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New York Taxpayers Should Brace for Net Operating Loss Changes
Posted by Tarra Curran on Mon, Jun 20, 2016 @ 10:01 AM

A recent decision from the New York Tax Appeals Tribunal (the “Tribunal”) may have a big effect on state taxpayers, who are already working through significant corporate tax reform changes.

The Tribunal ruled that New York taxpayers must use entire net income to determine their New York net operating losses (NOLs) deduction, even when their franchise tax for the year was measured using an alternative base.

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Topics: Tarra Curran, NOL, Net Operating Loss, New York Tax Reform, NOLs, New York

Revenue Recognition Updates for Performance Obligations and Licensing
Posted by Chrissy Hammond on Thu, Jun 16, 2016 @ 11:42 AM

The Financial Accounting Standards Board (FASB) addressed concerns about revenue recognition for performance obligations and licensing recently with the release of accounting standards update (ASU) 2016-10. Licensing and performance obligations numbered among the items identified for further discussion by the Joint Transition Group for Revenue Recognition (TRG).

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Topics: FASB, Revenue recognition, Financial Accounting Standards Board, Performance obligations, Licensing

Risky Investments: Retirement Plans, IRAs and Master Limited Partnerships
Posted by Bernard Kaplan on Wed, Jun 15, 2016 @ 10:38 AM

One of the basic concepts of saving for retirement via a retirement plan or Individual Retirement Account (IRA) is that earnings grow tax deferred until withdrawn.  There are certain investments such as Master Limited Partnerships (MLPs) that could result in current income taxation despite being held as an investment within a retirement plan or IRA.  Careful consideration should be taken before investing in an MLP within a retirement plan or IRA.

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Topics: retirement plans, Retirement Plan Investments, Bernard Kaplan, IRA, Master Limited Partnership, MLP

Implementing the New Overtime Regulations: 5 Steps to Predicting and Controlling Costs
Posted by Amber Duncan on Tue, Jun 14, 2016 @ 10:00 AM

New overtime regulations were unveiled by the U.S. Department of Labor (DOL) dramatically impacting which employees can be classified as exempt or nonexempt, and therefore due overtime for any hours worked more than 40 in a workweek. Employers must comply with the changes by December 1, 2016.

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Topics: FSLA, Department of Labor, DOL, Overtime

Understanding the Leasing Standard: Part 1 - Overview of the Key Concepts
Posted by Larry Kaplan on Fri, Jun 10, 2016 @ 09:00 AM

The Financial Accounting Standards Board (FASB)'s new leasing standard, released February 25, 2016, brought several changes to lease accounting. While not all of the changes will mean significant updates to existing U.S. generally accepted accounting principles (GAAP), they will require entities with leasing arrangements to adjust their current practices.

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Topics: Larry Kaplan, lease accounting changes, Lease Standards, Leasing

Collectibility, Treatment of Sales Taxes and Other Narrow Scope Improvements to Revenue Recognition Standard
Posted by David Lewin on Tue, Jun 7, 2016 @ 08:30 AM

Six elements the Joint Transition Resource Group for Revenue Recognition earmarked for change became part of the final standard recently. Accounting Standards Update (ASU) 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow Scope Improvements and Practical Expedients, updates guidance related to collectibility, presentation of sales and use taxes, noncash consideration, contract modifications and completed contracts at transition.

The bulk of the changes remain the same as outlined in the exposure draft released last fall. The ASU also includes a technical correction.

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Topics: Revenue Recognition Standard, Revenue recognition, David Lewin, Transaction Price

Three Ways Your Company Can Benefit from Crowdfunding
Posted by Cap Willey on Wed, Jun 1, 2016 @ 08:00 AM

A new era in funding is here, and it’s making headlines. From presidential campaigns to technology devices, crowdfunding presents unique opportunities for businesses and investors alike.

The origins of crowdfunding date back to the Jumpstart Our Business Start-ups Act of 2012 (JOBS Act). The act permits companies to use funding portals to access non-accredited investors. Access, liquidity and fractional ownership permitted under the JOBS Act can broaden a funding pool, but your organization should consider the funding source with some degree of skepticism. Both investors and the investment portals are largely untested, which makes crowdfunding a riskier source of investment. Before making a decision about whether to pursue crowdfunding, it is recommended you conduct a careful analysis of the three core benefits and their risks.

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Topics: Cap Willey, crowdfunding, funding pools

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