Contractors are unique clients operating in a specialized industry. They are resourceful, creative, thrive working under pressure of tight deadlines and constantly racing to stay ahead of economic downturns. To honor their uniqueness the tax code allows contractors to use two accounting methods that are distinctive to their business. (more…)
By Kay Filler, CPA, Principal
More specifically, FASB issued the final guidance on February 25, 2016, but it’s not required for private companies until 2020 for calendar year companies (although earlier adoption-starting now-is permitted). Sounds like a long way off, but not really when considering potential impacts of the dramatically different accounting model for everyday lease agreements.
New Lease Accounting Rules
But first, here’s a summary of key accounting and disclosure components of the new rules: (more…)
By Alex Ho, CPA, Tax Manager
Have you received a letter that states something like “Jane (or John) Doe added you as a client through our MyFTB account online service”? Sounds pretty scary, doesn’t it? This would be cause for concern, particularly with the increase in identity theft, and the availability of our personal information on the internet. (more…)
Executors of taxable estates required to file an estate tax return (Form 706) after July 31, 2015 are now subject to a new tax basis reporting requirement, intended to ensure consistency between the estate and its beneficiaries. (more…)