EY U.S. has partnered with LeaseAccelerator to provide a new lease accounting and contract management service offering for organizations of any size. The new service from EY will leverage LeaseAccelerator’s accounting and lifecycle management software to provide customers with a managed service capable of filling needs globally. The U.S.-based alliance will also be active in […]
The 10 elements of financial statements, according to FASB
FASB issued a proposed new chapter to its Conceptual Framework on Thursday that defines 10 elements of financial statements and seeks feedback from stakeholders. The proposed chapter is titled Concepts Statement No. 8, Conceptual Framework for Financial Reporting: Chapter 4, Elements of Financial Statements. In the proposal, the 10 elements of financial statements to be […]
Show clients empathy in uncertain times
In recent months, Susan M. Tillery, CPA/PFS, has fielded calls and emails from dozens of clients worried about their assets, retirement plans, and other money matters. In times of crisis such as the COVID-19 pandemic, Tillery has learned that sometimes the best way to respond to anxious clients is just to be a good listener. […]
Tax Relief in Disaster Situations
When disaster strikes, you have a lot on your mind. Your first thoughts might be of repairing damages and getting your business back up and running. But then it hits you … Oh no, my taxes are due soon. Thankfully, there’s tax relief in disaster situations. About tax relief in disaster situations Individuals and businesses […]
Partnership form being redesigned for 2021
The IRS has proposed adding two new schedules to Form 1065, U.S. Return of Partnership Income, to help standardize the format in which partnerships report international tax items, beginning with tax year 2021, according to a July 14 press release. The proposed changes are intended to simplify the process for partners to compute their U.S. […]
The Tech Take: Virtual reality the new reality for accountants – Accounting Today
Remote is the new normal. This will especially be true for accountants because the profession is one that lends itself easily to virtual operations with the help of the right technology. And virtual reality could be one piece of tech that really enhances the remote accounting experience, enabling the most realistic simulacrum of in-person meetings […]
Pandemic issues for government financial statement preparers and auditors
The coronavirus pandemic has presented state and local governments and their auditors with many significant changes and challenges that may need to be addressed in governments’ financial statements. Work-from-home adjustments have led to changes in operations and internal controls. Tax payment deadline delays may have been provided, changing the timing of governments’ revenue receipts, and […]
Council wants full accounting of attorney fees | News | pdclarion.com – pdclarion.com
PRINCETON — The county’s fiscal body will advertise an amended Economic Development Income Tax budget to allow for $140,000 in additional funds for legal fees associated with the county’s study of proposed zoning. County Council members agreed the money should come from the EDIT fund, but stipulated they want a full accounting of the legal […]
Everything You Need to Know About Business Property Tax
As a business owner, you’re responsible for paying certain business-related taxes. If you own property that you use for business operations, one of the taxes you need to pay is business property tax. Read on to learn all about property tax for business, including how to calculate and pay it. What is business property tax? […]
Remote work after the pandemic
The dramatic rise of remote work in response to the coronavirus pandemic may have lasting effects on the number of employees who wish to work from home. Even as offices reopen, organizations shouldn’t expect everything to return to normal. Although some employees may be eager to return to in-person collaboration with their colleagues, others may […]