The new accounting standard for revenue recognition is finally here! It’s officially referred to as ASU 2014-09 – Revenue from Contracts with Customers. FASB issued the final revenue recognition standard in May 2014. Now, after a couple of months have passed, many technical accounting sources are weighing in on the new standard’s concepts and implementation.
The Sage Small Business Accountants Usage 2013 Study found that the majority of small businesses utilize the services of CPA’s, because of the complexity of regulations and tax code. The new 3.8% Medicare or 3.8% Net Investment Income Tax is a glaring example of the rising complexity of the tax code. The Tax form 8960 – Net Investment Income Tax— Individuals, Estates, and Trusts is a one page form with 20 pages of instructions!
This is a very brief overview of the tax and its implications on the taxpayers: