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What to Know About SAS 136: A New Audit Standard for ERISA Employee Benefit Plans
Posted by Hal Hunt on Wed, May 4, 2022 @ 11:38 AM

The AICPA, with observation from the Department of Labor (DOL), issued a new audit standard for employee benefit plans subject to the Employee Retirement Income Security Act of 1974 (ERISA). ERISA is a federal law that sets minimum standards for most voluntarily established retirement and health plans for private industry to provide protection for individuals in these plans.

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Topics: employee benefit plan, ERISA, EBP audit, SAS 136

3 Ongoing Challenges with Revenue Recognition Accounting
Posted by Mark Winiarski on Tue, May 3, 2022 @ 02:25 PM

When the changes to revenue recognition under ASC Topic 606 were introduced in 2014, it marked one of the most significant accounting changes in history. The goal of the standard update was to improve guidance on how revenue should be recognized when companies enter into contracts with customers.

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Topics: FASB, Revenue recognition, revenue

Lending Considerations for 2022 and Beyond
Posted by Michael Caron on Tue, May 3, 2022 @ 01:55 PM

While the business interruption impact of the pandemic hit virtually all companies during 2020 and 2021, the financial impact from the pandemic is still present in 2022. The economy has reopened, and business as usual may not feel so familiar, but we’re now learning to adapt to our new normal.

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Topics: lending, Forbearance Agreement Risk, lending arrangements

Don’t Let Independent Contractors Put Your Organization in Jeopardy
Posted by Chrissy Hammond on Wed, Apr 6, 2022 @ 02:18 PM

Independent contractor or employee? An organization may pay an independent contractor and an employee for the same or similar work, but there are important legal differences between the two. Independent Contractors are not entitled to benefits such as health insurance, paid time off, and retirement plans.

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Topics: Independent Contractor

Biden Administration Renews Tax Plan and Proposes Billionaire’s Minimum Tax
Posted by Bill Smith and Nate Smith on Wed, Mar 30, 2022 @ 11:12 AM

President Biden’s latest budget proposal calls again for higher corporate and individual tax rates, and proposes a new “Billionaire’s Minimum Tax” that would subject wealthy individuals to a minimum 20% tax rate on income that includes unrealized capital gains. These and other tax proposals were outlined in the Treasury Department’s annual Green Book on March 28. The Green Book represents the President’s “wish list” for tax policy, while Congress must draft and pass any associated legislation. Although the fate of the Build Back Better Act (BBBA) remains stalled in the Senate, the Green Book is intended to help shape ongoing and future negotiations in Congress.

The major points from this year’s Green Book and some observations follow. We begin with major business provisions, and continue with individual provisions most likely to be relevant.

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Topics: individual tax, tax, President Biden, corporate tax, Biden Administration, Billionaire’s Minimum Tax

ASC 740 Considerations for Pass-Through Entity Tax Regimes
Posted by Bill Smith and Nate Smith on Tue, Mar 29, 2022 @ 05:27 PM

An increasing number of states are embracing an entity-level income tax on pass-through entities (PTEs) as a way to mitigate the $10,000 deduction limit for state and local income taxes (SALT cap). Congress imposed the SALT cap on individuals as part of the tax reform law in 2017. These PTE tax (PTET) regimes effectively bypass the SALT cap, but introduce novel considerations for companies that prepare U.S. GAAP financial statements.

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Topics: tax, pass-through entities, SALT Cap, PTE, PTET, PTE Tax

IRS Cracks Down on Documentation for Research Credit Claims
Posted by Bill Smith and Nate Smith on Fri, Mar 25, 2022 @ 11:49 AM

Last October, the IRS announced changes in documentation requirements for claims made with respect to the credit for Increasing Research Activities (the research and experimentation or R&D Credit). Together with an October memorandum from the IRS chief counsel’s office and subsequent procedural guidance in January, the IRS now requires that taxpayers must submit at least five pieces of information with an amended return or administrative adjustment request (AAR) that claims an R&D Credit, in order for claim to be valid. These new documentation requirements apply for claims postmarked on or after Jan. 10, 2022.

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Topics: tax, R&D, research and development tax credit, research credit claims

2022 Accounting Preview
Posted by Mark Winiarski on Fri, Mar 25, 2022 @ 11:46 AM

As 2022 rolls along full-steam-ahead, financial professionals need to be aware of important accounting updates impacting companies this year. Several accounting standards are now taking effect — from government grant disclosures to income tax accounting simplifications — and you need to know which updates impact your company and when and how the transitions are happening.

Read on for a quick preview of what’s changing for 2022 reporting and what these accounting updates mean for you.

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Topics: FASB, lease accounting, stock compensation, income tax simplification

State and Local Tax Compliance Issues for Remote Workers
Posted by Ann Brown on Wed, Feb 23, 2022 @ 11:17 AM

As the world continues to adapt to COVID-19, one of the most noticeable changes on the professional landscape has been the continued growth in remote work. With more people working from home, it is important to be aware of the various tax implications that could arise.

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Topics: tax compliance, state and local tax (SALT), COVID19, remote work, remote worker

3 Things Manufacturers Need to Know About Their Accounting for Leases
Posted by Melissa Henry on Thu, Feb 3, 2022 @ 01:17 PM

2022 may very well be the year of balance for manufacturers, and for private manufacturers, balance sheets.

As the industry continues to address ramifications from pandemic-related supply chain disruptions, inflation concerns, and other market factors, another development has arrived with a balance sheet impact: changes to lease accounting guidance. The Financial Accounting Standards Board (FASB)’s updates to lease accounting will require companies that lease assets – such as heavy machinery and equipment, to record all long-term leases on their balance sheets starting in 2022 for calendar year-end private manufacturers.

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Topics: private companies, Lease Standards, lease accounting, ASC 842

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