Feb. 20, 2020 Photo Submitted Doyle Z. Williams Doyle Z. Williams, dean emeritus of the Sam M. Walton College of Business at the University of Arkansas, will be inducted into The Accounting Hall of Fame in 2020. He is among five new members to be inducted into the hall of fame in August during the American […]
AICPA requests clarity on Sec. 465 reporting relief
The AICPA has requested that Treasury and the IRS issue a notice clarifying that relief on certain reporting under Sec. 465 will also apply to S corporations. On Dec. 9, 2019, Treasury and the IRS issued Notice 2019-66 to provide — among other relief — a delay in certain reporting under Sec. 465 at-risk activities […]
No need to report some transactions in video game currency, IRS says
Gamers who transact in virtual currencies as part of a video game do not have to report the transactions on a tax return if the currencies do not leave the game environment, the IRS made clear in a statement released on its website Feb. 14. The clarification relates to whether, or when, a currency used […]
Argentina pockets $35B windfall after accounting change – Accounting Today
Argentina may be in deep financial trouble, but its central bank is comfortably back in the black — thanks to a small accounting maneuver. A little-noticed decision by policy makers late last year to change the way they value government bond holdings transformed the central bank’s balance sheet overnight, turning what had been a net […]
How to Create a Prepaid Expenses Journal Entry
Do you ever pay for business goods and services before you use them? If so, these types of purchases require special attention in your books. You need to create a prepaid expenses journal entry. So, do you know how to record prepaid expenses? Don’t panic if you don’t. Instead, follow this simple guide to recording […]
Should you Choose to be Employee or Independent Consultant from Taxation Perspective?
Few people while taking up a new job have the flexibility to work as an employee or independent consultant (also known as contractor or freelancer). If planned properly consultants have lower tax outgo for the same CTC (Cost to company). With Budget 2016 introducing presumptive taxation for some professionals like legal, medical accountancy, architect, IT […]
Art of Accounting: Barry Melancon updated – Accounting Today
AICPA president and CEO Barry Melancon gave his annual update at the Accountants Club of America on Feb. 4. This was a can’t-miss program for me and likely for all of the other attendees at the sold-out breakfast. An excellent article by Michael Cohn appeared that day reporting on the presentation. However, my interest in […]
UK Accounting Watchdog Checks on Coronavirus Fallout on Audits – The New York Times
LONDON — Accounting firms should do all they can to obtain information needed to complete audits of multinational client companies that risk being delayed due to the coronavirus epidemic in China, Britain’s accounting watchdog said on Sunday. Companies face statutory deadlines for publishing audited financial statement, and delays creates nervousness among investors. Global auditors like Deloitte, […]
SIP Vs. Lumpsum – Which is the Best way to Invest in Mutual Fund?
SIP (Systematic Investment Plan) or Lump sum – Which is the Best way to invest in Mutual Fund? Which investment method would lead to higher returns? A question asked by almost all new investors. We help you find an answer to this eternal debate. SIP was introduced by Franklin Templeton Mutual Fund more than 15 […]
AAA announces 2020 Accounting Hall of Fame inductees – Accounting Today
The American Accounting Association has announced that five new members will be inducted into its Accounting Hall of Fame this August during the organization’s Annual Meeting in Atlanta. Started at Ohio State University in 1950, the Accounting Hall of Fame has inducted 101 members since its inception. Bruce Behn, past president of the AAA and […]