In the beginning of every year, the Internal Revenue Service (IRS) updates and restates its revenue procedures governing the processes for applying for letter rulings, determination letters, and other guidance regarding employee benefit plans.
The Financial Accounting Standards Board (FASB) recently issued a proposed Accounting Standards Update (ASU) that offers not-for-profit entities (NFPs) two alternatives — under generally accepted accounting principles (GAAP) — to the accounting treatment of certain transactions.
Sponsors of certain defined contribution plans, namely 401(k) and 403(b) plans, need to be aware that these plans are subject to nondiscrimination tests known as the Actual Deferral Percentage (ADP) test and the Actual Contribution Percentage (ACP) test.
In response to the extensive changes made by the Tax Cuts and Jobs Act (TCJA), many taxpayers may have been unable to accurately calculate their estimated tax requirements for 2018.
While some are shaking off those post-holiday blues and others are excited about their NFL playoff picks, New York accountants, tax lawyers and taxpayers have other things to ponder.
U.S. sales and use tax is governed on a state and local level. Compliance with rules and regulations has always been a challenge for multinational companies.
The Financial Accounting Standards Board (FASB) recently issued an amendment to Accounting Standards Update (ASU) No. 2016-2, Leases (Topic 842) released on February 25, 2016.