Archive for February 2017
What will current tax proposals mean to you?
2017 Tax Reform Outlook There is significant momentum in Washington D.C. to reform the U.S. income tax system. While there has been a broad consensus that the income tax system is in need of reform, there has not been a consensus on what a reformed system would look like, and it has not been given legislative…
Read MoreCan you defer taxes on advance payments?
Many businesses receive payment in advance for goods and services. Examples include magazine subscriptions, long-term supply contracts, organization memberships, computer software licenses and gift cards. Generally, advance payments are included in taxable income in the year they’re received, even if you defer a portion of the income for financial reporting purposes. But there are…
Read MoreFASB approves one-step impairment test for goodwill
In January, the Financial Accounting Standards Board (FASB) issued updated guidance to simplify goodwill impairment testing for public companies and private companies that haven’t taken advantage of the simplified reporting option for goodwill. Here are the details. The basics Goodwill shows up on a company’s balance sheet when it buys another business at a…
Read MoreIs annual financial reporting enough?
Businesses generally issue year-end financial statements to let investors and lenders evaluate their financial health. But proactive stakeholders — including the company’s CEO and board of directors — may want more than one “snapshot” per year of financial results. Interim statements let stakeholders know how a company is doing each quarter or month, but…
Read More