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Next to Impossible: Three Ways to Proactively Plan Your 2016 Tax Strategy
Posted by Michael Corrente on Mon, Nov 30, 2015 @ 09:26 AM

Future planning using the tax code can seem next to impossible, particularly with the political gridlock that has kept Congress from making popular tax extenders part of the permanent tax landscape. In mid December, Congress is expected to pass a two-year extension of popular provisions of the research development tax credit and the 15-year depreciation for qualified leasehold, restaurant and retail improvement property. The two-year window should make planning easier in the coming year, but it’s not a long-term solution.

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Topics: Michael Corrente, tax planning

FASB Updates Business Combination Accounting
Posted by Patrick Quinn on Wed, Nov 25, 2015 @ 09:14 AM

The Financial Accounting Standards Board (FASB) recently released an accounting standards update (ASU) for business combination accounting. ASU 2015-16 Business Combinations (Topic 805), Simplifying the Accounting for Measurement Period Adjustments will affect how entities report items when the accounting for the assets is incomplete at the end of the reporting period and the provisional amounts are subsequently finalized.

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Topics: FASB, Patrick Quinn

Narrow Scope Improvements Proposed to Revenue Recognition Guidance
Posted by Chrissy Hammond on Tue, Nov 17, 2015 @ 01:00 PM

Six proposed, small-scale changes have been added to the list of updates to ASU 2014-09, Revenue from Contract with Customers (Topic 606). The exposure draft of the changes, released by the Financial Accounting Standards Board (FASB), does not materially change the five-step process for revenue recognition put in place by ASU 2014-09. The changes are designed to address six areas of implementation concern raised by the Transition Resource Group (TRG).

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Topics: FASB, Revenue recognition, accounting standards update

Simplifying the Accounting for Hosting Arrangements
Posted by Chrissy Hammond on Fri, Nov 13, 2015 @ 08:45 AM

Most entities utilize software to manage their operations, or provide services to customers. Some entities purchase software licenses that are accounted for as a capitalized asset, while others access software through a hosting arrangement which is accounted for as an expense. The Financial Accounting Standards Board (FASB) issued an Accounting Standard Update (ASU) to simplify how an entity distinguishes between the purchase of software that should be capitalized and obtaining software as a service through a hosting arrangement.

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Topics: internal computer software, accounting standards update

Presentation of Debt Issuance Cost Simplified
Posted by Chrissy Hammond on Wed, Nov 11, 2015 @ 08:55 AM

Entities have new guidance about how to account for debt issuance cost in their financial statements. The Financial Accounting Standards Board (FASB) released an accounting standards update (ASU) that requires debt issuance be presented as a direct deduction from the carrying amount of the debt instead of as a noncurrent asset.

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Topics: debt issuance cost, accounting standards update

How to Minimize Your Property Taxes
Posted by Tarra Curran on Mon, Nov 9, 2015 @ 09:15 AM

Property taxes are not like income taxes in that there’s no schedule to follow to determine your tax liability. Taxing jurisdictions are responsible for assessing the value of real property for tax purposes, and what that assessment entails will vary. In 49 of the 50 states, property taxes are based on fair market value, that is, the price for which the property would sell in its market. Most states include both the cost it would take to replace the building and the property itself into the assessment.

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Topics: Tarra Curran, property tax relief

A Chance of Clouds: Sales Tax Considerations of Cloud Computing
Posted by Claudia Mullen on Thu, Nov 5, 2015 @ 09:30 AM

Cloud computing has revolutionized how we do business, and it continues to grow exponentially. Analysts expect the public cloud market to grow from $72 billion in 2014 to $191 billion by 20201. The rise of cloud computing has leveled the playing field for startups and mid-size businesses. It has allowed these businesses to have access to costly software, hardware and infrastructure without having to make the burdensome capital investments that would previously only be affordable for larger companies. The rise of cloud computing, however, has also brought about the rise of state taxation issues. As with all emerging technological advances, states have struggled to apply their current taxation standards to cloud computing. This struggle is most evident in the area of sales and use tax where there is no uniformity among states on how to tax or even characterize these transactions.

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Topics: Claudia Mullen, sales and use tax, cloud computing

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