The Financial Accounting Standards Board (FASB) initially issued Accounting Standards Update (ASU) No. 2016-02 on Leases (Topic 842) over six years ago in an effort to increase transparency and bring consistency in the treatment of operating and finance leases.
The Employee Retention Credit (ERC) started out as something of a secret. Originally part of the CARES Act, the ERC was limited in 2020 and only available to organizations which did not receive Paycheck Protection Program (PPP) loans.
A rare unanimous New York Supreme Court Appellate Division decision has resulted in potential personal income tax refund opportunities to those domiciled outside of New York but who have vacation homes in the State.
This week, the Senate released draft legislative language on a reconciliation bill apparently agreed to by Senate Majority Leader Chuck Schumer and West Virginia Senator Joe Manchin, whose objections had been one of the main stumbling blocks to prior legislative plans proposed by the Biden administration and other members of Congress.