 2019, effectively reversing the tax treatment of payments by payers and recipients. Here, we’ll provide an overview of how the new law will affect divorce or separation instruments, and how […]
No doormat rule akin to mailbox rule Undoubtedly, the grand majority of people reading this are aware the mailbox rule deems a return filed as it is placed in the mailbox and correspondingly postmarked the same day. An enterprising taxpayer unsuccessfully attempted to extend the rationale of the mailbox rule in Plato v. Commissioner, USTC […]
Prior to the Tax Cuts and Jobs Act, a meal incurred during, directly before or after a sporting event or associated with entertainment was complimentary and inseparable. Both the meal and the entertainment qualified for a 50% deduction. With the Tax Cuts and Jobs Act, the question yet to be determined is – does the […]
Not-for-profit entities with 12/31/18 year-ends will be implementing ASU No. 2016-14, Presentation of Financial Statements of Not-for-Profit Entities in their financial statements. With limited exceptions (related to comparative financial statements in the areas of the new functional and natural expense analysis and the new liquidity and availability disclosures) ASU No. 2016-14 is required to be […]
Tax Cuts and Jobs Act Amends Changing the Inflationary Adjustment Calculation from Utilizing“CPI index” to a “Chained-CPI index”
By Surgent CPE
Hidden beneath the towering waves of the tax transformation tsunami commonly referred to as the “Tax Cuts and Jobs Act” of 2017; lies a somewhat over-shadowed verse which may presently fail to excite many appetites. The seemingly shallow amendment applies to the very first code section. Code §1 refers to the imposition of tax. It […]
If you are a movie fan, you are likely looking forward to this summer’s releases of Solo, A Star Wars Story, Incredibles 2, or perhaps Jurassic World: Fallen Kingdom. Well, if you audit governments and/or not-for-profits, another summer blockbuster to watch for is the 2018 Yellow Book revision. It is estimated that the new Yellow […]
Adopting Topic 606: What Private Companies Can Learn From Public Business Entities’ Implementation of the New Revenue Standard
By Surgent CPE
One of the best treats in life is to be able to learn from the challenges of others. For private companies implementing Topic 606, Revenue from Contracts with Customers, 2018 is providing just this opportunity. Most public business entities (PBEs) adopted Topic 606 on January 1, 2018. This represented the culmination of, for many PBEs, […]
As both public and private companies scramble to complete the new revenue standard, Topic 606, they should not lose track of the fast approaching effective date for the FASB’s new lease accounting guidance, Topic 842. In addition to requiring the capitalization of all leases by companies, along with the related lease liability, the new lease […]
The Service recently responded to widespread confusion surrounding changes made through the Tax Cuts and Jobs Act by announcing that taxpayers can often still deduct interest on a home equity loan, home equity line of credit or second mortgage, without regard to the label placed on the loan. Tax reform imposed a lower limit of […]
