During the 2012 presidential election, the Obama and Romney campaigns received over $4 billion from individual donations, political parties, action committees and congressional candidates. The total amount comes to over $4 billion, which is less than the 2012 GDP of Sweden, Austria, Chile and other small countries. Of that $4 billion, almost $602 million […]
In a survey by AICPA, 25% of Americans say they have been victims of cyber attacks. This number has drastically increased since last year, and consumers are getting increasingly worried. The attacks are enough to change 82% of consumers’ spending habits to cash or check. Forty percent even noted cutting online spending to avoid the […]
As you may have heard, last week FASB issued a proposed Accounting Standards Update that would defer the effective date of its new Revenue Recognition standard by one year. Just because FASB has given more time, it does not mean you should delay investigating the impact it could have. The delay was provided to give […]
Think you don’t need to worry about going concern disclosures because the new FASB rules aren’t in effect yet? Well, we’re encouraging you to think again! Even for those who aren’t implementing ASU 2014-15 early, it is still relevant to discuss going concern disclosures now under existing rules. Going concern is an area […]
Smaller, non-public entities now have that option. Through AICPA’s Financial Reporting Framework for Small and Medium Sized Entities (FRF for SMEs), small entities have a cost beneficial alternative. This special purpose framework will help dodge the ever-changing rules and regulations set by the GAAP. The FRF for SMEs became available in 2013 so the acceptance […]
Senior- level interviews are critical for candidates to demonstrate their skills and abilities. However, carrying out this task without seeming conceited can be challenging for executives with several years of experience. According to Neil McNulty from McNulty Management Group, senior- level candidates often walk into an interview expecting the company to recruit […]
Written by Guy Schmitz J.D., LL.M. Code §183(a) generally disallows any deduction attributable to an activity “not engaged in for profit.” The section prevents those indulging in a hobby from offsetting their hobby losses against taxable income from other sources. See a recent case, Henry J. Metz, et ux. v. Commissioner, TC Memo 2015-54, which […]
Intuit, a company that makes finance software such as QuickBooks and TurboTax, made tax season a little more fun for accountants in Rhode Island. On March 30, Intuit announced a new product for the hard-working Rhode Island accountants: beer. However, this isn’t just any beer; it’s beer specifically for accountants! Intuit wanted to take out […]
With tax season coming to a close, millions of dollars are going unpaid in Texas. Taxpayers owing $100,000-$999,000 in unpaid taxes are going unnoticed due to the short-staffing in revenue agents, revenue officers and criminal investigators. Five thousand fewer positions that go after the millionaire tax cheats have been dissolved in the state, leaving 1,000 […]
President Obama’s 2015 budget proposal includes several items that would affect how individuals are taxed. As you’re preparing last minute taxes for individuals and families this season, take just two minutes out of your day to get ready for questions from your clients about these proposed changes. Under the proposed budget, the following changes […]
