Tax collections were lower than expected in Massachusetts, Rhode Island and Connecticut, leaving the states scrambling to minimize the damage to their budgets. New England isn’t alone in state taxation troubles. The National Association of State Budget Officers reported last fall that 25 states had collections below their budget forecasts in the 2016 fiscal year and 24 reported lower-than-estimated general fund revenues for 2017.
Rhode Island Budget,
state and local tax (SALT),
new england state and local tax,
Grafton Cap Willey,
Headlines tell the story about the cybersecurity threats facing consumer or customer data, but employee data can be an information security target as well. Employee data carries a lot of the information that cyber criminals seek, including Social Security numbers, dates of birth, financial and medical information, bank account details, beneficiary information and confidential emails. Former employee data may also be vulnerable if your plan has weak employee off-boarding procedures which may inadvertently result in storing old information off-network.
employee benefit plan,
By: Carl Giardino and Patrick Quinn
New revenue recognition standards for U.S. and international financial reporting will require careful planning and education to develop an implementation strategy. In addition, the standard affecting U.S. generally accepted accounting principles (U.S. GAAP) and International Financial Reporting Standards (IFRS) may bring about substantial income tax consequences. Historically, many entities found that the financial reporting standards and tax rules regarding revenue recognition ran parallel and produced identical results; under the new standard this may no longer hold true.
Revenue Recognition Standard,
How much economic growth will tax cuts create? The President’s outline of his tax proposals is based on the premise that tax cuts pay for themselves by stimulating the economy to create additional and offsetting tax revenues. There are varying ways to project the effect of tax policy on economic growth and tax revenue; the most popular method is called dynamic scoring. To bring dynamic scoring into focus, it is necessary to understand what it is, how it is calculated, and why it matters.
Trump Tax Plan
The effective date of the update to lease accounting is drawing closer. In this blog, we will discuss lease modification and the transition guidance. To prepare for the standard, entities should be evaluating their adoption process and how it will affect their operations.
How leases are transitioned to the guidance under FASB ASU 2016-02, Leases (Topic 842) will depend on the types of leases in place at the date of adoption and whether electing available practical expedients makes sense for the organization.
lease accounting changes,
As the world, organizations and individuals become increasingly more information technology dependent and inter-connected, with other organizations and individuals, cybersecurity poses one of the largest threats in the current operating environment. Extending beyond the information technology sphere, information security incidents and data breaches are a daily occurrence in the news and can do major damage to operations. The recent WannaCry ransomware incident hit hospitals in Great Britain, telecom providers in Spain and major companies in China, the United States and several other countries. It locked users out of critical systems, grinding business—and in the case of the hospitals, patient care—to a halt.