The IRS issued proposed regulations (REGS-107213-18) on the tax treatment of carried interests. Carried interests are ownership interests in a partnership that share in the partnership’s net profits. They are often transferred in connection with the performance of substantial services by an individual. Proceeds from that individual’s partnership interest are often taxed as capital gain rather […]
Art of Accounting: More advice for new accountants – Accounting Today
Most new accountants start in a pretty standard way. It doesn’t matter so much how smart you are or how well you did in school; the firm still needs to train you and get a feeling for your ability. If you are good, then at some point you will break away from the normal progression […]
Simplified accounting rules issued for small businesses
Proposed regulations (REG-132766-18) issued Thursday update various tax accounting regulations to adopt the simplified tax accounting rules for small businesses enacted by the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97. For tax years beginning in 2019 and 2020, these simplified tax accounting rules apply for taxpayers with inflation-adjusted average annual […]
Simplified accounting rules issued for small businesses – Journal of Accountancy
Proposed regulations (REG-132766-18) issued Thursday update various tax accounting regulations to adopt the simplified tax accounting rules for small businesses enacted by the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97. For tax years beginning in 2019 and 2020, these simplified tax accounting rules apply for taxpayers with inflation-adjusted average annual […]
What Are the Pros and Cons of a Sole Proprietorship?
A sole proprietorship is the most common type of business structure. A whopping 73% of businesses in the U.S. are sole proprietorships. If you’re considering starting your own venture and forming a sole proprietorship, weigh the pros and cons of a sole proprietorship before making a decision. Sole proprietorship overview Before you can learn all […]
Remove roadblocks to CAS practice growth
After observing client accounting services (CAS) practices at many firms, Bill Reeb, CPA/CITP, CGMA, noticed a pattern: CAS revenue would grow steadily until it reached about $2 million a year. At that point, many CAS practices would see revenue stagnate. The problem, he deduced, was that at many firms the CAS practice was the domain […]
Ultimate Medical Academy Launches New Healthcare Accounting Program – GlobeNewswire
TAMPA, Fla., July 28, 2020 (GLOBE NEWSWIRE) — Ultimate Medical Academy (UMA), an accredited nonprofit healthcare educational institution, is proud to announce the launch of its new career training program in the field of healthcare accounting. Tailored to address demand for skilled workers in this area, UMA’s new program is designed to prepare students for […]
What Is a Private Letter Ruling from the IRS?
Do you have questions about your tax situation that nobody can seem to answer? If so, you may need a private letter ruling from the IRS. What exactly is it, and how do you get it? What is a private letter ruling? A private letter ruling (PLR), or letter ruling (LTR), is a notice the […]
How to Get a Year Subscription to QuickBooks for Nearly 40 Percent Off
The world’s leading accounting software is now on sale. Grow Your Business, Not Your Inbox Stay informed and join our daily newsletter now! July 28, 2020 2 min read Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small […]
Government financial reporting model would change under GASB proposal
The state and local government financial reporting model would change under a new proposal issued by GASB. GASB’s exposure draft, Financial Reporting Model Improvements, proposes changes that are designed to enhance the effectiveness of financial reports in providing information essential for making decisions and assessing a government’s accountability. The proposal also addresses certain application issues. […]